JP Morgan has brought its deposit token product, JPM Coin, to the Ethereum layer 1 blockchain network.
Editorial
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Developed by Kinexys, JP Morgan's blockchain unit, JPM Coin is the first bank-issued USD-denominated deposit token. The token is designed to provide institutional clients with the ability to make payments using a digital representation of JP Morgan USD deposits on a public distributed ledger.
Already on Base, the layer 2 blockchain built by Coinbase, it is now also on Ethereum, with its established depth of onchain liquidity and tokenised assets, extending the reach of institutional finance on public blockchain.
Institutional clients can now move money quickly, easily and securely on Ethereum in addition to Base, meaningfully expanding the scale of access to native onchain cash that sits alongside the assets, collateral, and counterparties they transact with already.
Emma Landriault, global head, Kinexys Labs, says: “Tokenised 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.”
The Ethereum move comes after JP Morgan said in January that it would start natively issuing JPM Coin on the Canton Network blockchain platform.