JPMorgan brings JPM Coin to Ethereum

JPMorgan has made its dollar deposit token, JPM Coin, available to institutional clients on Ethereum, adding the network to the token’s existing home on Base. The bank first launched the token on Base in 2025.

For institutions that already use Ethereum, the move adds another route to move money represented by bank deposits on-chain.

JPMorgan said the Ethereum deployment was live on Oct. 19. In its report on the launch, CoinDesk reported that JPM Coin represents dollar deposits held at the bank; it is a deposit token, not a claim that the token itself is a dollar held outside JPMorgan.

What can institutional clients do with JPM Coin on Ethereum?

Clients can use the token to send and receive money, with transfers taking seconds and operating around the clock, according to Bloomberg’s report on JPMorgan’s announcement. Those timings contrast with transfers over traditional payment rails that can take days and are limited to working hours.

The expansion also gives clients another network option alongside Base. Emma Landriault, head of Kinexys Labs, told CoinDesk that JPMorgan chose Ethereum because it offers more liquidity than rival networks and is already used by institutional clients.

Why add Ethereum alongside Base?

Ethereum’s existing institutional use and liquidity may make it useful to firms that want to settle trades or support tokenized assets with on-chain money. JPMorgan said the goal is to give institutional clients more choice across public blockchain networks and traditional finance.

JPM Coin is not a general-purpose token for retail customers: the announced availability is for JPMorgan’s institutional clients. The reports do not specify a fee schedule or the steps a client must take to access the Ethereum version, so firms will need to confirm those terms with the bank.

How does this fit into JPMorgan’s blockchain business?

JPMorgan already runs Kinexys, its private blockchain network, and had launched JPM Coin on Base before this Ethereum deployment. CoinDesk reported that Kinexys processes more than $7 billion in transactions daily, while the bank’s broader payments business handles about $12 trillion a day.

The Ethereum rollout extends the token’s reach to a public network; it does not replace the bank’s private network or Base. For institutions weighing an on-chain settlement route, the practical question is whether their counterparties can use JPM Coin on Ethereum and whether its transfer and access terms fit the transaction.

Sources

• CoinDesk reported — coindesk.com
• Bloomberg’s report on JPMorgan’s announcement — news.bloomberglaw.com