JPMorgan expands JPM Coin to Ethereum for institutional payments

JPMorgan Chase has expanded its USD deposit token, JPM Coin (JPMD), to the Ethereum mainnet. This move follows the token’s initial launch on Coinbase’s Base network in November 2025. The expansion allows eligible institutional clients to conduct 24/7 payments, settle tokenized asset trades, and manage collateral with near-instant settlement, bypassing traditional banking hours and delays.

Managed by the bank’s blockchain division, Kinexys (formerly Onyx), JPM Coin functions as a 1:1 digital representation of existing US dollar deposits held at JPMorgan. Unlike retail stablecoins, JPM Coin is a permissioned instrument restricted to approved institutional counterparties. The bank cited Ethereum’s deep liquidity and extensive ecosystem of tokenized assets as primary drivers for the deployment.

Kinexys has reported cumulative transaction volumes exceeding $4 trillion, with average daily volumes of approximately $7 billion. The shift toward public blockchain infrastructure highlights a growing convergence between traditional Wall Street institutions and the cryptocurrency ecosystem.