Ethereum
JPMorgan Deploys JPM Coin on Ethereum Mainnet for Institutional Settlement
JPMorgan's blockchain division has expanded its dollar-backed token JPM Coin to the Ethereum public network for institutional clients.
JPMorgan Chase, through its blockchain unit Kinexys, has made its dollar-backed token JPM Coin available to select institutional clients on the Ethereum mainnet. The deployment follows a previous rollout on the Base layer-2 network and aims to support continuous institutional payment settlement and liquidity management.
JPM Coin functions as a deposit token representing U.S. dollars held directly at JPMorgan, distinguishing it from conventional stablecoins issued by non-bank entities. Access is restricted strictly to pre-approved institutional participants, with retail access unavailable. Kinexys reports having processed over $4 trillion in total volume across its operations, though specific volumes on public networks remain undisclosed.
Despite the institutional deployment, the price of Ether showed no immediate positive reaction, trading down across weekly and multi-week periods.
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