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JPMorgan brings JPM Coin to Ethereum for institutional clients

JPMorgan has brought its dollar deposit token to Ethereum for institutional clients, giving the bank a second public blockchain route for around-the-clock transfers.

The Onchain Brief Editors2 min read
JPMorgan brings JPM Coin to Ethereum for institutional clients

JPMorgan has brought JPM Coin, its token representing U.S. dollar deposits, to Ethereum for institutional clients. The move gives the bank’s clients another public blockchain for moving money around the clock. In its Oct. 19 announcement, JPMorgan said the token is now available on Ethereum alongside Base, a network built on Ethereum.

JPM Coin is a deposit token: it represents money held as a deposit at JPMorgan. It is not a dollar token open to anyone. The bank says the product is for its institutional clients, and supports transfers between clients within the Ethereum ecosystem.

What changes with the Ethereum launch?

Clients can now use JPM Coin on Ethereum as well as Base, according to JPMorgan. The bank said Ethereum’s existing pool of blockchain-based assets and activity made it a natural next network for the token.

The token first became available to institutional clients on Base in November 2025. JPMorgan said clients can use it to move money alongside the assets, collateral and other firms they already deal with onchain. It did not describe how transfers between the two networks work.

How does JPM Coin differ from a stablecoin?

JPM Coin represents bank deposits, while a stablecoin is a digital token designed to hold a steady value, often by tracking the U.S. dollar. JPMorgan’s announcement describes JPM Coin as a deposit product for institutions, not a retail payment token.

The bank’s Kinexys unit said its blockchain platform has processed more than $4 trillion in cumulative transactions and averages $7 billion in daily volume. Those figures cover the platform since it began, not JPM Coin alone.

How widely will institutions use it?

JPMorgan has not said how many clients are using JPM Coin on Ethereum or how much money they have transferred there. The announcement also did not give a date for any further network launches.

Bloomberg Law reported on the Ethereum expansion on Oct. 19, citing JPMorgan’s statement. The move puts a bank deposit token on a public blockchain, but access remains limited to the bank’s institutional clients.

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