JPMorgan brings JPM Coin, representing dollar deposits, to Ethereum
JPMorgan has deployed its JPM Coin on the Ethereum mainnet to provide institutional clients with multi-chain options for wholesale payments. This move aims to enhance liquidity and speed for financial firms utilizing tokenized assets.
Why it matters
It signals a significant shift in traditional banking toward public blockchain infrastructure for high-value financial settlements.
JPM Coin , which represents dollar deposits at the bank, was technically deployed on the Ethereum mainnet on Monday and is available for institutional clients’ use, the bank said in an emailed statement.
The bank chose Ethereum because the blockchain offers more liquidity than rival networks and is already used by institutional clients, Emma Landriault, the head of Kinexys Labs at JPMorgan’s blockchain division Kinexys, said in an interview with Bloomberg , which reported the news earlier.
“Issuing JPM Coin first on Base and now on Ethereum is a meaningful step towards providing our institutional clients with multi-chain optionality for moving wholesale money across both the web3 and traditional finance ecosystems,” she said in the emailed statement.
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