JPMorgan adds Ethereum to JPM Coin network

2 public networks now support JPM Coin, after JPMorgan deployed its dollar deposit token on Ethereum. That is the number of public blockchains where institutional clients can use the token: Ethereum and Base. The expansion gives clients another network for moving bank deposits onchain and settling tokenized assets.

JPM Coin represents dollar deposits held at JPMorgan, and its ticker is JPMD. The bank said the token was technically deployed on Ethereum’s mainnet on Monday, Oct. 19, and is available for institutional clients. CoinDesk reported the deployment, citing an emailed statement from the bank.

What can institutional clients do with JPM Coin on Ethereum?

They can use it to move money between blockchain wallets and support transactions involving digital assets. Kinexys Labs head Emma Landriault told Bloomberg that JPMorgan wants to serve crypto firms seeking blockchain payments and financial firms settling trades or backing tokenized assets.

JPMorgan said Ethereum’s liquidity and its existing use by institutional clients informed the choice. Landriault described the move as giving clients “multi-chain optionality” for moving wholesale money across crypto and traditional finance. In practice, clients can choose between Base, an Ethereum layer-2 network built by Coinbase, and Ethereum mainnet.

How does the new deployment fit JPMorgan’s wider network?

JPM Coin’s Ethereum launch extends the bank’s use of public blockchains beyond Base. JPMorgan’s Kinexys network, its private blockchain system, already processes more than $7 billion in transactions a day, according to CoinDesk. The bank’s broader payments business handles about $12 trillion a day, the report said.

Those figures describe separate systems: the $7 billion refers to Kinexys, while JPM Coin is now available on public networks. The expansion connects the bank’s deposit token to Ethereum’s existing market for digital assets. CoinDesk cited DeFiLlama data showing almost $50 billion in crypto assets locked in Ethereum-based applications.

Who can use JPM Coin on Ethereum?

The token is available to JPMorgan’s institutional clients, not presented as a general-purpose digital dollar for anyone to hold or spend. It represents deposits at the bank, so its role differs from a dollar stablecoin issued by a crypto company.

For you, the main change is access: eligible institutions can now use JPM Coin on Ethereum as well as Base. That gives them another public network for onchain money movement, while the token remains tied to deposits held at JPMorgan.

References

• CoinDesk reported the deployment — coindesk.com