JPMorgan expands ‘JPM Coin’ deposit token to Ethereum for institutional clients
The USD-denominated deposit token now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including Base.
JPMorgan has expanded its JPM Coin deposit token to the Ethereum network, enabling institutional clients to conduct peer-to-peer transfers within the Ethereum Virtual Machine ecosystem. The USD-denominated token now supports transactions across EVM-compatible networks, including Coinbase's Layer 2 blockchain Base, marking a significant broadening of the product's technical reach.
JPM Coin was first introduced in 2019, making JPMorgan one of the earliest major U.S. banks to develop a blockchain-based payment instrument. Previously operating primarily on JPMorgan's proprietary Onyx blockchain network, the deposit token has been used by institutional clients to facilitate wholesale payment settlements and cross-border transactions. The move to Ethereum-compatible infrastructure represents a notable shift toward interoperability with public blockchain rails.
The expansion signals growing institutional appetite for blockchain-based financial infrastructure that operates across multiple networks rather than isolated private ledgers. By extending JPM Coin's functionality to EVM-compatible chains, JPMorgan positions itself to serve clients who are increasingly active across a broader set of blockchain environments, particularly as Base has gained traction among institutional participants in recent months.
Looking ahead, observers will be watching whether other major financial institutions follow JPMorgan's lead in extending proprietary deposit tokens to public or semi-public blockchain networks. Regulatory clarity around deposit tokens in the United States will also play a key role in determining how quickly adoption scales among institutional users.
Source: The Block
