JPMorgan Brings Its Dollar Deposit Token to Ethereum for Approved Clients
By Coinvote
JPMorgan is extending JPM Coin, a token that represents dollar deposits at the bank, from Base to Ethereum, according to Bloomberg. The token stays limited to approved institutional participants, which makes this a test of permissioned bank money on a public network.
JPMorgan adds a second public home for JPM Coin
JPMorgan is taking JPM Coin to Ethereum, Bloomberg reported on Monday, as the bank looks to reach a wider group of institutional clients. CoinDesk and Cointelegraph both relayed the report. Until now the token has lived on Base, the layer-2 network built by Coinbase.
Emma Landriault, who leads Kinexys Labs inside the bank's blockchain division, told Bloomberg that JPMorgan chose Ethereum because of its liquidity and its existing use among institutional clients. She said firms in the crypto sector might rely on the token to carry out payments on a blockchain. Financial firms, she added, could use it to settle trades or back tokenized assets.
No launch date has been given. CoinDesk said Landriault did not say when the token would arrive on Ethereum, and the bank had not answered its request for details by publication. Cointelegraph also reported that it had received no immediate reply from JPMorgan.
What a permissioned deposit token does on an open network
A deposit token is a digital record of money that a client holds at a bank. It differs from a stablecoin issued by a non-bank company, because the claim sits against the bank itself. Putting that record on a public blockchain lets it move at any hour, and CoinDesk cites faster settlement as the general advantage of tokenization.
Public does not mean open to everyone here. Cointelegraph reported that JPM Coin will remain restricted to approved institutional participants even though it is issued on public networks. The Defiant framed the step the same way, describing permissioned bank money arriving on another public blockchain.
For readers, the distinction matters. The chain is shared and visible, but the list of parties who can hold or send the token is controlled by the bank.
The numbers around the announcement
The reports contain few hard figures about the token itself. The surrounding numbers show the scale of the bank and of the Ethereum ecosystem it is moving toward.
- Kinexys, JPMorgan's private blockchain network, already handles more than $7 billion a day, according to CoinDesk.
- That volume is a small share of the bank's $12 trillion a day payments business, CoinDesk noted.
- CoinDesk, citing DefiLlama, put the value held in applications built on Ethereum at nearly $50 billion. DefiLlama's own chain tally puts Ethereum DeFi TVL at $50.02 billion.
- JPM Coin first arrived on Base in November 2025, according to Cointelegraph.
Where the four outlets agree and where they differ
All four outlets agree on the core fact: JPM Coin is heading to Ethereum for institutional clients. CoinDesk and Cointelegraph supply the detail, and both attribute it to Bloomberg's interview with Landriault.
The accounts differ in emphasis. Cointelegraph adds that the token can be used to post collateral and that clients can send funds in a matter of seconds at any hour of the day. It also dates the Base rollout to November 2025. CoinDesk instead stresses the competitive picture, noting that the bank had flagged a move beyond Base in January when it said it planned to bring the token to the Canton Network.
The Block offers a technical angle in its summary, saying the dollar-denominated token now allows direct transfers between parties across the EVM ecosystem, a group that includes Base. Only the headline and summary of that piece were available, so details such as which networks beyond Ethereum are live are not established there. The wording also differs on timing. The Block's phrasing reads as if support is already in place, while CoinDesk reports that no availability date was given.
Banks are tokenizing, but mostly away from public chains
CoinDesk points out that banks have embraced tokenization, but largely on private networks. JPMorgan, Citi, Bank of America and Wells Fargo, together with more than a dozen other U.S. banks, have plans for a joint network built around tokenized deposits. That effort is separate from JPM Coin's public-chain expansion.
Outside the U.S., JPMorgan is one of over 30 banks working with Swift on the design and governance of its blockchain-based ledger. Swift said in July that 17 banks, among them Citi and Wells Fargo, were getting ready to run live transaction pilots on the ledger. JPMorgan was not on that list, CoinDesk noted.
Taken together, the bank is working on several tracks at once. It runs a private network, it joins industry-wide ledger projects, and it now places a controlled token on more than one public chain. The Ethereum step is the clearest sign yet that it sees public networks as part of that mix.
Open questions for holders and project teams
The first question is timing. Without a stated launch date, it is unclear when clients can actually move JPM Coin on Ethereum, and the bank has not yet commented publicly on the details.
The second is how access will work in practice. The reports say participation is limited to approved parties, but they do not describe who qualifies or how approvals are managed. Teams that build payment or settlement tools on Ethereum may want to watch for technical documentation from Kinexys.
A third open question is how the token will relate to the Canton Network plan announced in January. Neither CoinDesk nor Cointelegraph says whether that work has changed. Readers tracking projects on Ethereum can follow new listings on Coinvote's new Ethereum tokens page while more details emerge.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Ethereum (ETH) | $2,415 | -0.1% | -5.2% | $294.87 billion |
CoinGecko data as of 2026-10-19 (UTC); DeFi TVL from DefiLlama: Ethereum $50.02 billion.
On Coinvote
- New Ethereum Tokens Listed Today: 2,926 projects tracked, 2 new listings in 7 days, 62 community votes today.
- Best Ethereum Meme Coins Today: 256 projects tracked, 0 new listings in 7 days, 2 community votes today.
FAQ
What is JPM Coin?
JPM Coin is a token that represents US dollar deposits held at JPMorgan. According to Cointelegraph, eligible clients can move funds in seconds at any hour, and the token first launched on Base in November 2025.
Can anyone use JPM Coin on Ethereum?
No. Cointelegraph and The Defiant both report that the token stays restricted to approved institutional participants, even though it is issued on public blockchains.
When will JPM Coin be available on Ethereum?
That has not been stated. CoinDesk reported that Emma Landriault did not give a date, and the bank had not replied to its request for details.
Sources
- CoinDesk: JPMorgan's JPM Coin, representing dollar deposits, is coming to Ethereum: Bloomberg (2026-10-19)
- Cointelegraph: JPMorgan takes JPM Coin to Ethereum for institutional clients: Report (2026-10-19)
- The Block: JPMorgan expands ‘JPM Coin’ deposit token to Ethereum for institutional clients (2026-10-19)
- The Defiant: JPMorgan Extends JPM Coin to Ethereum for Institutional Clients (2026-10-19)
- CoinGecko (market data), DefiLlama (TVL), Coinvote listing and vote data
Written by the Coinvote news desk from reporting by CoinDesk, Cointelegraph, The Block and The Defiant. Not financial advice.
