JPMorgan Chase has extended its JPM Coin deposit tokens to the Ethereum mainnet, providing approved institutional clients with another public blockchain for 24/7 US dollar transfers, securities settlement, and collateral payments.

According to a report by Bloomberg on October 19, after launching this deposit token on the Base network in November 2025, the bank is now making it available on Ethereum as well. This expansion allows eligible customers to access a network that has already been used by financial institutions and crypto companies for tokenizing assets.

The code for JPM Coin is JPMD, which represents US dollar deposits held at JPMorgan Chase. This token allows customers to transfer funds within seconds, without having to wait for traditional bank business hours.

This launch is aimed at institutional payments and settlement activities, rather than cryptocurrency trading for the general public. Although the underlying blockchain is open to other users, JPMorgan Chase will still limit access to only approved customers.

JPM Coin logs in to Ethereum after Base.

JPMorgan's deployment on Ethereum this time follows its nearly one-year of activities on Base. Base is an Ethereum Layer network developed by Coinbase.

In November 2025, following the completion of the proof-of-concept launched in June, the service was opened to institutional clients. JPMD, Coinbase, MasterCard, and the digital asset trading company B2C2 participated in the testing.

These companies completed transactions involving the issuance and redemption of JPM Coin, demonstrating how US dollar deposits can flow between traditional banking infrastructure and blockchain wallets. JPMorgan Chase stated at the time that the service supports qualified participants in nearly instant transfers and continuous settlement.

At that time, crypto.news reported on the launch of Base and the plan to support more public blockchain networks. Ethereum's expansion in October continued the direction previously announced.

Base is associated with the Ethereum mainnet, but it belongs to a different blockchain network. Base processes transactions through its own Layer infrastructure, while the Ethereum mainnet is the underlying Layer 1 network.

JPMorgan Chase has decided to directly bring its deposit tokens to Ethereum, where there are already a variety of investment products, tokenized securities, and financial applications in operation. The bank has not yet disclosed how many customers will initially use JPMD on the mainnet, nor has it stated how many tokens will be issued with this new deployment.

In a statement released on Monday, Kinexys stated that the mature on-chain liquidity of Ethereum and the activity of tokenized assets were the reasons for their choice of that network. The bank's public stance considered the existing institutional ecosystem to be one of the decision-making factors.

JPMorgan targets payment, securities settlement, and collateral

JPMorgan Chase expects that crypto companies and traditional financial institutions will use JPM Coin for different types of transactions.

Kinexys Labs The global head told Bloomberg that crypto companies can use JPMD to make payments through blockchain infrastructure. Financial institutions, on the other hand, can use this token to settle transactions or provide collateral for transactions involving tokenized assets.

Settlement refers to the process of completing a financial transaction, which involves the delivery of assets and corresponding payments to the relevant parties. In traditional markets, different payment systems and operating schedules can complicate transactions involving participants from multiple jurisdictions.

By using tokenized bank deposits, approved institutions can transfer the digital representation of funds through compatible blockchain wallets. JPMorgan Chase's products integrate these transfers with their existing deposit and payment arrangements.

The official product documentation for this line lists payment, collateral transfer, and transaction settlement as supported uses for JPM Coin. Customers utilize this service through Blockchain Deposit Accounts, which connects ordinary bank balances with corresponding blockchain deposits.

In this mode, eligible customers can exchange their qualified balances for JPMD and redeem that token through JPMorgan Chase's infrastructure. The bank is responsible for managing the relationship between digital tokens and corresponding commercial bank deposits.

This product is designed to support programmable transactions, allowing approved users to create payment instructions that can be used in conjunction with blockchain systems. These features can be utilized in transactions involving tokenized investment products, but access rights still depend on the relevant financial institutions and platforms.

This Ethereum announcement did not specifically name any stock exchange or clearing institution that has newly agreed to accept JPMD as collateral. The announcement merely stated that the currency will be extended to that network and described the expected uses by institutions.

Despite Ethereum being open-source, JPM Coin is still restricted.

Ethereum allows users to send transactions, deploy applications, and interact with smart contracts without the need to join a private banking network.

However, the access pattern for JPM Coin is different, as it represents deposits issued by JPMorgan Chase. The bank restricts access to this token to approved institutional clients who meet account and compliance requirements.

This distinction separates JPMD from cryptocurrencies that anyone can purchase and transfer through ordinary public wallets. While a certain token can operate on a public blockchain, there are still restrictions on who is legally or technically allowed to hold it.

JPMorgan Chase defines JPM Coin as a tokenized form of commercial bank currency. Its value derives from JPMorgan Chase's corresponding deposit obligations; therefore, the bank's creditworthiness and the terms of the deposit relationship are of great importance to customers.

Although both types of products can represent a value denominated in US dollars on the blockchain, this token is not a publicly traded stablecoin that can circulate without restrictions. JPMorgan's documents list the deposit account infrastructure and the redemption arrangements managed by the bank as core components of these products.

The initial announcement regarding the launch of Base already listed institutional clients as target participants. The launch on Ethereum in October continued this restriction, and JPMD was not made available to ordinary crypto investors.

JPMorgan Chase' public materials remind users to verify the details of the official token contract, as other unrelated assets may use similar names on the blockchain network. Based on the information reviewed for this report, no independently verifiable Ethereum mainnet contract address was identified corresponding to the deployment in October.

This line also does not disclose the total amount of mainnet transactions, the balance of JPMD in circulation, or the confirmed number of active Ethereum users.

Ethereum has now hosted JPMorgan's tokenized investment fund.

Before bringing the deposit tokens to the mainnet, JPMorgan Chase had already established another business presence on Ethereum.

In December 2025, the bank launched its first tokenized money market fund on Ethereum, initially supported by $100 million in internal capital. The product is designed to enable institutional investors to gain access to the fund's exposure through ownership records maintained on the blockchain.

This time, what was launched on the Ethereum money market fund platform is an investment product, not JPM Coin itself. The tokens of the money market fund represent the equity in the underlying investment portfolio, while JPMD represents deposits from qualified commercial banks.

In May 2026, JPMorgan Asset Management launched its second tokenized money market fund, named JLTXX. This fund invests in government money market instruments and is designed in accordance with the reserve requirements of qualified stablecoin issuers.

According to a announcement by the asset management company on May 13, JPMorgan Chase invested $100 million at the time of the fund issuance. Qualified investors can subscribe through the Morgan Money platform and receive tokenized fund equity on their blockchain addresses.

The asset and investor qualification rules of this fund are separate from the deposit token arrangement of JPM Coin. Neither the initiation of investments nor the total assets of the tokenized fund should be counted towards the JPMD that is already in circulation on Ethereum.

JPMorgan Chase's Kinexys business continues to advance the construction of infrastructure for payments and tokenized financial transactions. In a statement in October, the bank stated that the platform has processed over $4 trillion in transactions in total, with an average of about $7 billion per day.

These numbers reflect the overall business of Kinexys, and should not be regarded as the trading volume of JPM Coin on the Ethereum mainnet. This line does not disclose how many of these transactions come from JPMD on the newly supported network.

Canton Network Integration is still a separate project.

In addition to Ethereum and Base, JPMorgan Chase has also been collaborating with Digital Asset to introduce JPM Coin into Canton Network, which focuses on institutional financial transactions and privacy.

On January 7, 2026, Digital Asset and Kinexys announced plans to natively issue JPMD on Canton. The proposal encompasses the issuance, transfer, and redemption of this deposit token within a blockchain environment designed for regulated financial institutions.

After the previous Base went live, the Canton integration plan provided another pathway for institutions that require higher transaction privacy.

The architecture of Canton allows financial participants to coordinate transactions while limiting the visibility of sensitive information. Digital Asset positions this network for use in scenarios such as institutional securities, payments, and collateral management.

The protocol for January describes the phased integration arrangements for 2026, which begin with the technical and business infrastructure required for the issuance and redemption of the native JPMD.

Digital Asset and JPMorgan Chase stated that future collaborations may also consider more Kinexys products, including Blockchain Deposit Accounts. This announcement does not confirm that all proposed services have entered the production phase.

Kinexys, the global co-head, stated at that time that the planned Canton integration would combine bank-issued deposits with near-real-time blockchain settlement. Neither party provided a specific date for the completion and public launch.

The Ethereum expansion announced in October was released separately from the Canton development plan. According to the reviewed materials, the announcement in January was still merely a statement of intent regarding the phased deployment of Canton, and it was not confirmed that the Canton mainnet had been successfully launched.