TLDR
- JPMorgan made its JPM Coin deposit token live on the Ethereum main network on Oct. 19 for institutional clients.
- The token previously ran only on Base, the Coinbase-built Layer 2 network, starting in November 2025.
- JPMorgan says JPM Coin is not a stablecoin. Each token represents one dollar held in a JPMorgan account.
- Retail users cannot access the token, and only bank-vetted institutions can hold or send it.
- Kinexys says it has processed more than $4 trillion and plans to bring the token to the Canton Network.
JPMorgan Chase has made its JPM Coin deposit token available on Ethereum. The token went live on the Ethereum main network on Monday, Oct. 19, for the bank’s institutional clients.
Before this launch, JPM Coin ran only on Base. Base is an Ethereum Layer 2 network built by Coinbase Global.
The token became available to institutional clients on Base on Nov. 12, 2025. That followed a proof of concept that started in June 2025.
Emma Landriault, head of Kinexys Labs, told Bloomberg the bank picked Ethereum for its liquidity and its use by institutional clients. Kinexys is the bank’s blockchain unit.
How JPM Coin Works
JPMorgan says the token is not a cryptocurrency or a stablecoin. Each token represents one dollar held in a JPMorgan account.
Holding the token carries the same risk as a regular bank deposit. By contrast, a stablecoin such as USDC is issued by a private company and backed by cash and Treasury bill reserves.
Approved institutions move cash into a blockchain deposit account and convert it into tokens. They can then use the tokens to pay suppliers, settle trades or post collateral.
Clients can convert back to dollars at any time with no lock-up period. Transfers between a regular account and the blockchain account pause every Saturday from 3 to 6 p.m. ET.
Who Can Use It
Ethereum is a public network, so anyone can see transactions. However, only institutions vetted by the bank can hold or send the token.
The launch does not include a retail rollout. The bank also warned that tokens with similar names at other addresses have no link to JPMorgan.
The deposit token now sits on the same network as two JPMorgan tokenized money market funds. My OnChain Net Yield Fund, or MONY, launched on Ethereum in December 2025. The JPMorgan OnChain Liquidity-Token Money Market Fund, or JLTXX, followed in May 2026.
The announcement does not describe a way to use JPM Coin to buy into or redeem either fund. JPMorgan lists programmable treasury through client wallets as a potential use.
Kinexys says it has processed more than $4 trillion since it began operating. That works out to about $7 billion a day.
JPMorgan moves roughly $12 trillion in payments daily, according to Bloomberg. The bank has not said how much of the Kinexys total comes from JPM Coin on public chains.
The GENIUS Act, signed in 2025, bars stablecoin issuers from paying interest. Banking groups have cited a Treasury estimate that up to $6.6 trillion in deposits could move to stablecoins.
In his April shareholder letter, CEO Jamie Dimon wrote that blockchain-based competitors are emerging. He said the bank needs to roll out its own blockchain technology.
Citi, Bank of America and Wells Fargo are among more than a dozen banks planning a shared network for tokenized deposits, The Wall Street Journal reported.
Ether traded near $2,386 at the time of the announcement, down 2% over 24 hours. Kinexys and Digital Asset have announced plans to bring JPM Coin to the Canton Network next.
The post JPMorgan Launches JPM Coin on Ethereum for Institutional Clients appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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