JPMorgan Chase has expanded access to its JPM Coin deposit token by making it available on the Ethereum network for institutional clients. The move, announced on October 19, 2026, follows the token’s initial launch on the Base blockchain in November 2025 and marks a further step in the bank’s use of public blockchains for payments and settlement.

JPM Coin represents U.S. dollar deposits held by customers at the bank. It is designed to allow approved institutional users to send and receive funds in seconds at any hour, including outside conventional banking windows. Traditional transfers remain limited to business hours and can require several days to settle. The token is offered only through the bank’s Kinexys platform, remains permissioned, and is not available for public trading or retail use.

Focus on Payments and Tokenized Assets

The Ethereum deployment targets two primary institutional use cases. Large clients in the crypto sector can employ the token for on-chain payments. Financial institutions can use it to settle trades involving tokenized assets or to supply collateral in those transactions. By linking blockchain activity directly to dollar deposits at the bank, the token provides a regulated form of bank money that operates continuously.

Kinexys by JPMorgan described Ethereum’s established depth of on-chain liquidity and tokenized assets as a natural next public blockchain for the token, known as JPMD. The expansion also supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, which includes Base.

Broader Tokenization Activity

The latest step continues JPMorgan’s wider effort to bring traditional financial instruments onto public networks. In December 2025 the bank launched its first tokenized money-market fund on Ethereum, followed by a second fund in May 2026. The Kinexys platform has processed more than $4 trillion in cumulative transactions to date, with average daily volume of approximately $7 billion.

JPM Coin remains distinct from decentralized stablecoins. It functions as regulated bank money available solely to institutional clients through Kinexys and does not circulate freely in open markets. Access is restricted to approved counterparties, preserving the token’s status as a direct representation of deposits held at the bank.

With the addition of Ethereum mainnet, institutional users now have the deposit token available on two public blockchain networks. The service continues to prioritize continuous fund movement and settlement capabilities that traditional systems cannot match outside business hours.