JP Morgan moves JPM Coin to Ethereum mainnet

JP Morgan has launched JPM Coin, its tokenized deposit product, on Ethereum's mainnet. The token was previously available on the Base layer-2 network, where it has been live since November of the previous year, and on Connexus, the bank's internal permissioned chain. The bank currently processes approximately $7 billion per day on its private network.

David Duong, head of US at Ethereum Institutional, characterized the deployment on a public chain as a significant signal that the debate over institutional safety is over. He noted that one of America's largest banks is choosing public Ethereum for real money flows, describing the move as a model for other banks and asset managers entering the space. Duong emphasized that while volumes are still growing, the presence of major balance sheet institutions validates the technology. He argued that when one of the biggest banks in the US puts its own dollars on public Ethereum, it demonstrates that the technology is safe for institutions, serving as a catalyst for broader adoption.