CoinDesk
JPMorgan is bringing JPM Coin, its token representing dollar deposits at the bank, to Ethereum, according to Bloomberg. The move expands the token beyond Base, the Coinbase-built layer-2 where it has lived, and comes as the bank's private Kinexys network already processes more than $7 billion in transactions daily against a $12 trillion-a-day total payments business.
Emma Landriault, head of Kinexys Labs, said Ethereum was chosen because it offers more liquidity than rival networks and is already used by the bank's institutional clients. Broader availability is aimed at crypto firms making blockchain payments and financial firms that need a digital token to settle trades or back tokenized assets. No launch date was given.
Why it matters
Banks have embraced tokenization, but mostly on private ledgers they control. Putting a dollar deposit token on a public chain is a notable step for TradFi crypto rails: it lets institutional money move over Ethereum infrastructure directly, in a network where nearly $50 billion in crypto assets are already locked in applications, per DeFiLlama.
The shift is not entirely new territory for the bank. JPMorgan flagged plans in January to take JPM Coin to the Canton Network, and it is among more than 30 banks helping Swift define its blockchain-based ledger.
Market impact
The move puts Ethereum at the center of the bank-tokenization conversation and gives institutional payment flows a public-chain venue alongside JPMorgan's own Kinexys rails. Watch for a concrete launch date and whether peers like Citi, Bank of America and Wells Fargo, which are planning a shared tokenized-deposit network, follow onto public networks.
Frequently asked questions
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What is JPMorgan's JPM Coin?
JPM Coin is a token issued by JPMorgan that represents dollar deposits held at the bank. It is used for blockchain-based payments and settlement, and is managed under the bank's Kinexys blockchain division.
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Why is JPM Coin moving to Ethereum?
Emma Landriault, head of Kinexys Labs, said Ethereum offers more liquidity than rival networks and is already used by JPMorgan's institutional clients, making it attractive for crypto payments and for settling trades or backing tokenized assets.
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Which blockchains currently support JPM Coin?
JPM Coin has operated on Base, the layer-2 blockchain built by Coinbase, and on JPMorgan's private Kinexys network. JPMorgan also flagged plans in January to take the token to the Canton Network.
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When will JPM Coin be available on Ethereum?
No launch date has been announced. JPMorgan had not responded to requests for timing details as of publication.
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How large is JPMorgan's blockchain payments business?
JPMorgan's private Kinexys network processes more than $7 billion in transactions daily, a small fraction of the bank's overall $12 trillion-a-day payments business.
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