JPMorgan Expands JPM Coin to Ethereum for Institutional Clients

JPMorgan is expanding JPM Coin to Ethereum for institutional clients, extending its public-blockchain payments offering beyond Base. The bank’s Kinexys unit disclosed the move in an Oct. 19 statement, citing Ethereum’s liquidity and tokenized-asset activity.

JPMorgan Targets Payments and Asset Settlement

JPM Coin, which uses the ticker JPMD, represents U.S. dollar deposits held at JPMorgan. It allows eligible clients to transfer deposited funds on a blockchain around the clock.

Emma Landriault, global head of Kinexys Labs, said the bank expects demand from large cryptocurrency businesses making on-chain payments.

Financial institutions could also use the token to settle or collateralize transactions involving tokenized assets, she said.

JPM Coin Keeps Its Bank-Deposit Structure

JPM Coin represents a deposit at JPMorgan in token form. Holders carry the bank’s credit risk, meaning they depend on JPMorgan’s ability to repay that deposit.

The token connects with the bank’s Blockchain Deposit Account framework, which provides the route between conventional cash management and on-chain activity. Documented uses include cross-border payments, intraday liquidity transfers, collateral posting and programmable payments.

The Ethereum expansion remains directed at institutional clients. Deployment on a public blockchain does not make JPM Coin an unrestricted retail token available to anyone holding an Ethereum wallet.

Ethereum Expansion Follows Base Launch

JPMorgan made JPM Coin available to institutional clients on Base on Nov. 12, 2025, following a proof of concept. Base is an Ethereum layer-2 network developed within Coinbase, distinct from Ethereum mainnet.

B2C2, Coinbase and Mastercard completed test issuance and redemption transactions during that earlier program. Those tests supported the Base rollout and do not establish which institutions are participating in the Ethereum expansion.