J.P. Morgan Takes JPM Coin to Ethereum as Institutional Finance Moves Onchain

J.P. Morgan has expanded its USD-denominated deposit token, JPM Coin, to Ethereum, giving institutional clients another route to move money on public blockchain infrastructure.

The launch, delivered through the bank’s Kinexys blockchain business, adds Ethereum to JPM Coin’s existing availability on Base, the Ethereum Layer 2 network. The token, which trades under the ticker JPMD, launched in November 2025.

For institutions handling cryptocurrencies and tokenised real-world assets, the appeal is practical: access to bank-issued digital cash on the same networks where they already hold assets, manage collateral and transact with counterparties.

Bringing bank deposits closer to digital assets
Ethereum’s established liquidity and tokenised asset ecosystem were central to the expansion, according to J.P. Morgan. The move follows the launch of J.P. Morgan Asset Management’s tokenised money market funds on the network earlier this year.

Matthew Dawson, Co-Founder of Ethereum Institutional, said:

"We're delighted to see J.P. Morgan Payments bring JPM Coin to Ethereum. It builds on a clear trajectory: JPM Coin is already live on Base, J.P. Morgan Asset Management has tokenized money market funds on Ethereum, and the Kinexys platform itself is built on Ethereum Virtual Machine technology. J.P. Morgan Payments’ choice reflects what Ethereum uniquely offers institutions: unmatched liquidity depth, tokenized assets, applications, and security as the most proven public blockchain. It's a clear signal that institutional finance is moving onto public, verifiable infrastructure."

The development extends the bank’s use of public networks for institutional payments, with JPM Coin providing a deposit-based option for clients conducting business onchain.

More choice for institutional settlement
JPM Coin supports peer-to-peer transfers between institutional clients within the Ethereum Virtual Machine ecosystem, including Base and Ethereum.

Kinexys says this can reduce friction in digital asset transactions and support programmable treasury functions through institutional wallet interfaces. The potential benefit is greater automation of cash movements alongside the assets those payments support.

Emma Landriault, Global Head of Kinexys Labs at Kinexys by J.P. Morgan, said:

“Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows. Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems.”

According to J.P. Morgan, the wider Kinexys platform has processed more than $4 trillion in cumulative transactions since inception, with average daily transaction volumes of $7bn.

The significance of the Ethereum launch lies in where institutional money can now move. As more financial assets become tokenised, placing bank-issued cash alongside them could help close the operational gap between traditional banking and blockchain-based markets.