JPMorgan Launches JPMD Token on Base Blockchain
JPMorgan has officially confirmed the launch of its pilot deposit token, #JPMD , on Coinbase’s Base blockchain. The first transaction is expected in the coming days, according to Navin Mallalla, head of blockchain at JPMorgan’s Kinexys unit.
JPMD will function as a permissioned token, available only to JPMorgan’s institutional clients. This marks the first time a commercial bank issues a deposit product directly on a public blockchain.
The pilot will run for several months. If approved by regulators, the bank may expand JPMD to cover other currencies and clients. Unlike stablecoins backed by securities, deposit tokens represent actual commercial bank deposits and may offer greater scalability and even insured interest income in the future.
JPMorgan’s move highlights growing institutional confidence in blockchain infrastructure and public networks like Base.