JPMorgan launched JPM Coin on Ethereum for institutional clients, after first launching it on Coinbase’s Base network in November 2025. Only vetted, approved counterparties can hold the deposit token; it is not available for anyone to buy on an exchange. Each token represents a dollar in a JPMorgan account, and the bank says clients can redeem it for dollars at any time without a lock-up.
The bank expects crypto firms to use JPM Coin for payments and financial institutions to use it to settle trades in tokenized assets or post collateral. Holders can move the token between Ethereum and Base. JPMorgan’s Kinexys unit has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day, compared with roughly $12 trillion a day across the bank’s payments business.
