JPMorgan adds Ethereum as second public chain for JPM Coin

JPMorgan made JPM Coin available to institutional clients on Ethereum on October 19, adding the public network as a second option for moving the bank’s dollar deposit token. The change extends the token beyond Base, where it launched in November 2025, and puts it on Ethereum’s main network, which has a wider pool of tokenized assets and onchain activity. CoinDesk’s report on the launch says JPMorgan described the Ethereum deployment as technically live and available for institutional use.

JPM Coin, ticker JPMD, represents U.S. dollar deposits held at JPMorgan. Kinexys, the bank’s blockchain unit, says it supports peer-to-peer transfers between institutional clients across Ethereum and Base. JPMorgan’s Emma Landriault said the Ethereum move gives clients “multi-chain optionality” for moving wholesale money, according to the statement reported by CoinDesk. That means the expansion is about access to another network, not a change in who can hold the token: clients still need JPMorgan approval.

How does Ethereum change JPM Coin’s reach?

Ethereum adds a mainnet route alongside Base, an Ethereum layer 2 network built by Coinbase. JPMorgan’s stated reason for choosing Ethereum is the network’s liquidity and existing institutional use. CoinDesk also reported that the bank sees demand from crypto firms seeking blockchain payments and financial firms settling trades or backing tokenized assets.

The move puts JPM Coin on a public blockchain where transactions can be recorded onchain, while its issuer continues to control access to the token. JPMorgan told Cointelegraph’s report on the Ethereum deployment that eligible clients can transfer funds around the clock and within seconds. The timing could matter for firms whose counterparties and tokenized assets already operate on Ethereum; the announcement does not name clients or quantify expected transaction volumes.

How does Ethereum compare with Base and Canton?

Base was JPM Coin’s first public-chain deployment, announced for institutional clients in November 2025. Ethereum broadens the choice of network but does not replace Base. The bank’s private Kinexys network remains another part of its blockchain activity: CoinDesk reported that it handles more than $7 billion in transactions daily, compared with the bank’s wider payments business of about $12 trillion a day.

Canton is a separate planned route. JPMorgan had said in January that it intended to take JPM Coin to the Canton Network, according to CoinDesk. The Ethereum launch therefore moves the token onto a second public chain while the Canton plan remains an alternative in development; the bank’s announcement did not set a Canton launch date.

What should clients watch after the launch?

The key test is whether institutional clients use Ethereum for transfers, settlement or collateral activity at meaningful scale. JPMorgan has described the deployment and potential uses, but has not published Ethereum-specific issuance or volume figures in the reports cited here. Further evidence will include disclosed client activity, how JPM Coin operates across Ethereum and Base, and whether the Canton plan advances.

The trade-off is clear: Ethereum offers access to a broader public-chain environment, while JPM Coin remains a bank-issued deposit token with eligibility controlled by JPMorgan. Its reach is wider than it was on Base alone, but the change does not make JPMD an open-access asset for every Ethereum wallet.

Source material

• CoinDesk’s report on the launch — coindesk.com
• Cointelegraph’s report on the Ethereum deployment — cointelegraph.com