JPMorgan is preparing to bring its JPM Coin dollar deposit token to Ethereum, expanding the bank’s blockchain payment services as it looks to reach more institutional customers, Bloomberg reported.

The move would take JPM Coin beyond Base, the layer-2 blockchain developed by Coinbase Global (COIN), where the token has been available since its launch nearly a year ago.

Ethereum’s comparatively strong liquidity and existing institutional user base helped drive the decision, Emma Landriault, head of Kinexys Labs at JPMorgan’s blockchain division Kinexys, told Bloomberg.

JPMorgan had signaled plans to extend the token to other networks in January, when it identified the Canton Network as another potential destination. The expansion is intended to serve crypto companies seeking blockchain-based payment options and financial institutions that require digital tokens to settle trades or support tokenized assets, Landriault said.

The bank has not disclosed when JPM Coin will become available on Ethereum. Landriault offered no launch date, and JPMorgan had not responded to CoinDesk’s request for comment by publication time.

Tokenization involves creating digital representations of real-world assets and financial instruments that can be recorded and transferred on distributed ledgers. The approach can accelerate settlement and money transfers while reducing delays and inefficiencies associated with traditional financial infrastructure.

Although interest in tokenized finance is increasing, banks have largely developed these services on private blockchain networks. In the U.S., JPMorgan, Citi (C), Bank of America (BAC), Wells Fargo (WFC) and more than a dozen other lenders are working toward a shared network for tokenized deposits.

JPMorgan’s Kinexys private blockchain processes more than $7 billion in transactions each day. That is a small portion of the bank’s broader payments business, which handles around $12 trillion daily. Data from DeFiLlama shows that nearly $50 billion in crypto assets are held in applications built on Ethereum.

The bank is also participating in broader efforts to bring blockchain technology into international banking. JPMorgan is among more than 30 lenders helping Swift, the interbank messaging service, establish the design and governance framework for a blockchain-based ledger.

In July, Swift said 17 banks, including Citi and Wells Fargo, were preparing to pilot live transactions on the system. JPMorgan was not named among the institutions participating in that trial.