JPM Coin Arrives on Ethereum as JPMorgan Expands Institutional Payments

The American financial institution JPMorgan Chase has added the JPM Coin deposit token to Ethereum's mainnet, giving selected institutional clients an additional public blockchain for 24/7 dollar transactions, securities settlements, and collateral payments. Bloomberg reported in an October 19 article that JPMorgan Chase is providing JPM Coin on Ethereum following the addition of the deposit token on the Base network belonging to Coinbase in November 2025. The latest expansion gave eligible clients access to a network already used by crypto businesses and financial institutions for tokenised assets. 

JPMorgan Extends Blockchain-Based Deposit Services Beyond Coinbase's Base Network

The launch is for institutional payments and settlements, not public crypto transactions. Although the blockchain is open to others, JPMorgan will continue to limit use to its approved customers only. This development at JPMorgan is almost a year in the making, tied to Base, an Ethereum Layer 2 network by Coinbase. The bank released JPMD to its institutional clients in November 2025 after a proof-of-concept trial that began in June. Coinbase, MasterCard, and digital-asset trading firm B2C2 participated in the testing process.

The two firms executed transactions involving the issuance and reissue of JPM Coin, showing how dollar deposits can move from traditional bank systems to blockchain wallets. The firm said these services provide fast transfers and continuous settlement for eligible counterparties. Base and Ethereum mainnet are different blockchain networks, although they are interconnected. Transactions on the Base network are processed through a Layer 2 network, while Ethereum mainnet serves as the Layer 1 network.

JPMorgan believes cryptocurrency firms and conventional banks can use JPM Coin for different purposes. According to Emma Landriault, global head of Kinexys Labs, cryptocurrency firms could use JPMD to make payments via the blockchain network, while financial institutions could use it to settle trades and even provide collateral for tokenised asset trades.

According to the bank's official product descriptions, JPM Coin's applications include payments, collateral transfers, and settlements. The service is available via Blockchain Deposit Accounts, which link regular bank balances with blockchain deposits. Under this arrangement, a qualified customer can trade eligible balances for JPMD and cash out the token through JPMorgan's system. JPMorgan manages the link between the token and the underlying commercial bank deposit.

In May, JPMorgan planned to launch a tokenised money market fund on Ethereum, allowing stablecoin issuers to hold the reserves backing their stablecoins in a regulated, cash-like vehicle while earning interest. The “OnChain Liquidity-Token Money Market Fund,” with the ticker JLTXX, will invest in US Treasury bills and overnight repurchase agreements secured by US Treasuries or cash, said the paperwork filed on Tuesday with the US Securities and Exchange Commission.