JPMorgan expands JPM Coin deposit token to Ethereum for institutional clients

JPMorgan Chase announced on October 19, 2026, that it is expanding its US dollar deposit token, JPM Coin, to the Ethereum mainnet for institutional clients. Originally launched on Coinbase's Base layer-2 network in November 2025, the token enables 24/7 instant settlements and transfers for approved institutions. JPMorgan selected Ethereum due to its deep liquidity and existing ecosystem of tokenized assets, where the bank already operates tokenized money market funds like MONY and JLTXX. The move builds on JPMorgan's Kinexys platform, which averages $7 billion in daily transaction volume.

Expansion of JPM Coin to Ethereum

• ▪JPMorgan selected Ethereum for JPM Coin's expansion, announced on October 19, 2026, due to its established onchain liquidity, tokenized asset ecosystem, and existing use among institutional clients
• ▪JPMorgan Chase announced on October 19, 2026, that it is expanding its US dollar deposit token, JPM Coin (JPMD), to the Ethereum public blockchain for eligible institutional clients
• ▪Access to JPM Coin on Ethereum remains restricted to approved institutional clients and counterparties, with JPMorgan controlling banking relationships and participation requirements

JPM Coin functionality and use cases

• ▪JPM Coin represents US dollar deposits held at JPMorgan, enabling institutional clients to execute peer-to-peer payments and transfers 24/7 in seconds
• ▪According to Emma Landriault of Kinexys Labs, JPM Coin enables crypto companies to make blockchain payments and allows financial firms to settle trades or back tokenized assets

JPMorgan's earlier blockchain deployments

• ▪In January 2026, JPMorgan announced plans to deploy JPM Coin natively on the Canton Network as part of its strategy to explore multiple blockchain environments
• ▪JPMorgan first launched its JPM Coin deposit token on public blockchains in November 2025 on Base, an Ethereum layer-2 network built by Coinbase

Tokenized money-market funds on Ethereum

• ▪JPMorgan introduced its first tokenized money-market fund on Ethereum in December 2025, followed by a second fund deployment in May 2026
• ▪JPMorgan's tokenized money market fund offerings on Ethereum include funds designated as MONY and JLTXX, which represent fund shares rather than direct bank deposits

Transaction volume metrics for Kinexys

• ▪JPMorgan's Kinexys platform processes an average daily transaction volume of over $7 billion
• ▪JPMorgan's Kinexys platform has accumulated over $4 trillion in total transaction volume to date

Interbank blockchain initiatives

• ▪In the United States, JPMorgan, Citi, Bank of America, and Wells Fargo, alongside over a dozen other banks, plan to establish a shared network for tokenized deposits
• ▪JPMorgan participates alongside over 30 banks in helping Swift define governance and features for Swift's blockchain-based ledger, though JPMorgan was not listed among 17 banks preparing live transaction pilots