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JPMorgan Brings JPM Coin to Ethereum for Institutional Payments
Dollar Deposit Token Adds Another Public Network Alongside Base
TL;DR
- JPMorgan deployed JPM Coin on Ethereum, making the dollar deposit token available to eligible institutional clients.
- Ethereum was selected for its liquidity and existing institutional use, while Base remains part of JPM Coin’s network strategy.
- The expansion adds to JPMorgan’s broader work across tokenized funds, Kinexys and other blockchain networks.
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JPMorgan deployed JPM Coin, its token representing U.S. dollar deposits held at the bank, on the Ethereum mainnet on Oct. 19, 2026, making it available to eligible institutional clients. The move expands JPM Coin beyond Base, the layer-2 blockchain built by Coinbase Global, rather than replacing the network.
Emma Landriault, head of Kinexys Labs at JPMorgan’s blockchain division Kinexys, told Bloomberg that JPMorgan chose Ethereum because it offers more liquidity than rival networks and is already used by institutional clients. Broadening JPM Coin’s availability is intended to serve crypto firms seeking blockchain payments and financial firms that need a digital token for trade settlement or backing tokenized assets.
“Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems,” Landriault said in an emailed statement.
Ethereum Extends JPM Coin Beyond Base
JPM Coin, also identified as JPMD, first launched on Base in November 2025. Ethereum gives eligible institutional clients another network for transferring bank deposits and adds access to a separate ecosystem of tokenized assets and financial applications. JPMorgan had also flagged plans in January 2026 to move beyond Base by bringing JPM Coin to the Canton Network.
Running JPM Coin across several networks does not automatically make deposits or assets freely transferable between them. Each deployment has its own technical setup, access rules and integration arrangements. JPMorgan remains the issuer of the deposit token, while access continues to be restricted to eligible institutional clients under the bank’s participation requirements.
Ethereum also hosts JPMorgan tokenized money market funds MONY and JLTXX. Those products represent interests in tokenized funds, while JPM Coin represents U.S. dollar deposits at JPMorgan and is intended for payments and institutional transactions. JPMorgan has not confirmed that all subscriptions, redemptions or settlements involving its tokenized funds will use JPM Coin.
Tokenization converts real-world and financial assets into digital form recorded and traded on a decentralized ledger. The cited benefits include faster settlement and quicker movement of money without some delays and frictions associated with traditional payment rails.
JPMorgan Expands Its Broader Blockchain Operations
JPMorgan’s Ethereum deployment sits alongside a wider institutional blockchain push. JPMorgan, Citi, Bank of America and Wells Fargo, together with more than a dozen other U.S. banks, have plans for a shared network for tokenized deposits.
The scale of JPMorgan’s existing payments operations and related blockchain activity includes:
Citi and Wells Fargo were among the institutions preparing for the Swift pilot. JPMorgan was among the banks helping Swift define the blockchain ledger’s features and governance but was not included on the pilot list.
This article has been refined and enhanced by ChatGPT.
