JPMorgan has announced that it will launch its dollar deposit token, JPM Coin, on the Ethereum network, according to Bloomberg as reported by cryptonews.net.

The token originally launched on Coinbase's Ethereum Layer 2 network, Base, last year, and the move to mainnet Ethereum marks the bank's next step toward the cryptocurrency market.

JPM Coin lets institutional clients transfer money and make payments 24/7, in near real-time, without being limited by traditional bank operating hours or payment delays.

The service runs through the bank's blockchain-based payment infrastructure, Kinexys, and has been in operation since Dimon launched it in 2019.

The surprising part for crypto watchers is the contrast between the bank's actions and its CEO's rhetoric.

Jamie Dimon is known for his critical stance toward Bitcoin and cryptocurrencies, yet the bank he leads is deploying a regulated dollar token on a public smart-contract network — the same ecosystem his bank's critics said it would never touch.

Bitcoinisistemi's report, carried by cryptonews.net, highlights the irony: Dimon publicly derides Bitcoin, but he personally launched JPM Coin in 2019 and the bank keeps extending it across blockchain networks.

For devoted crypto readers, it is a textbook institutional reversal — publicly skeptical, privately building.

There are important limits. cryptonews.net reports that JPM Coin is currently offered only to JPMorgan Chase institutional clients through Kinexys and does not support public trading or retail access.

The token is a regulated bank deposit token usable only by authorized institutional clients and, unlike decentralized stablecoins, is not structured for free use by everyone or for widespread integration with decentralized finance (DeFi) services.

That means Ethereum mainnet is getting a bank-issued deposit instrument that still operates inside a permissioned framework — a notable signal about how traditional finance enters public chains, but not an open DeFi launch.

The news lands while Bitcoin is rebuilding after a rough week. crypto.news reports that Bitcoin briefly fell below $80,000, hitting a weekly range low of $79,806, before recovering to trade near $82,800 — around 1% higher over 24 hours but still about 1.1% lower over seven days.

AK&M reports the Bitcoin rate on Binance opened October 19 at $82,116 after gaining 0.76% on October 18 on trading volume of $823.4 million.

With JPM Coin live on Ethereum for institutional clients, the next questions are whether other banks follow JPMorgan onto public networks and whether regulated deposit tokens eventually connect with DeFi rails.

crypto.news notes the week ahead is crowded: Meta and Tesla report earnings Wednesday, weekly jobless claims arrive Thursday, and S&P Global's October PMI flash readings plus the University of Michigan's final consumer sentiment survey land Friday — with the preliminary survey showing sentiment at 46.3 and one-year inflation expectations at 4.7%.

Macro surprises could still shake leveraged crypto positions, but the direction of bank blockchain adoption keeps pointing onto Ethereum.