JPMorgan takes JPM Coin to Ethereum for institutional clients
JPMorgan is expanding its dollar deposit token to Ethereum, giving institutional clients another public network for onchain payments and settling trades.
The Tareom Editors3 min read
JPMorgan said on Monday, October 19, that it is bringing JPM Coin, its dollar deposit token, to Ethereum for institutional clients, extending a service first launched on Base in November 2025, CoinDesk reported, citing a Bloomberg interview.
- JPM Coin’s ticker is JPMD.
- The token first became available on Base in November 2025.
- Kinexys has processed more than $4 trillion in cumulative transactions, with average daily volume of $7 billion, according to The Block.
JPMD represents dollar deposits held at JPMorgan. It is a tokenized deposit: a digital record of a bank deposit on a blockchain, rather than a cryptocurrency issued for public trading.
The expansion adds Ethereum to the networks where eligible clients can use the token. The Block reported that JPMD supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, including Base and Ethereum.
Why is JPMorgan adding Ethereum?
JPMorgan chose Ethereum because it has deep onchain liquidity and a large base of tokenized assets, Kinexys Labs head Emma Landriault told Bloomberg, according to CoinDesk. The bank’s move brings its deposit token to a public network used by institutions and crypto businesses.
Landriault said the wider availability is intended to serve crypto firms seeking blockchain payments and financial firms that need a digital token to settle trades or support tokenized assets. Tokenized assets are financial or other assets represented digitally on a blockchain.
The network choice also builds on JPMorgan’s existing work in public blockchain markets. Its tokenized money market funds are already available on Ethereum, The Block reported.
What can clients do with JPM Coin?
JPMD lets institutional clients move a representation of their bank deposits onchain. The Block said the token enables onchain payments and supports peer-to-peer transfers, with Ethereum joining Base in its network footprint.
JPMorgan launched the token on Base in November 2025. Its first transactions there included tests by B2C2, Coinbase and Mastercard, according to the bank’s launch announcement. The token remains a bank deposit product, so its function differs from a freely traded stablecoin.
The expansion could give financial firms another way to move money alongside tokenized assets on Ethereum. JPMorgan has not announced a date for when JPMD will become available on Ethereum, CoinDesk reported.
How does Ethereum fit into JPMorgan’s blockchain business?
JPM Coin is part of Kinexys, JPMorgan’s blockchain business, which also operates a private network. The bank’s Ethereum move extends its work beyond its own network and Base.
The Block reported that Kinexys has handled more than $4 trillion in cumulative transactions and averages $7 billion in daily volume. Those figures cover the platform, not JPM Coin alone.
Ethereum’s liquidity and use in tokenized finance were central to JPMorgan’s decision, according to Landriault. The timing of the Ethereum rollout remains undisclosed, leaving clients without a confirmed date for when they can begin using JPMD there.