JPMorgan deploys its JPM Coin deposit token on Ethereum mainnet for institutional clients, moving beyond Base and its private Kinexys network

JPMorgan has made JPM Coin, a token representing dollar deposits at the bank, available to institutional clients on the Ethereum mainnet. The token was deployed on Monday, the bank said in a statement, and extends a year-old product that first launched on Base, the layer-2 network built by Coinbase.

Emma Landriault, head of Kinexys Labs in the bank's blockchain division, said Ethereum was chosen because it offers more liquidity than rival networks and is already used by institutional clients. The aim is multi-chain optionality for moving wholesale money across web3 and traditional finance: crypto firms that want to make blockchain payments and financial firms that need a digital token to settle trades or back tokenised assets. The bank flagged a move to the Canton Network in January.

JPMorgan's private Kinexys network already processes more than $7 billion a day, a small share of its $12 trillion-a-day payments business. The largest US bank is also among more than a dozen banks planning a shared network for tokenised deposits, and among the banks helping Swift define its blockchain-based ledger.

The read: the biggest US bank now settles dollar deposits on a public chain, which is the strongest argument yet that tokenised deposits and stablecoins will share rails.