JPMorgan announced that its digital token, JPM Coin, representing dollar deposits, is now accessible on the Ethereum mainnet for institutional clients. The deployment, confirmed in an emailed statement, marks the first time the token has operated on Ethereum’s public blockchain, expanding its availability beyond the bank’s private Kinexys network and the Base layer-2 chain developed by Coinbase. The move aligns with broader industry trends where financial institutions leverage blockchain for faster settlement of trades and asset tokenization. JPMorgan highlighted Ethereum’s liquidity and established institutional adoption as key factors in the decision, with Emma Landriault, head of Kinexys Labs, noting the strategic value of offering multi-chain options for moving funds across both traditional and decentralized finance ecosystems. While the token was initially launched on Base in 2023, its migration to Ethereum underscores growing demand for interoperability between blockchain networks and legacy financial systems. The bank also previously explored integration with the Canton Network but has now prioritized Ethereum for its established infrastructure. JPMorgan’s blockchain division processes over $7 billion daily through Kinexys, a fraction of its $12 trillion daily payment volume. Tokenization, which converts real-world assets into digital representations, is increasingly adopted by banks to streamline transactions, though most implementations remain confined to private networks. Ethereum hosts approximately $50 billion in crypto assets across decentralized applications, according to DeFiLlama. The development follows broader industry efforts, such as Swift’s blockchain pilot involving multiple banks, though JPMorgan is not currently part of that initiative. The deployment reflects a shift toward integrating blockchain technology into mainstream financial infrastructure while maintaining operational control through regulated channels.