JPMorgan Brings JPM Coin to Ethereum for Institutional Clients

JPMorgan Chase has brought its JPM Coin deposit token to Ethereum. Bloomberg, Cointelegraph and The Block reported the move on October 19. The token is meant for payments and settlement by the bank's institutional clients, not for retail users.

What happened

JPMorgan Chase, the world's largest bank by market capitalization, is extending JPM Coin to a public blockchain. According to Bloomberg, clients will be able to make payments and settle transactions in tokenized assets. The Block adds that the dollar-denominated token now supports transfers between wallets across the EVM ecosystem, Base included.

JPM Coin represents US dollar deposits held at JPMorgan. Funds move in seconds, around the clock, weekends too.

Who will use the token

Emma Landriault, who heads Kinexys Labs at JPMorgan, said the token has two target groups. Crypto companies can run blockchain payments through it. Financial institutions will use it to settle trades and post collateral.

Landriault said the bank picked Ethereum for its liquidity and because clients already use it. An ordinary wallet holder will not get JPM Coin, since access depends on the bank's own approval.

The bank's earlier steps

Ethereum is not the first public network for this token. In November 2025 JPMorgan launched JPM Coin on Base, an Ethereum layer-2 network built by the Coinbase exchange. The bank said then that it planned to support other public blockchains too.

The timeline looks like this.

• In November 2025, JPM Coin appeared on Base.
• In January, the bank announced plans to bring the token to the Canton Network.
• On October 19, the Ethereum expansion became public.

Token versus stablecoins

JPM Coin is a deposit token. It is a digital record of a deposit at the bank, so JPMorgan itself stands behind it. Stablecoins like USDC or USDT are issued by separate companies and are open to a far wider circle of users.

JPM Coin has no such openness. It remains a closed product for approved clients, and the reports on the Ethereum expansion say nothing about opening access to everyone.

Bottom line for the market

The bank adds Ethereum to the networks where JPM Coin already runs. The launch date and the scope of client access were not given in the reports. At the time of writing Ether traded near $2,435, and exchange-traded funds on Bitcoin and Ether lost $549 million, according to Cointelegraph. JPMorgan did not immediately respond to the outlet's request.