JPMORGAN PUSHES LIMITS: FIRST DIGITAL DEPOSIT TOKEN TRIAL ON BASE NETWORK CHALLENGES STABLECOINS
In a groundbreaking step that could redefine digital finance, JPMorgan has launched an unprecedented experiment with a new digital deposit token, JPMD. This token is currently being trialed on Base Network, marking a significant shift for the bank as it explores public blockchain technology.
As reported on June 17, the token is fully backed by US dollar deposits on a 1:1 basis. A portion of these tokens has been transferred from the bank’s wallet to Coinbase, where they are being used in pilot transactions with leading financial institutions. JPMorgan is also planning to introduce the token for other currencies and expand access to additional users, pending regulatory approval.