JPMorgan Chase is launching its JPM Coin deposit token on the public Ethereum network for institutional clients, Bloomberg reported. The bank is targeting demand from crypto companies and financial institutions that need digital money for settlements and as collateral in tokenized-asset transactions.

JPM Coin represents U.S. dollar deposits and allows clients to send and receive funds in seconds, 24/7, according to the report. The token was previously launched on Base, a blockchain developed by Coinbase.

Emma Landrio, global head of Kinexys Labs, JPMorgan’s blockchain unit, said the token could appeal to large crypto companies seeking onchain payment tools. Financial institutions can also use it for settlements or to collateralize tokenized-asset transactions.

Landrio said JPMorgan chose Ethereum because of the network’s liquidity and widespread use among clients. About $50 billion is locked in Ethereum applications, according to DefiLlama.

“We clearly see a year of further convergence between Wall Street and cryptocurrencies,” Landrio said. She added that the process involves both traditional financial institutions moving to public networks and deeper cooperation between institutional Web3 companies and banks.

Bloomberg described JPMorgan as one of the most active banks in blockchain technology. The bank is also developing the Kinexys Blockchain Deposit Account, a private blockchain network for corporate clients that supports transfers in dollars, euros, pounds and other currencies.

In early 2026, JPMorgan planned to launch JPM Coin on the Canton network.

Source: Incrypted