JPMorgan plans to launch its US dollar deposit token, JPM Coin, on the public Ethereum network. The largest bank in the United States is expanding its digital asset footprint after previously operating the token on Base, the layer-2 network developed by crypto exchange Coinbase. A Bloomberg report on October 19, 2026, revealed the new initiative, which was also corroborated by posts from @WatcherGuru and @Cointelegraph on social media platform X.
The decision to expand to Ethereum marks a strategic pivot for JPMorgan, which had previously weighed different blockchain infrastructure.
Why Ethereum Liquidity Won Out
In January 2026, the bank signaled plans to bring JPM Coin to Canton Network. However, the bank ultimately chose Ethereum as its next expansion destination. Emma Landriault, head of Kinexys Labs within JPMorgan’s blockchain business Kinexys, explained the reasoning behind the move. According to Landriault, Ethereum was selected because it offers superior liquidity compared to competing networks, in addition to being widely utilized by institutional clients in their operations.
JPMorgan is structuring this expansion to serve two core client groups. The first comprises crypto companies seeking to conduct direct payments using blockchain rails. The second includes traditional financial institutions in need of digital tokens for trade settlement or to back tokenized assets.
JPM Coin functions as a representation of clients’ dollar deposits held at the bank. By tokenizing deposit balances on a blockchain, JPMorgan enables round-the-clock, 24/7 peer-to-peer fund transfers free from the cut-off constraints of traditional banking clearing schedules.
When Will the Token Launch?
Although the expansion plans have been made public, the launch timeline remains open. Landriault has not specified an exact date for when JPM Coin will become active and operational on Ethereum. With no confirmed rollout date, institutional market participants must wait for further technical updates from the bank.
Across the global banking landscape, JPMorgan is actively involved in several other tokenization initiatives. The bank is participating in a tokenization network trial alongside more than 30 banks in partnership with Swift. At the same time, JPMorgan is developing a tokenized deposit network in collaboration with several major US banks, including Citigroup, Bank of America, and Wells Fargo.
For corporate treasurers and crypto firms frequently constrained by interbank transfer cut-off times, holding dollar balances on a public blockchain provides around-the-clock transaction flexibility. Traditional banking hours will no longer pose an obstacle, though the official rollout date still awaits JPMorgan’s final go-ahead.
Reported by CoinDesk.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
