JPMorgan's JPM Coin Checks Into Ethereum's Liquidity Hotel 🏦

JPMorgan Chase, the largest U.S. bank by market capitalization, is expanding its JPM Coin deposit token to the Ethereum network for institutional clients, according to a Bloomberg report published October 19. The bank chose Ethereum for its established onchain liquidity and the fact that institutional clients already use the network, Emma Landriault, global head of Kinexys Labs at JPMorgan, said in an interview. "We've clearly been in a year of further convergence between Wall Street and crypto," Landriault said. "It's not just Wall Street going to public chains, but the institutional web3 players."

JPM Coin represents U.S. dollar deposits held at JPMorgan and enables eligible clients to transfer funds within seconds on a 24/7 basis. Landriault said the token can be used by crypto firms for blockchain payments and by financial institutions to settle trades or post collateral. While issued on public networks, the token remains restricted to approved institutional participants. The bank has not provided a specific launch date for Ethereum availability.

The expansion follows JPMorgan's November 2025 rollout of JPM Coin on Base, the Ethereum layer-2 network built by Coinbase Global (COIN). In January, JPMorgan said it planned to bring the token to the Canton Network. Cointelegraph and CoinDesk both contacted JPMorgan for additional details but did not receive a response by publication time.

JPMorgan's private blockchain network, Kinexys, handles more than $7 billion per day, a small fraction of the bank's roughly $12 trillion daily payments business. JPMorgan Chase manages approximately $5 trillion in assets under management. Elsewhere, the bank is among more than 30 institutions helping Swift, the interbank messaging service, define the features and governance of its blockchain-based ledger; however, JPMorgan was not among the 17 banks, including Citi (C) and Wells Fargo (WFC), that Swift said in July are preparing to pilot live transactions on the network. In the U.S., JPMorgan, Citi, Bank of America (BAC) and Wells Fargo are among more than a dozen banks with plans to launch a shared network for tokenized deposits. Nearly $50 billion in crypto assets are currently locked in Ethereum-based applications, according to DeFiLlama.