JPMorgan Chase has integrated its JPM Coin with the Ethereum blockchain, enabling institutional clients to transfer dollar-backed tokens instantly at any time. Unlike public stablecoins, JPM Coin functions as a deposit token, where each unit represents a dollar held in a bank account, redeemable without lock-up periods.
The bank previously launched the token on Base in November 2025 and announced plans to expand to the Canton Network in January. Additionally, JPMorgan has issued two tokenized money-market funds on Ethereum. The Kinexys unit, which manages the token, has processed over $4 trillion in cumulative transactions, averaging $7 billion daily.
The institution is positioning its deposit tokens as a yield-bearing alternative to stablecoins. JPMorgan, alongside partners like Citigroup, aims to launch a shared 24/7 tokenized deposit network by the first half of 2027. This infrastructure is intended for payments, trade settlements, and collateral management by institutional counterparties.
