JPMorgan brings JPM Coin to Ethereum for institutional clients

JPMorgan has brought JPM Coin, its USD deposit token, to Ethereum for institutional clients, extending the network options for moving bank money onchain. The Block reported the expansion on Oct. 19, citing a statement from Kinexys by JPMorgan.

$7 billion a day is the average transaction volume JPMorgan reports for Kinexys, its blockchain business; that figure is not a JPM Coin volume measure.

Ethereum gives eligible clients another public network for peer-to-peer transfers using a token that represents bank deposits.

What can institutional clients do with JPM Coin on Ethereum?

They can make peer-to-peer transfers within the Ethereum Virtual Machine (EVM) ecosystem, which includes Ethereum and Base, where JPM Coin first launched in November 2025. JPMorgan says the token supports transfers between institutional clients and is designed to work with smart contracts, software that can automate actions on a blockchain.

JPM Coin is a digital representation of USD deposits held at JPMorgan, rather than a separate cryptocurrency. The expansion lets eligible clients use bank deposit money on Ethereum alongside digital assets and counterparties they already transact with, according to the bank’s statement.

Why is JPMorgan adding Ethereum?

Kinexys said Ethereum’s onchain liquidity and tokenized assets made it a natural next public blockchain for JPM Coin. The move adds Ethereum to Base, giving clients access to the token on both a Layer 1 network and an Ethereum Layer 2 network.

That wider network access may make it easier for institutions to move cash alongside tokenized assets. JPMorgan says onchain transfers can reduce friction and support programmable treasury workflows, though it did not publish JPM Coin transaction volumes or details about how many clients will use Ethereum at launch.

How large is Kinexys’ existing blockchain activity?

Kinexys has processed more than $4 trillion in cumulative transactions since its inception, JPMorgan said, and averages $7 billion in daily transaction volume. Those figures cover Kinexys’ platform activity; the company did not break out the share attributable to JPM Coin.

JPM Coin’s Ethereum expansion follows the token’s 2025 launch on Base, where JPMorgan said clients could make near-real-time transfers. The new deployment extends that service to Ethereum’s public network, while access remains for the bank’s institutional clients.

References

• The Block reported the expansion — theblock.co