JPMorgan Chase is reportedly bringing its JPM Coin deposit token to the Ethereum blockchain, expanding the ways institutional clients can use the bank’s digital dollar deposits for payments and transactions involving tokenized assets.
According to Cointelegraph, citing a Bloomberg report, the move will allow approved institutional participants to transfer funds and settle certain blockchain-based transactions through Ethereum. JPMorgan is the world’s biggest bank by market capitalization, and its decision adds another major public blockchain to the infrastructure supporting JPM Coin.
What JPM Coin does
JPM Coin represents US dollar deposits held at JPMorgan. Eligible clients can use the token to transfer value within seconds, including outside traditional banking hours. Unlike a cryptocurrency designed for open public use, JPM Coin is tied to deposits at the bank and access remains limited to approved institutional participants.
The token can be used for different types of financial activity. Emma Landriault, global head of Kinexys Labs, said crypto companies could use JPM Coin for blockchain-based payments. Financial institutions, meanwhile, could use it to settle trades and post collateral.
That distinction is important for understanding the Ethereum expansion. The blockchain provides the network on which transactions can be recorded and processed, while JPMorgan retains control over who may use the token. In other words, the token will be issued on a public blockchain but will not become freely available to the general public.
Ethereum joins JPMorgan’s blockchain plans
Landriault said JPMorgan selected Ethereum because of its liquidity and its existing use among the bank’s clients. The expansion follows the bank’s November 2025 launch of JPM Coin on Base, an Ethereum layer-2 network developed by cryptocurrency exchange Coinbase.
JPMorgan said at the time that it intended to support additional public blockchains. In January, the bank also announced plans to bring JPM Coin to the Canton Network. The Ethereum move therefore represents part of a broader effort to make the deposit token available across multiple blockchain networks.
The development could give institutional users more options for moving bank-held dollars alongside digital assets and for completing transactions built on blockchain infrastructure. However, the available report does not provide details on the timing of the Ethereum rollout or the number of clients expected to use it.
JPMorgan did not immediately respond to Cointelegraph’s request for additional details.
Market picture
Moneyiar market data at 22:14 on October 19, 2026, showed Ethereum at $2,407.6198576669, up 0.83% over 24 hours but down 3.43% over seven days.
Other tracked crypto assets were also higher over the latest 24-hour period: Shiba Inu was at $0.0000050041, up 1.91%; Uniswap was at $7.296340398, up 3.10%; and Pepe was at $0.0000041316, up 4.97%. Over seven days, Shiba Inu was down 4.57%, while Uniswap and Pepe were up 0.70% and 2.93%, respectively.
