JPMorgan Chase announced that JPM Coin, its deposit token representing U.S. dollar holdings at the bank, is now available to institutional clients on Ethereum. The expansion follows the token's November 2025 launch on Coinbase's Base, an Ethereum Layer 2 scaling network.
JPM Coin enables participating clients to transfer funds around the clock, with transactions settling in seconds compared to multiple days through conventional banking channels. The bank expects demand from large cryptocurrency companies and financial institutions requiring digital cash for tokenized asset settlements and collateral provision.
Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain division, stated that the move reflects growing convergence between traditional financial institutions and cryptocurrency companies. JPMorgan selected Ethereum due to its substantial liquidity and existing adoption among institutional clients. Ethereum remains the largest decentralized finance blockchain by total value locked, with nearly $50 billion deposited in applications on the network.
Unlike conventional stablecoins backed by cash reserves, JPM Coin represents claims on deposits held at JPMorgan. Although operating on public blockchain infrastructure, access to the deposit token remains restricted to eligible institutional participants.
Broader Wall Street Blockchain Activity
The expansion reflects broader efforts by major financial companies to tokenize traditional assets including stocks, bonds, and investment funds. JPMorgan's Kinexys Blockchain Deposit Account network currently processes more than $7 billion in daily transactions involving dollars, euros, pounds, and other currencies through the bank's private blockchain infrastructure. This remains relatively small compared to the approximately $12 trillion in daily payment volume handled by JPMorgan's broader payments business.
By extending JPM Coin to Ethereum following its Base deployment, JPMorgan is positioning the deposit token to serve financial institutions operating across both traditional banking systems and public blockchain networks.
