JPMorgan announces Ethereum expansion for JPM Coin deposit token

JPMorgan is expanding its JPM Coin deposit token to Ethereum, adding another public blockchain to a payments product built for the bank's institutional clients. Bloomberg reported Monday that the bank said the token would be made available on Ethereum, following its launch on Coinbase's Base network last year.

The expansion gives financial firms another route for moving tokenized bank deposits alongside assets recorded on public blockchains. Emma Landriault, global head of Kinexys Labs, told Bloomberg the bank selected Ethereum because of its liquidity and its existing use among clients. The report described demand from cryptocurrency businesses making payments and financial institutions settling or posting collateral for tokenized assets.

JPM Coin represents U.S. dollar deposits held at JPMorgan. The bank's product documentation says clients fund a Blockchain Deposit Account, convert cash into deposit tokens, transfer them to approved counterparties and redeem them back into dollars. The framework keeps the underlying money within the bank's regulated infrastructure.

Access remains limited to vetted participants. A public blockchain supplies the shared transaction record, while the bank controls which counterparties can use its deposit token. JPMorgan's documentation also distinguishes JPM Coin from a stablecoin: it is a bank-issued representation of a commercial deposit, with the corresponding bank credit exposure.

That distinction matters for the proposed uses. A financial institution holding tokenized securities needs a payment asset to complete a purchase or satisfy collateral requirements. JPMorgan pitches its token as a way to combine payment, settlement and reconciliation in one transaction, reducing the separate processing steps that can tie up cash.

The bank announced institutional availability on Base on November 12, 2025, after a proof of concept involving B2C2, Coinbase and Mastercard. Those participants completed issuance and redemption tests. The Ethereum announcement extends that public-chain effort, alongside Kinexys' separate private blockchain deposit-account network.

The operational details still require care. JPMorgan advertises transfers on the token network around the clock, but its documentation notes a three-hour Saturday interruption for moving money between traditional demand-deposit accounts and Blockchain Deposit Accounts. Continuous token transfers do not mean every funding connection operates without interruption.

Neither the Bloomberg report nor CoinDesk's subsequent account supplied a precise date when clients could begin using JPM Coin on Ethereum. The product page reviewed Monday continued to describe issuance on Base. The announced expansion therefore establishes the bank's direction without establishing a verified first transaction, a public Ethereum contract address or unrestricted access for retail users.