Update (Oct. 20, 4:35 am UTC): This article has been updated to include comments from a JPMorgan spokesperson.
JPMorgan Chase, the world’s biggest bank by market capitalization, is expanding its JPM Coin deposit token to Ethereum.
In an announcement sent to Cointelegraph, JPMorgan said JPM Coin represents US dollar deposits held at the bank and lets eligible clients transfer funds within seconds, around the clock. A spokesperson told Cointelegraph that JPM Coin has been technically deployed on the Ethereum mainnet.
Emma Landriault, global head of Kinexys Labs, said crypto companies could use the token for blockchain payments, while financial institutions could use it to settle trades and post collateral.
Landriault said JPMorgan chose Ethereum for its liquidity and existing use among clients. While the tokens are issued on public networks, JPM Coin will remain restricted to approved institutional participants.
The expansion follows JPMorgan’s November 2025 rollout of JPM Coin on Base, an Ethereum layer-2 network built by cryptocurrency exchange Coinbase. At the time, JPMorgan said it planned to support additional public blockchains. In January, JPMorgan announced plans to bring JPM Coin to the Canton Network.
Related: Argentine banks testing JPMorgan’s JPM Coin to speed up settlements: Report
