JPMorgan brings JPM Coin to Ethereum for institutional clients

After launching JPM Coin on Base in November 2025, JPMorgan has brought the US dollar deposit token to Ethereum, extending institutional clients’ options for onchain transfers, according to The Block’s report on the announcement. The expansion puts a bank deposit token on the same network as a growing set of tokenized financial assets.

What can institutional clients do with JPMD on Ethereum?

Kinexys by J.P. Morgan said the token now supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem, including Ethereum and Base. That means eligible clients can transfer JPMD between compatible wallets on either network, while the token represents US dollar deposits held at JPMorgan, according to the bank’s description cited by The Block.

The bank said Ethereum’s established onchain liquidity and tokenized assets made it a natural next network for JPMD. The move extends the token beyond Base, an Ethereum layer 2 network where JPMorgan first launched it in November 2025. The announcement did not specify which institutional clients are using JPMD on Ethereum or provide a launch transaction volume.

How does the Ethereum launch fit the token’s rollout?

JPMD began as a proof of concept on Base before becoming available to institutional clients. With Ethereum added, JPMD can move across both networks within the EVM ecosystem, according to the Ledger Insights report on the launch. The reports describe JPMD as a deposit token rather than a stablecoin: it represents a liability of JPMorgan tied to deposits at the bank.

That distinction matters for how the token is used. The launch announcement frames JPMD as a means for institutional clients to make onchain payments, while the added network extends where those transfers can take place. Neither report says that retail users can access the token.

What transaction figures did JPMorgan cite?

In its announcement, Kinexys said its platform had handled more than $4 trillion in cumulative transactions and averaged $7 billion in daily transaction volume. Those figures refer to Kinexys overall, rather than activity by JPMD on Ethereum, Ledger Insights reported. The bank did not publish a separate figure for JPMD transfers on either public network.

The Ethereum expansion follows other tokenization activity by JPMorgan on the network. The Block reported that the bank launched a tokenized money-market fund on Ethereum in December 2025 and a second fund in May 2026. JPMD’s availability there brings the deposit token into the same network where those funds operate, while its stated transfer function remains peer-to-peer payments between institutional clients.

Sources

• The Block’s report on the announcement — theblock.co
• Ledger Insights report on the launch — ledgerinsights.com