JPMorgan Expands JPM Coin to Ethereum for Institutional Payments

Highlights:

• JPMorgan has expanded its JPM Coin deposit token to Ethereum, enabling institutional clients to make payments on the blockchain.
• The bank’s JPM Coin allows approved businesses to transfer US dollar deposits around the clock.
• JPMorgan chose Ethereum for its strong liquidity and growing use among financial institutions and crypto companies.

JPMorgan Chase is bringing its JPM Coin deposit token to the Ethereum blockchain, giving institutional clients another way to move US dollar deposits. The expansion takes the bank’s blockchain payment service beyond Coinbase’s Base network and allows approved customers to transfer funds around the clock.

According to a Bloomberg report from October 19, JPMorgan announced the Ethereum rollout on Monday. The token, ticker JPMD, represents dollar deposits held at the bank. JPMorgan first made it available to institutional clients on Base in November last year.

News: JPM Coin (JPMD), @jpmorgan's USD deposit token, is now live on @ethereum.

JPMD extends from Base to Ethereum L1, giving institutional clients native onchain cash that sits alongside the assets, collateral and counterparties they transact with already.

J.P. Morgan has now… pic.twitter.com/fNYAGoT3Pb

— Ethereum Institutional (@ethereuminsti) October 19, 2026

How JPM Coin Payments Work on Ethereum

JPM Coin lets eligible businesses send and receive tokenized bank deposits through blockchain wallets. Transactions can settle in seconds, including outside normal banking hours. Traditional bank transfers, especially across borders, can take longer and depend on payment system operating schedules.

Clients can convert funds in their JPMorgan Blockchain Deposit Accounts into JPM Coin. They can then send the tokens to approved institutions or exchange them back into dollars. The bank says the service helps clients settle payments faster and track transactions more easily. Unlike regular stablecoins, JPM Coin is a bank-issued deposit token backed by deposits held at JPMorgan. The service is available only to approved institutional clients, not the general public.

Why JPMorgan Chose Ethereum After Base

Emma Landriault, global head of Kinexys Labs at JPMorgan, told Bloomberg that the bank expects demand from crypto companies and financial institutions. Crypto firms could use JPM Coin to make blockchain payments. Meanwhile, financial institutions could use it to settle trades or provide collateral for transactions.

Tokenization allows assets such as bonds and investment funds to exist on a blockchain. With JPM Coin on the same network, institutions could settle transactions and make payments more easily.

Landriault said JPMorgan chose Ethereum because of its liquidity and the number of clients already using the network. Bloomberg cited DeFiLlama data showing roughly $50 billion held in Ethereum-based applications at the time of the announcement.

“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault said. Base, where JPM Coin began, is an Ethereum layer-2 network associated with Coinbase. Adding Ethereum’s main network gives participating institutions another route for blockchain-based payments and settlement.

JPMorgan Builds on Its Blockchain Banking Services

The expansion follows JPMorgan’s earlier work with tokenized financial products. Its asset management arm introduced a tokenized money market fund on Ethereum in December last year, followed by another offering in May 2026. These funds use blockchain records to represent ownership in traditional investment products.

Before the Base launch, JPMorgan tested the deposit token with B2C2, Coinbase and Mastercard. Those tests covered issuing and redeeming JPM Coin, giving the bank a chance to check how institutions could use it. JPMorgan also operates the Kinexys Blockchain Deposit Account network on private blockchain infrastructure. According to Bloomberg, that network processes more than $7 billion in transactions each day. By comparison, the bank’s broader payments business handles about $12 trillion daily.

By bringing JPM Coin to Ethereum, JPMorgan is linking its existing deposit services more closely to public blockchain networks. The service remains focused on institutional payments, trade settlement, and collateral, not retail cryptocurrency trading.