JPMorgan has expanded its JPM Coin deposit token to Ethereum to give institutional clients another way to move money onchain. The latest move takes it beyond Base, where the dollar-denominated token first launched in November 2025.
JPM Coin, also known as JPMD, represents deposits held at JPMorgan on a public blockchain.
JPM Coin Is Not a Stablecoin
The token allows institutional clients to make on-chain payments with greater speed and efficiency. It now supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, including Ethereum and Base. The expansion is part of the bank’s wider effort to bring traditional financial instruments onto blockchain networks.
Commenting on the development, Emma Landriault, global head of Kinexys Labs at JPMorgan, said,
“We’ve clearly been in a year of further convergence between Wall Street and crypto. It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
The banking giant has been building its presence on Ethereum beyond JPMD. JPMorgan launched its first tokenized money-market fund on the network in December 2025, followed by a second in May 2026.
JPMorgan has also made an important distinction that JPM Coin is a deposit token, not a cryptocurrency or a stablecoin. While it uses blockchain technology, the funds remain within the bank’s regulated infrastructure. On its official website, the bank explained,
“Your funds never leave the firm’s regulated banking infrastructure. JPM Coin℠ is a new way to move and settle value using the same institutional safeguards your business already relies on.”
Expansion on Canton
The expansion of the token to the Canton Network, a privacy-focused blockchain built for financial markets, was announced in January this year. The proposed integration would let institutions issue, transfer, and redeem JPMD almost instantly within Canton.
The rollout is planned in phases throughout 2026.
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