JPMorgan has taken its biggest leap yet into public blockchain. The bank’s JPM Coin deposit token (JPMD) is now live on Base, Coinbase’s Ethereum Layer 2 network — marking a new phase in the fusion of traditional finance and decentralized infrastructure.
Unlike stablecoins like USDC, JPMD represents real dollar deposits backed by JPMorgan itself, offering regulated, interest-bearing transfers that settle instantly on-chain. The pilot targets institutional clients seeking faster settlement, collateral mobility, and round-the-clock liquidity.
After years on private rails like Onyx (now Kinexys), JPMorgan’s move to a public chain signals growing confidence in open networks. With JPM Coin accepted as collateral on Coinbase, the bank is helping blur the line between Wall Street and Web3 — and giving a glimpse of how tokenized deposits could eventually rival stablecoins in institutional finance.
