Key points
- JPMorgan Chase is bringing JPM Coin (JPMD), its US dollar deposit token, to the Ethereum network for institutional clients, the bank said on Monday, October 19, 2026.
- The token first launched on Base, the Coinbase-affiliated layer-2 network, in November 2025, and Kinexys pointed to Ethereum’s onchain liquidity and tokenized assets as the reason for the expansion.
- Access stays limited to approved counterparties, keeping JPM Coin a regulated bank deposit token rather than a publicly circulating stablecoin.
JPMorgan Chase is bringing JPM Coin, its US dollar deposit token, to the Ethereum network for institutional clients, the bank said on Monday. The expansion extends JPM Coin beyond Base, the Coinbase-affiliated layer-2 network where the token first launched, and marks another step by the largest US bank onto public blockchain infrastructure.
Issued through Kinexys, JPMorgan’s blockchain division, the token trades under the ticker JPMD and functions as a bank-issued deposit token redeemable one-to-one for dollars held at the bank. Clients convert cash into the token through Blockchain Deposit Accounts, which link an ordinary bank balance to its on-chain equivalent. JPM Coin supports around-the-clock dollar transfers, trade and tokenized-asset settlement, collateral posting, and programmable payments run through smart contracts.
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In a statement, Kinexys said Ethereum’s “established depth of onchain liquidity and tokenized assets” makes it a natural next public blockchain for JPMD. Emma Landriault, head of Kinexys Labs, said the bank picked Ethereum over rival networks for its deeper liquidity and its existing base of institutional users.
Access to the token remains restricted even on a public network. Only approved, vetted counterparties can hold and transact JPM Coin, which keeps it separate from stablecoins that circulate freely. JPMorgan describes the product as a deposit token rather than a cryptocurrency or a stablecoin, backed by dollar deposits at the bank and operating within its regulated framework. Peer-to-peer transfers work across Ethereum Virtual Machine-compatible wallets, letting the token move between Base and Ethereum.
The push onto public chains comes as JPMorgan, whose chief executive Jamie Dimon has long voiced skepticism about crypto, has steadily widened institutional access to digital assets. The Ethereum move also builds on a run of tokenization work by the bank. JPMorgan launched its first tokenized money market fund, seeded with $100 million, on Ethereum in December 2025, and its asset-management arm filed for a second tokenized fund in May 2026. Nearly $50 billion worth of crypto assets sit in Ethereum-based applications, according to DeFiLlama.
JPMorgan has also said it plans to bring JPM Coin to Canton, a privacy-focused network for financial markets, in phases through 2026. For now, the Ethereum expansion gives the bank’s institutional clients another public rail for moving regulated dollars on-chain, settling trades, and backing tokenized assets.
Editorial Note: Reported and edited by the Crypto India Magazine editorial team. We use AI tools to assist with research and drafting; every article is reviewed and fact-checked by our editors.
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