JPMorgan Takes JPM Coin to Ethereum, and Says It Is Not a Stablecoin

TLDR

• JPMorgan made its JPM Coin deposit token live on the Ethereum mainnet on Monday for institutional clients.
• The token had only run on Base, the network built by Coinbase Global, since November 2025.
• JPMorgan says the token is not a stablecoin. Each one represents a dollar in a bank account.
• Kinexys, the bank’s blockchain unit, says it has processed more than $4 trillion since it began.
• Kinexys and Digital Asset plan to bring the token to the Canton Network next.

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JPMorgan Chase has made its JPM Coin available on Ethereum. The bank said the token went live on the Ethereum mainnet on Monday for institutional clients.

BREAKING: $5 TRILLION JPMorgan expands JPM Coin to Ethereum mainnet to allow institutional clients to transfer tokenized stablecoin deposits 24/7.

JPMorgan is moving deeper into crypto and they are choosing Ethereum. pic.twitter.com/T2roudTd9E

— Altcoin Daily (@AltcoinDaily) October 19, 2026

JPM Coin is a deposit token that represents dollars held at the bank. It had only run on Base, a network built by Coinbase Global, since its debut in November 2025.

The bank said it chose Ethereum because of its liquidity and its use by institutional clients. Emma Landriault, head of Kinexys Labs, shared the reasoning in an interview with Bloomberg.

What JPM Coin Is and Is Not

JPMorgan says the token is not a cryptocurrency or a stablecoin. Each token represents one dollar in a JPMorgan account.

Holding it carries the same risk as a regular deposit at the bank. A stablecoin such as USDC is issued by a private company against cash and Treasury bill reserves.

Approved institutions move cash into a blockchain deposit account and convert it into tokens. They can use the tokens to pay suppliers, settle trades or post collateral.

Clients can convert back to dollars at any time with no lock-up period. Transfers between a regular account and the blockchain account pause every Saturday from 3 to 6 p.m. ET.

Ethereum is public, so anyone can see transactions. Only institutions vetted by the bank can hold or send the token.

The bank also warns that tokens with similar names at other addresses have no link to JPMorgan.

Kinexys Volumes and the Banking Context

Kinexys, the bank’s blockchain unit, says it has processed more than $4 trillion since it began operating. That averages about $7 billion a day.

JPMorgan moves roughly $12 trillion in payments each day, according to Bloomberg. The bank has not said how much of the Kinexys total is JPM Coin on public chains.

The GENIUS Act, signed in 2025, bars stablecoin issuers from paying interest. Banking groups have pressed Congress on rewards, citing a Treasury estimate that up to $6.6 trillion in deposits could move to stablecoins.

JPMorgan CEO Jamie Dimon wrote in his April shareholder letter that blockchain-based competitors are emerging. He said the bank needs to roll out its own blockchain technology.

Citi, Bank of America and Wells Fargo are among more than a dozen banks planning a shared network for tokenized deposits, The Wall Street Journal reported.

Kinexys and Digital Asset have announced plans to bring the token to the Canton Network.

JPMorgan’s asset management arm has also launched two tokenized money market funds on Ethereum, in December 2025 and May 2026.