JPMorgan Chase has launched its U.S. dollar-denominated deposit token, JPM Coin, on the Ethereum blockchain, expanding its blockchain payments business as financial institutions increasingly explore ways to move money and assets on-chain.
The token, known as JPMD, is available to the bank’s institutional clients through Kinexys, JPMorgan’s blockchain business. The launch extends JPM Coin beyond Base, the Ethereum layer-2 network where it first debuted in November 2025, according to JPMorgan’s announcement.
JPM Coin represents dollar deposits held at JPMorgan rather than a cryptocurrency backed by reserves held separately by a stablecoin issuer. Each token represents a dollar deposited with the bank, and approved counterparties can use it to transfer money on-chain. The token is not publicly available for anyone to purchase on a crypto exchange.
The expansion allows institutional clients to send and receive funds on Ethereum around the clock, with transactions settling in seconds rather than relying on traditional bank transfers that may take days and operate within business hours, Bloomberg reported.
JPMorgan cited Ethereum’s established liquidity and extensive ecosystem of tokenized assets as reasons for choosing the network. The bank said JPM Coin can support peer-to-peer transfers across Ethereum and Base within the Ethereum Virtual Machine ecosystem, providing clients with additional options for moving dollar liquidity alongside digital assets and collateral.
The token could also support programmable treasury operations and streamline payments associated with on-chain transactions. Financial institutions may use it to pay for tokenized assets or post collateral, connecting traditional bank deposits with blockchain-based financial markets, according to Decrypt’s report.
The launch builds on JPMorgan’s wider tokenization efforts. The bank has also introduced tokenized money market funds on Ethereum through its asset-management business, bringing investment products onto the same network where JPM Coin can now facilitate payments.
Kinexys has processed more than $4 trillion in cumulative transactions since its inception, with average daily transaction volume of $7 billion, JPMorgan said.
By extending its deposit token to Ethereum, JPMorgan is expanding the blockchain infrastructure available to institutional clients while keeping the underlying money within the bank’s deposit system. The approach offers an alternative to stablecoins for institutions seeking on-chain dollar transfers tied directly to commercial-bank deposits.