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10/20/2026

JPMorgan Deploys JPM Coin on Ethereum for Institutional Clients

What happened: JPMorgan's blockchain unit, Kinexys, has launched JPM Coin—a USD-backed deposit token—on the Ethereum mainnet as of October 19, 2026.

JPMorgan Deploys JPM Coin on Ethereum for Institutional Clients

What happened: JPMorgan's blockchain unit, Kinexys, has launched JPM Coin—a USD-backed deposit token—on the Ethereum mainnet as of October 19, 2026. Each token is backed 1:1 by dollar deposits at JPMorgan and is redeemable at any time, but access is limited to vetted institutional clients. This follows a prior deployment on Base in 2025, with plans for a shared tokenized deposit network with Citigroup in 2027. Kinexys has processed over $4 trillion in transactions to date, averaging $7 billion daily.

Why it matters: This marks the first time a major US bank has issued a dollar deposit token on a public blockchain, albeit in a permissioned, institutional-only format. While headlines tout a "public blockchain" milestone, the permissioned access limits its impact on broader DeFi. Still, the move signals growing institutional comfort with onchain settlement and could pave the way for further integration between traditional finance and public blockchain infrastructure.

Source: Decrypt