JPMorgan is preparing to extend JPM Coin, its crypto token representing dollar deposits, to Ethereum as it looks to widen distribution beyond the Base layer-2 network. The bank previously indicated in January that it was also planning to take the token to the Canton Network, positioning it for use by crypto firms seeking blockchain payments and by financial institutions that require a digital token for trade settlement or to support tokenised assets. No timetable was given for an Ethereum launch, and the bank did not provide further details by publication time.
Tokenisation Momentum and Adoption Trends
The move comes as tokenisation gains traction, even as banks have generally favoured private networks over public chains. JPMorgan’s Kinexys network processes more than $7 billion a day, compared with the bank’s $12 trillion a day payments business, while Ethereum-based applications hold almost $50 billion in locked crypto assets, according to DeFiLlama. Separately, JPMorgan is part of a group of more than 30 banks working with Swift on the governance and features of a blockchain-based ledger; Swift said in July that 17 banks were preparing to pilot live transactions, a list that did not include JPMorgan.
