JPMorgan Chase is expanding its JPM Coin deposit token to Ethereum, bringing blockchain-based dollar payments to the world’s second-largest cryptocurrency network as traditional financial institutions increasingly embrace public blockchain infrastructure.
Key Takeaways
- JPMorgan is expanding JPM Coin to Ethereum, enabling institutional clients to make 24/7 dollar payments with near-instant settlement.
- The move reflects growing Wall Street crypto adoption, with banks increasingly using public blockchains for payments and tokenized asset settlements.
- JPMorgan said its blockchain network already processes over $7 billion daily.
JPMorgan Expands to Ethereum Mainnet
The largest U.S. bank announced Monday that JPM Coin, which represents U.S. dollar deposits held at JPMorgan, will become available to institutional clients on Ethereum. The move follows the token’s launch on Coinbase’s Base—an Ethereum Layer 2 scaling network—in November 2025 and marks another step in the bank’s efforts to modernize payments and settlement using blockchain technology.
JPM Coin enables participating clients to transfer funds around the clock, with transactions settling in seconds rather than taking days through conventional banking infrastructure.
According to Bloomberg, JPMorgan expects demand from large cryptocurrency companies seeking blockchain-based payment solutions, along with financial institutions requiring digital cash to settle transactions involving tokenized assets or provide collateral.
Emma Landriault, global head of Kinexys Labs at JPMorgan’s blockchain division, told Bloomberg that the expansion reflects growing convergence between traditional financial institutions and cryptocurrency companies.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault said, describing increasing collaboration between established banks and institutional blockchain businesses.
The bank selected Ethereum because of its substantial liquidity and existing adoption among institutional clients, Landriault said. Ethereum remains the largest decentralized finance blockchain by total value locked, with nearly $50 billion deposited in applications operating on the network, according to DefiLlama.
Although JPM Coin will operate on public blockchain infrastructure, access to the deposit token will remain restricted to eligible institutional participants. Unlike conventional stablecoins, which are typically backed by reserves of cash and other liquid assets, deposit tokens represent claims on deposits held at the issuing bank.
Wall Street’s Blockchain Embrace Continues
The expansion comes as major financial companies accelerate efforts to tokenize traditional assets, including stocks, bonds, and investment funds. Blockchain-based settlement could allow financial institutions to move money and securities more efficiently while reducing reliance on traditional payment systems and their operating hours.
JPMorgan has emerged as one of the banking industry’s most active blockchain developers. Its Kinexys Blockchain Deposit Account network already facilitates transfers involving dollars, euros, pounds, and other currencies through the bank’s private blockchain infrastructure.
That network currently processes more than $7 billion in transactions daily, according to JPMorgan. However, that figure remains relatively small compared with the approximately $12 trillion in daily payment volume handled by the bank’s broader payments business.
By extending JPM Coin to Ethereum after its earlier Base deployment, JPMorgan is positioning its deposit token to serve financial institutions operating across both traditional banking systems and public blockchain networks.