Switch to seedless. Get 30% off with SWITCH30 till Oct 19JPMorgan expands JPM Coin to Ethereum for institutions
6.7 Banking JPMorgan expands its USD-backed JPM Coin to Ethereum, enabling institutional clients to make 24/7 onchain payments and settlements, leveraging Ethereum’s liquidity.
JPMorgan has expanded its USD-backed deposit token, JPM Coin (JPMD), to the Ethereum blockchain, targeting institutional clients. Previously launched on Base in November 2023, JPM Coin now supports peer-to-peer transfers within the Ethereum Virtual Machine ecosystem, including both Base and Ethereum. JPM Coin represents a claim on bank deposits at JPMorgan and enables near-instant, 24/7 payments and settlements. This distinguishes it from stablecoins issued by non-bank entities. Access to JPM Coin remains restricted to approved institutional clients, excluding retail users and unrestricted DeFi trading. The expansion leverages Ethereum's established liquidity and tokenized asset markets, aiming to provide a payment option alongside tokenized investments. JPMorgan has also launched tokenized money-market funds on Ethereum, furthering its onchain financial infrastructure. The Kinexys platform, which underpins these blockchain services, has processed over $4 trillion in cumulative transactions, with an average daily volume of $7 billion.
