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JPMorgan brings dollar deposit token JPM Coin to Ethereum

JPMorgan has made JPM Coin available to institutional clients on Ethereum, adding a public network for moving bank deposits and settling tokenized assets.

Onchain Report Newsroom#f41fd32 min read

JPMorgan brings dollar deposit token JPM Coin to Ethereum

JPMorgan has made its JPM Coin deposit token available to institutional clients on Ethereum, giving the bank’s customers another public blockchain for moving dollar deposits and supporting tokenized finance. JPM Coin represents US dollar deposits held at the bank, according to CoinDesk’s report on the launch.

The token was deployed on Ethereum’s main network on Monday, Oct. 19, the bank said. It is not open to all Ethereum users: JPMorgan’s service is for institutional clients. The expansion takes the token beyond Base, a network built by Coinbase where JPM Coin was already live.

What can clients do with JPM Coin on Ethereum?

Approved institutional clients can use the token to transfer JPMorgan deposits between blockchain wallets. Ledger Insights reports that clients can move the token across Ethereum and Base around the clock. A deposit token is a digital form of money held in a bank account; the underlying funds remain deposits at JPMorgan.

Putting the token on Ethereum may make it easier to use alongside other assets already on that network. JPMorgan’s Kinexys Labs head Emma Landriault told Bloomberg, as reported by CoinDesk, that Ethereum offers more liquidity than rival networks and is already used by the bank’s institutional clients. The bank said broader access could serve crypto firms making blockchain payments and financial firms that want to settle trades or support tokenized assets.

How does Ethereum fit into JPMorgan’s plans?

JPM Coin launched on Base in November 2025, and JPMorgan had also said it planned to bring the token to Canton, according to Ledger Insights. Adding Ethereum gives institutional clients another network option. JPMorgan described the move as a step toward “multi-chain optionality” for moving wholesale money between web3 and traditional finance.

The Ethereum launch also extends the bank’s work beyond its private Kinexys network. CoinDesk reported that Kinexys handles more than $7 billion in transactions per day. That figure covers the wider platform; it does not measure JPM Coin transfers on Ethereum. The bank’s announcement marks a new route for its clients to move deposits onchain, but the sources do not give transaction volumes for the Ethereum launch.

Sources