JPMorgan has launched JPM Coin on Ethereum for institutional clients, enabling dollar-backed transfers that settle in seconds, any day of the week. Only vetted, approved counterparties can hold JPM Coin, and JPMorgan's website says clients can redeem the token for dollars at any time without a lock-up. Holders can move JPM Coin between Ethereum and Base, where JPMorgan first launched the token in November 2025. JPMorgan expects crypto firms to use JPM Coin for payments and financial institutions to use the token to settle trades and post collateral. Kinexys, the unit behind JPM Coin, has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day.