JPMorgan Expands JPM Coin to Ethereum Network

JPMorgan launched JPM Coin on the Ethereum network on October 19. The digital asset functions as a deposit token backed by dollars held in the financial institution's accounts.

This expansion allows institutional clients to send and receive dollar deposits directly via the Ethereum mainnet. The service was already available on the Base network and now grows its presence within the Ethereum Virtual Machine ecosystem.

The use of the public network aims to align payments with the bank's investment offerings. The institution already has products such as a tokenized money market fund operating on the same technological infrastructure.

The JPMD token represents a digital bank deposit with rapid settlement available every day of the week. Participation in the service remains restricted exclusively to the bank's institutional client base.

There was no announcement regarding the opening of the service to retail users or general public wallets. Access to the bank's tokenized funds does not automatically grant permission to use JPM Coin for transactions.