As of October 19, JPMoragan’s institutional clients will be able to make transfers of JPM Coin (JPMD) on Ethereum’s main blockchain.
Up until now, this token was exclusively operated on Base, the Layer-2 platform developed by Coinbase.
The JPM Coin is the bank’s deposit asset, with its value being tied to U.S dollars in the accounts at JPMorgan on a 1:1 basis. The currency can only be accessed via Kinexys by selected institutional clients and is unavailable for retail financial institutions.
Transfers operate 24/7 and take seconds, rather than days like traditional bank wires.
Ethereum was chosen by the bank because of its abundant liquidity and active ecosystem of tokenized assets. Approximately $50 billion is currently available in Ethereum’s ecosystem. It is also home to JPMorgan Asset Management’s tokenized money market funds. Offering a deposit token on the same network allows it to be used as on-chain cash or collateral for trades.
The Kinexys platform has processed over $4 trillion in transactions since its inception, with average daily volumes hovering around $7 billion. These figures cover all platform services, not just JPM Coin.
Emma Landriault, Head of Kinexys Labs, stated, “Tokenized financial infrastructure is no longer just a theory. It is already reshaping liquidity, settlement, and digital asset operations. Deploying JPM Coin first on Base and now on Ethereum gives clients the ability to move wholesale money across multiple networks.”
In an interview with Bloomberg, she added that the token is tailored for two main groups: large crypto enterprises making on-chain payments and financial institutions needing digital collateral for tokenized asset trades.
“This has been a year of further convergence between Wall Street and crypto,” Landriault said. “It is not just banks moving onto public networks. Institutional Web3 players are looking for bank-grade infrastructure.”
The timing is strategic. The GENIUS Act, a regulatory framework for payment stablecoins, is set to take effect in the U.S. in 2027. Banks need to prove that their digital products work under real-world conditions, and a public mainnet provides a highly visible environment for that.
JPMorgan is not alone in moving toward digital assets. The bank is part of a consortium of more than 30 organizations working alongside Swift to explore a shared blockchain ledger. Additionally, Citi, Bank of America, and Wells Fargo have expressed plans for a shared tokenized deposit network. However, most institutions remain on permissioned or private networks. Bringing JPM Coin to the Ethereum mainnet sets JPMorgan apart from its peers.
