In brief – JPMorgan launched JPM Coin on Ethereum for institutional clients, which can redeem the token for dollars at any time; it first launched on Coinbase’s Base network in November 2025. – The bank expects crypto firms to use the token for payments and financial…
stitutions to use it to settle trades and post collateral, with only vetted counterparties allowed to hold it. – Kinexys has handled over $4 trillion in transactions and about $7 billion a day, versus roughly $12 trillion a day across JPMorgan’s payments business. JPMorgan Chase is putting JPM Coin on Ethereum, which gives its biggest clients a way to move dollars in seconds on a Sunday night as easily as on a Tuesday morning
A normal wire between banks only moves during business hours and can take days to land, which is why JPMorgan started experimenting with blockchain technology. The idea is using JPM Coin to cut that wait to seconds. The token is a deposit token, so each unit stands for a dollar already sitting in a JPMorgan account, and the bank’s site says clients can redeem it for dollars at any time with no lock-up.
A stablecoin, by contrast, is a token pegged to the dollar by a private company that holds the reserves somewhere else. Only vetted, approved counterparties can hold JPM Coin, so this is not a coin anyone can buy on an exchange. JPMorgan first put the token on Base, a cheaper and faster network built on top of Ethereum and incubated by Coinbase, in November 2025.