JPMorgan has expanded JPM Coin to Ethereum, taking its deposit token beyond Base, the network where it first went live in November 2025. The token, also known as JPMD, represents deposits held at the bank on a public blockchain and now supports peer-to-peer transfers across the Ethereum Virtual Machine ecosystem. The bank is careful about the label: it calls JPM Coin a deposit token, not a cryptocurrency or a stablecoin, and says the funds stay inside its regulated banking infrastructure.
What JPMD actually is
The distinction matters more than it might sound. JPM Coin isn't a separate asset trading on the open market. It's a claim on deposits already sitting at JPMorgan, wrapped in a form that can move across public chains. That framing keeps the product inside the bank's regulatory perimeter even as it touches public blockchains such as Ethereum and Base. For institutional clients, the appeal is settlement speed without stepping outside the banking system they already report into.
The tokenization build-out
Ethereum is already familiar ground for the bank's tokenization work. JPMorgan launched its first tokenized money-market fund on the network in December 2025, then followed with a second in May 2026. Adding JPM Coin to the same chain puts the deposit token alongside those funds, giving clients a way to move deposit-backed value across the same rails where the money-market products live.
Canton stays on the roadmap
Ethereum isn't the only expansion in play. JPMorgan announced in January that JPM Coin would extend to the Canton Network, a privacy-focused blockchain built for financial markets, with a phased rollout planned through 2026. The Canton work runs in parallel with the Ethereum push, suggesting the bank is building out several settlement venues rather than betting on a single chain.
Wall Street and crypto keep converging
Emma Landriault, global head of Kinexys Labs at JPMorgan, said the past year brought further convergence between Wall Street and crypto, with institutional web3 players partnering with traditional financial institutions. That view lines up with what the bank has actually shipped: money-market funds on Ethereum, a deposit token on Base, and now the same token on Ethereum, with Canton still coming.
The next checkpoint is the Canton rollout, which JPMorgan has said will happen in phases across 2026. Whether the Ethereum expansion pulls in the same institutional clients who took up the Base launch in November 2025 is the open question.
