JPMorgan Puts Its Deposit Token on Public Ethereum, for Approved Clients Only

JPM Coin moves beyond Base onto Ethereum, with the bank citing liquidity and existing client use while keeping holders on an approved list

JPMorgan said Monday that it will make JPM Coin, its token representing US dollar deposits at the bank, available to institutional clients on the Ethereum network, according to Bloomberg. The token first launched on Base, the Coinbase-affiliated layer-2 network, in November 2025.

Emma Landriault, global head of Kinexys Labs at the bank's blockchain unit, told Bloomberg that JPMorgan chose Ethereum for its liquidity and because clients already use it. She described two target groups: crypto firms that want to make payments over blockchain networks, and financial institutions that need onchain cash to settle trades in tokenized assets or post as collateral.

Access stays restricted. JPM Coin is a claim on a deposit at JPMorgan, usable by approved institutional participants rather than any Ethereum wallet. That separates it from stablecoins, which circulate freely, and keeps it inside the bank's compliance perimeter even though the token now sits on a public chain.

The bank's private rail is already large. Kinexys's own Blockchain Deposit Account network handles more than $7 billion in daily volume, against about $12 trillion a day across JPMorgan's payments business as a whole, according to Bloomberg's reporting. The public-chain version is aimed at counterparties that cannot or will not sit on a private ledger.

A rollout Blockhead has tracked in stages

Blockhead reported the first public-chain plan in June 2025, when JPMorgan said it would launch the deposit token on Base. In December 2025 it covered the bank launching a $100 million tokenized money market fund on Ethereum, a sign that the bank was not tied to one network. In January, Blockhead covered the plan to bring JPM Coin to the Canton Network in phases through 2026, a route that still has to deliver.

The Ethereum move also sits next to other work on bank money. In June, Blockhead reported that JPMorgan, Citi and other US banks were planning a shared tokenized deposit network for 2027 through The Clearing House. In August, the bank was weighing a stablecoin of its own, which would run in parallel with JPM Coin rather than replace it. And Kinexys's technology already sits under tokenized fund products such as BlackRock's tokenized money market share classes, which are available in Singapore.

The Asia connection

Kinexys's Asian partnerships point the same way. Blockhead covered the DBS and JPMorgan framework for moving tokenised deposits across public and permissioned blockchains last November. A JPM Coin that lives on Ethereum is the kind of endpoint that framework was meant to reach, though neither bank has said whether it will connect to the new deployment.

What is still unknown

The reports do not name clients, volumes or fees for the Ethereum deployment. The restricted-access design also means other banks' tokens will not be able to move freely against JPM Coin without agreed standards, which is the gap The Clearing House network is meant to fill. What the launch does show is where the largest US bank expects institutional settlement to happen: on a public chain, with a permission list attached.

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