JPMorgan Chase & Co. revealed on June 17 that it will launch a pilot for JPMD, a digital deposit token representing U.S. dollar holdings, signaling a major extension of its blockchain operations into public infrastructure. The announcement came after the banking giant filed for a service mark for JPMD, indicating intent to formalize and commercialize the product.

As part of the pilot, JPMorgan will transfer a fixed amount of JPMD from its digital wallet to Coinbase Global Inc., the leading U.S. crypto exchange, according to Naveen Mallela, global co-head of Kinexys by JPMorgan. The transaction will take place on Base, a blockchain built as an Ethereum Layer 2, decentralized with the Optimism Superchain, and incubated by Coinbase. Initially dollar-denominated, JPMD may expand to include other currencies and broader access depending on regulatory approval. Coinbase and Base acknowledged the development through posts on social media platform X.

“Welcome onchain, JPMorgan,” Coinbase stated. Base detailed:

J.P. Morgan is bringing banking onchain. Kinexys by JPMorgan is launching JPMD, a USD deposit token for institutional clients, on Base. It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties.

They emphasized the rationale for the platform selection: “JPMD is a permissioned bank deposit token, issued by J.P. Morgan, and will be available exclusively to approved institutional clients. J.P. Morgan chose Base to take advantage of sub-second, sub-cent transactions for their clients, giving institutions access to near-instant settlement and real-time liquidity. Moving money should take seconds, not days.” Base added: “Commercial banking is coming onchain.”

The JPMD token distinguishes itself from stablecoins by directly representing claims on commercial bank deposits, offering potential features such as interest and deposit insurance. Mallela stated:

It’s the first time that a commercial bank is putting commercial money, a deposit-based product, on a public chain and we are starting with Base.

“From an institutional standpoint, deposit tokens are a superior alternative to stablecoins. Because they are based on fractional banking, we think it is more scalable,” he continued. The pilot also builds on JPMorgan’s existing Kinexys Digital Payments platform, formerly JPM Coin, which facilitates over $2 billion in daily corporate transactions. With JPMD, the bank is targeting institutional clients looking for compliant and efficient alternatives to stablecoins, amid a regulatory environment increasingly open to blockchain innovation during President Donald Trump’s second administration.

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