JPMorgan Taps Ethereum for JPM Coin as Tokenization Race Heats Up

JPMorgan Chase & Co (NYSE:JPM) has expanded its dollar-denominated deposit token, JPM Coin (JPMD), to Ethereum (CRYPTO: ETH). This will allow institutional clients to make blockchain-based payments and settle tokenized asset transactions around the clock. The expansion introduces peer-to-peer transfers across Ethereum Virtual Machine-compatible networks, including Ethereum and Base. JPM Coin, first launched on Coinbase’s (NASDAQ:COIN) Base blockchain in November 2025, represents U.S. dollar deposits held at the bank. Emma Landriault, global head of Kinexys Labs at JPMorgan, told TheBlock that Ethereum’s deep liquidity and growing ecosystem of tokenized assets make it a natural choice for the expansion. The bank expects demand from cryptocurrency firms seeking blockchain-based payment solutions and financial institutions using digital cash to settle transactions or provide collateral. How Big Is JPMorgan’s Tokenization Push? The Ethereum expansion follows JPMorgan’s launch of two tokenized money-market funds on the network in December 2025 and May 2026. JPMorgan’s Kinexys platform has processed more than $4 trillion in cumulative transactions, averaging approximately $7 billion in daily volume. The bank also operates a private blockchain network supporting institutional transfers in dollars, euros, pounds and other currencies. Landriault noted the growing convergence of traditional finance and crypto, as banks embrace public blockchains and crypto firms strengthen ties with financial institutions. Why Does This Matter For ETH? JPMorgan’s expansion strengthens Ethereum’s role in institutional payments and tokenization, with the network holding around $50 billion in DeFi assets. Ethereum Institutional co-founder Matthew Dawson called the move a signal that institutional finance is shifting toward public blockchain infrastructure. Growing adoption of tokenized deposits, stablecoins and real-world assets could further boost demand for Ethereum-based settlement. Image: Shutterstock