Key Takeaways
- JPMorgan Chase is introducing a blockchain-based deposit token dubbed JPM Coin (ticker: JPMD) on Base, Coinbase’s layer 2 Ethereum network.
- This move enables institutional clients to use blockchain-based payment and settlement services.
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JPMorgan has begun distributing its JPM Coin deposit token on Base, Coinbase’s layer 2 Ethereum network, enabling institutional clients to access blockchain-based payment and settlement services.
The blockchain-based token, which represents dollar deposits at the world’s largest bank, enables near-instant, 24/7 payments. The launch follows a pilot program with Mastercard, Coinbase, and B2C2, and forms part of JPMorgan’s plan to introduce a euro-denominated version under the trademark JPME pending regulatory approval
Banks, including JPMorgan and DBS, are exploring deposit tokens as a blockchain alternative to stablecoins for cross-bank transactions.
