U.S. banking giant JPMorgan has expanded the availability of its deposit token JPM Coin (JPMD) by launching it on the Ethereum blockchain. Institutional clients can now use the token to make payments and transfers directly on the network.
According to The Block, JPM Coin first launched in November 2025 on Base, a blockchain developed by cryptocurrency exchange Coinbase. The bank attributed its decision to expand to Ethereum to the blockchain's deep liquidity and growing number of tokenized assets.
JPM Coin represents a digital form of JPMorgan bank deposits issued on a public blockchain. Unlike conventional stablecoins, the token is backed by customer deposits held at the bank and is primarily intended for institutional settlements.
JPMD now supports direct peer-to-peer transfers across Ethereum and Base, both of which use the Ethereum Virtual Machine (EVM). This allows institutions to conduct transactions using bank money through blockchain infrastructure.
JPMorgan expands its presence in tokenization
The launch of JPM Coin on Ethereum marks another step in JPMorgan's strategy to bring traditional financial instruments onto the blockchain. In December 2025, the bank introduced its first tokenized money market fund on Ethereum, followed by a second similar product in May 2026.
JPMorgan is already processing significant transaction volumes through its blockchain platform, Kinexys. According to the bank, the platform has handled more than $4 trillion in cumulative transactions to date, with an average daily volume of $7 billion.
“Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows,” said Emma Landriault, global head of Kinexys Labs.
Representatives of the Ethereum ecosystem also welcomed JPMorgan's decision. Matthew Dawson, co-founder of Ethereum Institutional, noted that the bank has been steadily expanding its use of blockchain technology, from launching JPM Coin on Base to tokenizing money market funds.
In his view, bringing the deposit token to Ethereum demonstrates growing interest among traditional financial institutions in public blockchains, where transactions can be independently verified.
How JPM Coin was created
JPM Coin's history dates back to February 2019, when JPMorgan announced plans to develop its own digital coin pegged to the U.S. dollar at a 1:1 ratio. At the time, the project was presented as one of the first bank-issued cryptocurrencies designed to enable instant transfers between corporate clients. The token was initially intended for use on the private Quorum blockchain, with plans to eventually expand its use to other networks.
In February 2019, JPMorgan CEO Jamie Dimon suggested that JPM Coin could eventually become available to ordinary consumers. However, the project never evolved into a publicly accessible cryptocurrency. The bank maintained its focus on institutional clients and now defines JPM Coin as a deposit token rather than a cryptocurrency or stablecoin. Its expansion to public networks such as Base and Ethereum broadens its capabilities but does not remove restrictions on who can use it.
As a reminder, JPMorgan is still considering issuing its own stablecoin.
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