JPMorgan Chase Expands JPM Coin Reach to Ethereum
JPMorgan Chase is extending the reach of its JPM Coin digital token to the Ethereum blockchain, offering its largest clients a significantly faster way to move dollars. The move aims to enable transactions that can be settled in seconds, even outside traditional banking hours, a stark contrast to the days-long settlement times of conventional wire transfers.
The bank has been exploring blockchain technology to streamline these processes, with JPM Coin designed to drastically reduce waiting periods for interbank transfers. Each JPM Coin is a deposit token, representing a dollar held in a JPMorgan account. According to the bank’s disclosures, clients can redeem these tokens for U.S. dollars at any time without any lock-up period. This differs from stablecoins, which are typically pegged to the dollar by private entities that hold reserves elsewhere.
Access to JPM Coin is restricted to vetted and approved counterparties, meaning it is not available for public purchase on cryptocurrency exchanges.
JPMorgan initially launched JPM Coin on Base, a network built atop Ethereum and incubated by Coinbase, in November 2025. This followed extensive testing with Mastercard and Coinbase. Holders can now transfer the token between both the Base and Ethereum networks.
In January, the bank also announced plans to integrate JPM Coin with Canton Network, a blockchain platform designed for financial markets with a focus on privacy. Furthermore, JPMorgan has issued two tokenized money-market funds on Ethereum, in December 2025 and May 2026. These tokens represent funds that invest in short-term debt instruments.
Emma Landriault, global head of Kinexys Labs within JPMorgan’s blockchain unit, highlighted the growing volume of money and tokenized assets—such as shares, debt, and funds represented as blockchain tokens—already active on Ethereum. Data from DefiLlama indicates approximately $50 billion is currently held within applications on the network.
Industry expectations suggest that cryptocurrency firms will utilize JPM Coin for payment processing, while financial institutions can employ it for settling trades of tokenized assets or for posting collateral, which serves as a guarantee for a transaction.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg. Matthew Dawson, co-founder of Ethereum Institutional, described the move as “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
JPMorgan is also competing with stablecoin issuers for the same clientele. A consortium of over 100 companies, including Visa, Stripe, and Mastercard, launched its own dollar stablecoin last month. Naveen Mallela, co-head of Kinexys, has stated that deposit tokens offer “a compelling alternative” to stablecoins, as they can be “yield-bearing,” meaning they can accrue interest.
Kinexys, the JPMorgan unit responsible for the token, has processed over $4 trillion in cumulative transactions, with an average of approximately $7 billion daily. This figure is significant when compared to the roughly $12 trillion processed daily across JPMorgan’s broader payments business.
Looking ahead, JPMorgan, Citigroup, and other major banks are reportedly planning to launch a shared, 24/7 tokenized deposit network as early as the first half of 2027.
