JPMorgan Chase is bringing JPM Coin, its dollar deposit token, to Ethereum for institutional clients.
The token launched on the Base network in November 2025, after months of testing. Holders can now move JPM Coin between Base and Ethereum.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Emma Landriault, global head of Kinexys Labs at JPMorgan, told Bloomberg.
What JPM Coin is
JPM Coin is a deposit token. Each token represents a dollar already held in a JPMorgan account, and clients can redeem it for dollars at any time with no lock-up, according to the bank.
That makes it different from a stablecoin, which is issued by a private company that holds its dollar reserves elsewhere.
Only vetted, approved counterparties can hold JPM Coin. It is not available on public exchanges. Payments settle in seconds on any day of the week, including weekends.
What it is for
JPMorgan expects crypto firms to use the token for payments. Financial institutions can also use it to pay for trades in tokenised assets and to post collateral.
The bank has already issued two tokenised money market funds on Ethereum, in December 2025 and May 2026. In January, it said it would also bring JPM Coin to Canton Network, a blockchain built for financial markets with a focus on privacy.
The scale behind it
Kinexys, the JPMorgan unit behind JPM Coin, has handled more than $4 trillion in cumulative transactions.
It averages about $7 billion a day. That is still small next to the roughly $12 trillion a day that moves across JPMorgan’s wider payments business.
Banks versus stablecoins
Naveen Mallela, co-head of Kinexys, has called deposit tokens “a compelling alternative” to stablecoins, arguing that, unlike stablecoins, they can pay interest.
JPMorgan, Citigroup and other large banks are also planning a shared tokenised deposit network that would run around the clock, as early as the first half of 2027.
Matthew Dawson, co-founder of Ethereum Institutional, called the move “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
What happens next
The open questions are how many institutions start using JPM Coin on Ethereum, and how much of Kinexys’s daily volume moves onto public blockchains rather than JPMorgan’s own systems.
