JPMorgan has made JPM Coin (JPMD), a token representing U.S. dollar deposits at the bank, available on Ethereum, giving institutional clients another network for transferring funds.
The bank announced the expansion on Oct. 19, following its earlier launch on Base. JPMD can be transferred between institutional clients across the Ethereum Virtual Machine ecosystem, which includes both networks. Access to the token remains limited to approved counterparties, although Ethereum is a public network.
JPMorgan pointed to the liquidity and tokenized assets already on Ethereum as reasons for adding it. Emma Landriault, global head of Kinexys Labs at Kinexys by J.P. Morgan, said launching on Base and then Ethereum gives institutional clients a choice of networks. The expansion adds a route for clients using the bank’s token to move dollar deposits.
The bank also reported that Kinexys, its broader platform, has handled more than $4 trillion in cumulative transactions and averages $7 billion in daily transaction volume. Those figures cover Kinexys as a whole, rather than JPMD alone.
Bloomberg reported that Landriault outlined possible uses for the token beyond transfers among bank clients. Cryptocurrency companies could use it for blockchain payments, she said, while financial institutions could use it as digital cash to settle transactions involving tokenized assets or provide collateral. The reported uses were possibilities, rather than completed transactions announced by the bank.
JPMorgan began testing JPMD on Base in June 2025 and made it available to institutional clients there on Nov. 12, 2025. The bank said B2C2, Coinbase and Mastercard took part in the proof of concept by testing token issuance and redemption. The Ethereum expansion adds a second public blockchain to that institutional offering.
