JPMorgan officially rolls out ‘JPM Coin’ deposit token on Base

JPMorgan has officially rolled out its USD-denominated deposit token, JPM Coin (JPMD), to institutional clients on the Base Layer 2 network, following months of testing that began in June. This launch enables 24/7, near-instant settlement for institutional clients making on-chain native payments. JPMD represents JPMorgan's existing bank deposits on a public blockchain, designed with regulatory compliance, KYC, and banking infrastructure in mind, unlike many stablecoins. Major financial entities like B2C2, Coinbase, and Mastercard have already tested transactions with the token. JPMorgan plans to expand JPMD to more blockchains and has secured the trademark JPME, suggesting future plans for a euro-denominated token. This move aligns with broader industry exploration of tokenized deposits, as seen by DBS/Kinexys developing interoperability and BNY Mellon assessing similar services.

(Source：The Block)