JPMorgan has expanded JPM Coin (JPMD), its tokenized dollar deposit, to Ethereum on October 19, taking the deposit token beyond Base, the public blockchain where it first launched in November 2025. The expansion allows approved institutional clients to move tokenized dollar deposits around the clock across a second public blockchain, extending the reach of the bank's onchain payments infrastructure.

JPM Coin Extends Beyond Base

Kinexys by JPMorgan said Ethereum's large pool of onchain funds and tokenized assets supported the expansion. JPM Coin now supports transfers among approved users on both Ethereum and Base, two networks compatible with Ethereum software, giving institutional users access to Ethereum liquidity alongside the token's existing Base deployment.

The token represents dollars held in JPMorgan bank accounts. Clients can make payments around the clock instead of waiting for normal banking hours, and the bank says transactions can settle near real time, including payments tied to digital assets.

Bank Deposit Token Differs From Stablecoins

Unlike stablecoins issued by nonbank companies, JPM Coin remains a claim on deposits held at JPMorgan. The bank controls access to the token, and retail customers cannot use it. Circle's USDC, by contrast, faces a different regulatory process in Europe, where oversight changes take effect in November. That timeline makes European stablecoin oversight a development to watch as bank-issued deposit tokens extend across public blockchains.

JPMorgan limits transfers to vetted institutional participants, and the deposit token does not support unrestricted trading or open access to decentralized finance platforms. The bank also allows eligible clients to convert tokens back into dollars through linked deposit accounts.

Kinexys Reports $4 Trillion in Transactions

JPMorgan said its blockchain-based Kinexys platform has processed more than $4 trillion in cumulative transactions since launch and currently handles roughly $7 billion per day. Those figures cover overall Kinexys activity, not just transfers on Ethereum.

The bank has also expanded its digital asset efforts beyond payments, launching an Ethereum-based tokenized money-market fund in December 2025 and another in May 2026. Separately, nine listed companies objected to tokenized shares trading on OKXICE, showing how other tokenization efforts face issuer restrictions.

Ethereum Expansion Keeps Institutional Controls

The move places JPM Coin on a network that hosts digital versions of financial products. Ethereum hosts a growing range of tokenized instruments, including the bank's own tokenized money-market funds. Other firms are building services for institutions as well, including World's recently introduced identity tools for banks, though JPMorgan has not announced any integration with those tools.

Emma Landriault, global head of Kinexys Labs, said tokenized systems are changing how institutions handle liquidity and settlement. Matthew Dawson, co-founder of Ethereum Institutional, welcomed the launch, noting that JPMorgan already offers tokenized investment products on Ethereum.

JPMorgan has not announced plans for retail access.

Source: CoinCentral