JPMorgan expands JPM Coin availability to Ethereum mainnet

JPMorgan has expanded its tokenized deposit product, JPM Coin (JPMD), to the Ethereum mainnet, following its previous deployment on the Base Layer 2 network. This move allows the bank's institutional and corporate clients to utilize tokenized deposits on a public blockchain to access existing on-chain liquidity and tokenized assets.

While JPM Coin operates on a public blockchain, it is not available to the general public. Participation is restricted to approved institutional counterparties vetted by JPMorgan. The product represents bank deposits on the blockchain and carries the credit risk of the commercial bank.

This development highlights a shift in on-chain finance where public blockchains are used to host controlled assets. Experts suggest the fundamental change in this sector is the transition of transaction management from traditional bank accounts to customer-managed wallet signature keys, allowing for more automated and continuous control over funds.