JPMorgan Chase, the largest U.S. bank, is broadening access to its JPM Coin among institutional investors. The bank announced plans to bring its year-old cryptocurrency token to the Ethereum network, expanding beyond its current availability on Base, a Layer-2 blockchain operated by Coinbase Global. JPMorgan cited Ethereum's greater liquidity and widespread use among institutional investors as key reasons for the move. The expansion aims to support institutional clients seeking blockchain-based payments and digital tokens for trade settlements or tokenized assets.
JPM Coin represents dollar deposits at JPMorgan and is not yet available on Ethereum. The bank's private blockchain network, Kinexys, already handles over $7 billion in daily payments. Additionally, JPMorgan and a dozen other banks are planning a shared network for tokenized deposits in the U.S. JPMorgan's stock has climbed 12% over the last year, currently trading at $337.97 per share.