JPMorgan to pilot JPMD deposit token on Base blockchain

JPMorgan will pilot a USD-denominated deposit token called JPMD on Coinbase’s Base blockchain, Bloomberg reported on June 17. The token will be transferred from the bank’s digital wallet to Coinbase and used by selected institutional clients for on-chain payments and settlements.

Unlike stablecoins, JPMD represents real deposits at the bank, may earn interest, and could be covered by deposit insurance. JPMorgan plans to expand issuance and support more currencies after the trial, pending regulatory approval.

Base confirmed the collaboration, calling JPMD the first token of its kind on a public blockchain.