JPMorgan Expands JPM Coin Deposit Token to Ethereum for Institutional Clients

JPMorgan Chase has launched its U.S. dollar deposit token, JPM Coin (JPMD), on the public Ethereum blockchain for approved institutional clients. Accessible through the bank's Kinexys blockchain unit, the deployment expands JPM Coin beyond the Base layer-2 network where it initially debuted. Unlike open, reserve-backed stablecoins, JPMD directly represents commercial bank dollar deposits held at JPMorgan and remains restricted to permissioned counterparties. The bank cited Ethereum's deep liquidity and tokenized asset ecosystem as key drivers to enable 24/7 instant settlement, programmable treasury workflows, and collateral management.