JPMorgan has brought its dollar-denominated deposit token, JPM Coin (JPMD), to Ethereum for institutional clients. The bank shared details of the expansion in a statement on Monday, October 19. JPMD is now available for institutional payments on Ethereum, following its launch on Base.
The move expands JPMorgan’s efforts to bring traditional financial services onto blockchain infrastructure. JPMD represents existing deposits held at the bank on a public blockchain. This structure allows institutional clients to make payments directly onchain.
The token now supports peer-to-peer transfers within the Ethereum Virtual Machine (EVM) ecosystem. The bank’s statement specifically names Base and Ethereum among the supported networks. However, the service targets institutional clients.
Why Did JPMorgan Choose Ethereum?
In a statement shared with The Block, Kinexys by JPMorgan highlighted Ethereum’s liquidity. The division said the network’s established pool of tokenized assets also influenced its decision. Together, these factors made Ethereum a natural next network for JPMD.
JPMorgan first launched JPM Coin on Base in November 2025. The Ethereum expansion broadens the blockchain infrastructure supporting the token. It also brings the bank’s deposit-based payment product into a wider onchain ecosystem.
The choice of Ethereum also connects with the bank’s other products on the network. JPMorgan’s asset management division previously launched tokenized money market funds on Ethereum. JPMD adds another service to the bank’s institutional financial activities on the blockchain.
However, the announcement does not include a general rollout for retail investors. JPMorgan presents the Ethereum expansion as a service addressing institutional clients’ payment needs. Using a public blockchain therefore does not mean the product is available to everyone.
JPM Coin Represents Bank Deposits Onchain
JPMD is backed by existing bank deposits held at JPMorgan. The token provides a digital representation of those deposits on a public blockchain. The bank says the product aims to improve speed and efficiency in onchain payments.
This structure enables institutional clients to use bank deposits in blockchain-based payment processes. JPMorgan defines its use case around payments that take place directly onchain. Ethereum support adds another network to this payment infrastructure.
Peer-to-peer transfer support is among the JPMD features highlighted in the announcement. Institutional users can transfer the token within the supported EVM ecosystem. Base and Ethereum are the two networks explicitly listed in the bank’s statement.
Emma Landriault, global head of Kinexys Labs, highlighted the practical impact of tokenized financial infrastructure. According to Landriault, this infrastructure is already reshaping liquidity management and settlement processes. Digital asset workflows are also undergoing changes.
Kinexys Surpasses $4 Trillion in Total Transaction Volume
JPMorgan also shared transaction figures for its Kinexys platform in the statement. The platform’s cumulative transaction volume has exceeded $4 trillion. Its average daily transaction volume has reached $7 billion.
These figures cover the Kinexys platform’s overall activities. The bank does not present them as JPMD’s transaction volume on Ethereum. The platform’s total volume should therefore be considered separately from the new Ethereum expansion.
The bank launched its first tokenized money market fund on Ethereum in December 2025. It then introduced a second fund in May 2026. JPM Coin’s arrival on Ethereum expands the bank’s activities on the network following those launches.
Matthew Dawson, co-founder of Ethereum Institutional, also connected the development with the bank’s earlier initiatives. Dawson noted that JPM Coin was already live on Base. He also emphasized that the Kinexys platform itself uses Ethereum Virtual Machine technology.
According to Dawson, these developments show institutional finance moving onto public, verifiable infrastructure. JPMorgan’s latest announcement adds another example of bank deposits entering this environment. Ethereum now hosts both the bank’s tokenized funds and its deposit token.
