U.S. banking giant JPMorgan Chase launched its deposit token, JPM Coin (JPMD), on Ethereum for institutional clients, advancing the integration of traditional banking services with public blockchain infrastructure.
JPMorgan’s blockchain division, Kinexys by J.P. Morgan, announced the expansion of JPM Coin to Ethereum. The integration will allow major financial institutions to use tokenized bank deposits for payments, settlements, and collateral in digital asset transactions directly on a public blockchain.
The expansion comes as transaction volumes on the Kinexys blockchain platform continue to grow. The platform has processed more than $4 trillion in transactions since its launch, with average daily volume reaching $7 billion. By comparison, JPMorgan’s broader payments division processes around $12 trillion in transactions each day.
JPM Coin launched in November 2025, initially operating on Base, an Ethereum Layer 2 network. Unlike publicly available stablecoins, the token represents U.S. dollar deposits held at JPMorgan and is available exclusively to the bank’s institutional clients.
JPM Coin allows financial institutions to:
- Transfer U.S. dollars 24/7, including weekends and holidays;
- Settle transactions involving tokenized securities and other digital assets;
- Use tokenized deposits as cash collateral for transactions;
- Automate payments and liquidity management through blockchain infrastructure.
In an interview with Bloomberg, Emma Landriault, head of Kinexys Labs, said JPMorgan expected demand from major cryptocurrency market participants and traditional financial institutions seeking digital cash for settling and collateralizing transactions involving tokenized assets.
JPMorgan selected Ethereum for its deep liquidity and widespread adoption among institutional market participants. According to DefiLlama data cited by Bloomberg, the total value of assets locked in Ethereum-based applications stood at about $50 billion, making it the largest blockchain by that measure.
JPMorgan also uses Ethereum for other financial products. Earlier in 2026, J.P. Morgan Asset Management launched tokenized money market funds on the network.
