JPMorgan expands 'JPM Coin' deposit token to Ethereum for institutional clients

JPMorgan has brought its USD-denominated deposit token JPM Coin (JPMD) to Ethereum for institutional clients, as the bank continues its tokenization drive.

In a Monday statement shared with The Block, Kinexys by JPMorgan said Ethereum's "established depth of onchain liquidity and tokenized assets" makes it a natural next public blockchain for JPMD, which was first launched in November 2025 on Base.

JPMD serves as a representation of JPMorgan's existing bank deposits on a public blockchain, enabling institutional clients to make onchain native payments with enhanced speed and efficiency, according to its website. 

The token now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including Base and Ethereum.

"Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows," Emma Landriault, global head of Kinexys Labs at Kinexys by J.P. Morgan, said in the statement.

The latest expansion builds on the lender's broader push to bring traditional instruments onchain. In December 2025, it launched its first tokenized money-market fund on Ethereum, followed by a second fund in May 2026.

The bank said Monday that the Kinexys platform has handled over $4 trillion in cumulative transactions to date, with an average daily transaction volume of $7 billion.

"We're delighted to see J.P. Morgan Payments bring JPM Coin to Ethereum. It builds on a clear trajectory: JPM Coin is already live on Base, J.P. Morgan Asset Management has tokenized money market funds on Ethereum, and the Kinexys platform itself is built on Ethereum Virtual Machine technology," said Matthew Dawson, co-founder of Ethereum Institutional. 

"It's a clear signal that institutional finance is moving onto public, verifiable infrastructure," Dawson added.