- JPMorgan Chase has expanded JPM Coin to Ethereum, allowing approved institutional clients to transfer tokenized dollars around the clock.
- JPM Coin represents U.S. dollar deposits held at JPMorgan and can be transferred between Ethereum and Coinbase’s Base network.
- The expansion supports institutional payments, tokenized asset settlement and collateral transfers as traditional finance increases its use of blockchain technology.
JPMorgan Chase has expanded its JPM Coin deposit token to the Ethereum blockchain, allowing institutional clients to move tokenized U.S. dollars around the clock.
The launch enables approved customers to complete transfers in seconds, including outside traditional banking hours.
Unlike conventional bank wires, which may take days to settle and typically operate within banking schedules, JPM Coin uses blockchain infrastructure to support faster transactions.
The move represents another step in JPMorgan’s efforts to integrate traditional banking services with public blockchain networks.
JPM Coin Expands From Base to Ethereum
JPM Coin is a deposit token representing U.S. dollars already held in JPMorgan bank accounts.
Each token corresponds to a dollar deposit, and eligible clients can redeem their holdings for dollars without a lock-up period.
Unlike conventional stablecoins issued by private companies, JPM Coin represents a deposit liability of JPMorgan.
The token is available only to approved institutional counterparties and cannot be freely purchased by retail investors on cryptocurrency exchanges.
JPMorgan initially introduced JPM Coin on Coinbase’s Base network in November 2025 following testing involving Mastercard and Coinbase.
With the latest expansion, eligible holders can transfer JPM Coin between Ethereum and Base.
The bank has also announced plans to bring the token to Canton Network, a privacy-focused blockchain designed for institutional financial markets.
Ethereum Gains Institutional Payment Infrastructure
JPMorgan’s expansion could increase Ethereum’s role in institutional financial transactions.
Crypto companies are expected to use JPM Coin for payments, while financial institutions may use it to settle tokenized asset trades and transfer collateral.
The bank has already launched two tokenized money-market funds on Ethereum, in December 2025 and May 2026.
Emma Landriault, global head of Kinexys Labs, highlighted the growing amount of capital and tokenized financial assets operating on Ethereum.
According to the report, approximately $50 billion is held across Ethereum-based applications.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg.
JPMorgan Competes With Stablecoin Issuers
The expansion also positions JPMorgan more directly against companies developing dollar-backed stablecoins for institutional payments.
A consortium involving more than 100 companies, including Visa, Stripe and Mastercard, recently launched a competing dollar stablecoin.
JPMorgan executives have argued that deposit tokens offer certain advantages over traditional stablecoins, including the potential to generate interest.
Kinexys co-head Naveen Mallela previously described deposit tokens as a compelling alternative because they can be yield-bearing.
Meanwhile, JPMorgan’s Kinexys blockchain division has processed more than $4 trillion in cumulative transactions.
The platform currently handles approximately $7 billion in daily transaction volume, compared with around $12 trillion processed daily across JPMorgan’s broader payments business.
The Ethereum expansion could help JPMorgan connect its existing banking infrastructure with a growing market for tokenized financial assets and blockchain-based settlement.
