JPMorgan Expands Blockchain Reach With New JPMD Deposit Token on Base

JPMorgan has officially launched its new blockchain-based deposit token, JPM Coin (JPMD), aimed at institutional clients and built on Coinbase’s Base network. The rollout represents a key step in the bank’s growing digital asset strategy as global financial institutions race to modernize cross-border payments and settlements using blockchain technology.

According to a Bloomberg report, JPMD represents U.S. dollar deposits held at JPMorgan and enables clients to move funds through Base in seconds, 24/7, without relying on traditional banking hours. This advancement follows months of testing with Mastercard, Coinbase, and B2C2, after an initial pilot in June 2025.

Naveen Mallela , global co-head of Kinexys, JPMorgan’s blockchain unit, said that the firm plans to extend JPMD access to clients’ customers and introduce new currency versions, pending regulatory approval. A euro-based version, tentatively called JPME, has already been registered. JPMorgan also intends to integrate the token with other blockchain networks over time.

Deposit tokens like JPMD differ from stablecoins in a few key ways. While both are digital assets pegged to fiat currencies, deposit tokens are issued directly by regulated banks and represent claims on existing deposits. This structure not only increases regulatory oversight and security but also allows the underlying funds to generate yield — a feature that could appeal to institutional investors seeking efficiency and returns. “Stablecoins get a lot of attention, but for institutional clients, deposit-based products offer a compelling alternative,” Mallela said. “These can be yield-bearing.”

JPMorgan has been at the forefront of blockchain adoption among traditional banks. Its Kinexys Digital Payments network already processes more than $3 billion in daily transactions, facilitating instant transfers in USD, EUR, and GBP, compared to the $10 trillion handled by its broader payments division. The move follows JPMorgan’s continued partnership with Coinbase, which earlier this year enabled customers to directly fund Coinbase accounts with credit cards. Meanwhile, other major banks like Citigroup, Santander, Deutsche Bank, and PayPal are also accelerating their efforts to deploy blockchain-based payment systems that are faster, cheaper, and more secure.