JPMorgan launches JPM Coin on Ethereum for institutional clients

JPMorgan has deployed its JPM Coin token on the Ethereum blockchain for institutional clients, allowing them to redeem the token for dollars at any time. The bank expects crypto firms to use the token for payments and financial institutions to settle trades and post collateral, though only vetted counterparties may hold it. JPMorgan's payments network, Kinexys, processed over $4 trillion in transactions and roughly $7 billion daily, compared to the bank's total daily payments volume of about $12 trillion. The move marks a significant step in bringing traditional finance onto public blockchain infrastructure.