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Magyar20 Oct 2026
JPMorgan has deployed JPM Coin, a token representing US dollar deposits at the bank, on the Ethereum mainnet for institutional clients. The move follows a November 2025 launch on Base and a planned Canton Network rollout. Access stays restricted to approved institutions.
The largest US bank has put its dollar deposit token on the most liquid smart contract network. JPMorgan said JPM Coin was technically deployed on the Ethereum mainnet on Monday, 19 October, and is available for use by institutional clients. The token represents US dollar deposits held at JPMorgan and lets eligible clients move funds within seconds, at any hour.
From Base to Ethereum
JPM Coin first went live in November 2025 on Base, the Ethereum layer-2 network built by Coinbase. At the time the bank said it planned to add more public blockchains, and in January it announced plans to bring the token to the Canton Network as well. Ethereum is now the second public chain to host it.
Emma Landriault, who heads Kinexys Labs inside JPMorgan’s blockchain unit Kinexys, said the bank picked Ethereum because it offers more liquidity than rival networks and is already used by institutional clients. In a statement she called the Base and Ethereum issuance “a meaningful step” toward multi-chain options for moving wholesale money across web3 and traditional finance.
Public chain, permissioned users
Although the token lives on a public network, it is not open to everyone. JPM Coin remains restricted to approved institutional participants. According to Landriault, crypto companies could use it for blockchain payments, while banks and other financial firms could use it to settle trades and post collateral.
For scale, CoinDesk notes that Kinexys already handles more than $7 billion a day, a small part of JPMorgan’s roughly $12 trillion in daily payments. DeFiLlama data cited in the same report puts the value locked in Ethereum-based applications at almost $50 billion. Most bank tokenization projects have so far stayed on private networks, and several large US banks including JPMorgan, Citi, Bank of America and Wells Fargo are planning a shared network for tokenized deposits.
What it means for traders
- No retail access: you cannot buy or hold JPM Coin on an exchange. It is a wholesale settlement tool, not a stablecoin competitor for retail wallets.
- Ethereum demand narrative: another major bank choosing Ethereum mainnet for settlement supports the argument that institutional activity will concentrate on the largest liquidity pools, which matters for ETH and for layer-2 tokens alike.
- Stablecoin competition: bank deposit tokens could eventually compete with USDT and USDC for institutional settlement. Retail traders will still rely on regular stablecoins, so it is worth checking which ones your exchange supports in our exchange comparison.
What to watch next
Watch for the first named institutions using JPM Coin on Ethereum, for the Canton Network launch and for any expansion to additional chains. A wider shared bank network for tokenized deposits in the US would be the next big step for this trend.
Related reviews
Sources
- Cointelegraph: JPMorgan takes JPM Coin to Ethereum for institutional clients
- CoinDesk: JPMorgan brings JPM Coin, representing dollar deposits, to Ethereum
News is for information only and is not financial advice. More crypto news