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JPMorgan brings its JPM Coin deposit token to Ethereum for institutional clients
Summary
JPMorgan is extending JPM Coin (JPMD), its token representing U.S. dollar deposits held at the bank, to Ethereum for institutional clients, The Block reported citing a Monday statement from Kinexys by JPMorgan, while Cointelegraph and CoinDesk reported the move citing Bloomberg.
The token first launched in November 2025 on Base, Coinbase’s Ethereum layer-2 network, and The Block said it now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including Base and Ethereum.
Emma Landriault, global head of Kinexys Labs, said Ethereum was chosen for its liquidity and existing use among institutional clients, and that crypto firms could use the token for blockchain payments while financial firms could use it to settle trades or post collateral, according to Cointelegraph and CoinDesk.
Cointelegraph said JPM Coin stays restricted to approved institutional participants even though it is issued on public networks.
Reports differ on timing: The Block described the token as already brought to Ethereum, while CoinDesk said Landriault did not say when it would become available there.
Updates
- Update, : Oct. 19: Decrypt added that holders can now move JPM Coin between Base and Ethereum and that only vetted counterparties can hold it.
Key facts
- The Block said the bank reported that its Kinexys platform has handled more than $4 trillion in cumulative transactions, with average daily volume of $7 billion.
- CoinDesk said JPMorgan flagged a move beyond Base in January, when it said it planned to bring the token to the Canton Network.
- The Block said JPMorgan launched its first tokenized money-market fund on Ethereum in December 2025 and a second in May 2026.
- Cointelegraph said JPM Coin lets eligible clients transfer funds within seconds, around the clock.
- CoinDesk said JPMorgan, Citi, Bank of America and Wells Fargo, along with more than a dozen other banks, plan a shared U.S. network for tokenized deposits.
- Decrypt said JPM Coin holders can move the token between Base and Ethereum, and that only vetted, approved counterparties can hold it, so it is not available on exchanges.
- Decrypt said JPMorgan’s Kinexys unit has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day.