JPMorgan is expanding its institutional deposit token, JPM Coin, to Ethereum. Institutional clients will be able to use the token to make payments and settle tokenised asset trades. JPM Coin represents U.S. dollars deposited at JPMorgan and allows eligible customers to transfer funds around the clock within seconds. JPMorgan said it chose Ethereum for its liquidity and customers’ existing use cases, while limiting access to approved institutional participants.

JPMorgan has left open the possibility of issuing its own stablecoin in the future. It said it has no current plan to launch one, but could review related options depending on customer demand and changes in the regulatory environment. The bank already operates JPM Coin, a digital deposit token for institutional clients, which it said differs structurally from stablecoins. Interest is growing among U.S. banks in pursuing stablecoin projects, including consortium efforts such as OpenUSD.