JPMorgan Expands JPM Coin to Ethereum for Institutional Dollar Settlements

JPMorgan is deploying JPM Coin, its dollar deposit token, onto Ethereum to serve institutional clients, the bank announced on Oct. 19 ¹. The move brings the bank's digital deposit product to a public layer-1 blockchain following its initial rollout on the layer-2 network Base the previous year ¹. At the time of writing, $ETH traded at $2,394, up 0.8% over the past 24 hours.

The deployment specifically targets major crypto firms managing onchain payments and traditional financial institutions trading tokenized assets ¹. These institutions can deploy the deposit token as onchain cash to settle asset transactions or serve as collateral ¹. Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain unit Kinexys, told Bloomberg that Ethereum was chosen because of its deep liquidity and because the bank's clients are already active on the network ¹. Landriault noted that the deployment reflects ongoing convergence between Wall Street and crypto, with institutional web3 participants partnering more closely with traditional banks ¹.

Controlled Access on a Public Chain

Each JPM Coin represents a US dollar deposit held at JPMorgan, enabling clients to transfer funds around the clock within seconds, compared to multi-day clearing windows on traditional payment rails ¹. While Ethereum is a public, permissionless network, holding the JPM Coin deposit token remains restricted to approved bank clients ¹.

JPMorgan previously concentrated its tokenized settlement efforts on private infrastructure ¹. The bank continues to operate its private Kinexys Blockchain Deposit Account network, where corporate users clear dollars, euros, pounds, and other fiat currencies ¹. That private platform processes more than $7 billion in daily volume, representing a fraction of the roughly $12 trillion in daily payments handled by the lender's broader payments division ¹.