JPMorgan (@jpmorgan) has launched its deposit token, JPM Coin, on Ethereum (@ethereum) for institutional clients. The move extends the token beyond Base (@base), where it first went live. JPM
JPMorgan (@jpmorgan) has launched its deposit token, JPM Coin, on Ethereum (@ethereum) for institutional clients. The move extends the token beyond Base (@base), where it first went live.
JPM Coin, which trades under the ticker JPMD, represents US dollar deposits held at the bank. According to The Block, Kinexys by JPMorgan said Ethereum's "established depth of onchain liquidity and tokenized assets" made it a natural next public blockchain for the token.
The token lets eligible clients move dollars within seconds, around the clock, according to Cointelegraph. That removes the delays tied to traditional banking hours and multi-day settlement cycles.
The Ethereum rollout is aimed at large crypto-industry clients for onchain payments, while financial institutions are expected to use it to settle trades involving tokenized assets or to provide collateral for them, TokenPost reported.
JPM Coin is not a conventional stablecoin. Per Frame, a stablecoin is issued by a third party against segregated reserves, while JPMD is a tokenized deposit that stays on the bank's balance sheet. Access is restricted to approved counterparties, according to The Defiant, and the token is not available to retail users.
JPMorgan said JPMD became available to institutional clients on Base, the Ethereum layer-2 network built within Coinbase, after a proof of concept launched in June 2025, according to the bank's own announcement. B2C2, Coinbase and Mastercard completed near-instant issuance and redemption of the token during that test phase.
The Ethereum launch builds on the bank's wider tokenization push. The Block noted that JPMorgan launched its first tokenized money-market fund on Ethereum in December 2025, followed by a second in May 2026. The token now supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, including Base and Ethereum.
The expansion adds another public network for permissioned bank money. It also shows large banks increasingly using public blockchains for payments and tokenized asset settlement, while keeping compliance controls in place.
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