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JPMorgan is set to test a new digital deposit token, JPMD, on Coinbase’s Base blockchain, a move that expands the bank’s blockchain footprint beyond internal system.
As reported by Bloomberg on June 17, the pilot will see a fixed amount of JPMD, backed one-for-one by U.S. dollar deposits, transferred from JPMorgan’s wallet to Coinbase. The token will initially be available to institutional clients for transactions, with plans to broaden access and support other currencies pending regulatory approval.
The launch marks a significant evolution in JPMorgan’s use of blockchain technology. The bank already operates Kinexys, its in-house platform for digital payments and tokenized assets. Kinexys processes over $2 billion in daily payments and supports tokenized foreign exchange, derivatives, and data validation via its Liink network.
The JPMD pilot extends this infrastructure to the public blockchain space for the first time. Unlike stablecoins, deposit tokens are issued by regulated banks and represent a direct claim on deposits. JPMorgan sees them as more secure and scalable for institutional use.
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The Federal Reserve will release its June rate decision on Wednesday, with the market expecting the central bank to hold interest rates steady.
Bank of America Securities senior US economist Stephen Juneau and Ritholtz Wealth Management chief market strategist Callie Cox join Morning Brief to discuss their expectations for the Fed meeting as geopolitical tensions in the Middle East rise.
Steven, that brings me to what the Fed is going to be looking across and the data points, the hard data that they're going to be evaluating at their meeting. And 50 basis points, it still seems like the market's trying to factor that in by the end of the year. What do you think is the kind of if this then that of their own calculation for us getting to 50 basis points?

Well, first, I think what we're going to see at the meeting is we get these updated projections, and we expect the Fed to go from two cuts this year to one, and just acknowledge that the economy's holding up. When we look at the labor market data, it's been good. Uh, it's been stable. The labor market's not showing signs of significant deterioration. And then inflation's still above target, and they still expect inflation probably to move away from them. So we expect their inflation projections to move higher as they account for the tariff effect. Now we didn't get that in the latest data, but I think this is what they're going to be watching most closely moving forward is how does the inflation data evolve and then how does the labor market data evolve. If inflation moves away from the target and the labor market remains stable, then it's going to going to be difficult for the Fed to get two cuts in this year. We're in the camp that they they don't manage to get any cuts in this year.

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Digital Assets Council of Financial Professionals (DACFP) founder and bestselling author of "The Truth About Crypto," Ric Edelman, joins Wealth with Allie Canal to make the case for why crypto should be part of your portfolio.

Bitcoin sliding as investors shy away from risky assets and pile into safe havens as geopolitical conflict escalates in the Middle East. My next guest says that most investors should have at least some crypto in their portfolio, but does that put them at risk of a pullback? I want to bring in Rick Edelman, he's Digital Assets Council of Financial Professionals founder, and the best-selling author of The Truth About Crypto. So Rick, let's start with today's trading action. Does this expose some of the inherent risks associated with crypto investing, especially during these periods of uncertainty and volatility?

Yeah, there's no question that Bitcoin and digital assets broadly still represents, uh, a an aggressive posture in investing. Uh, but that said, we do know now, we have 15 years of performance data. Uh, the volatility of digital assets is declining as the asset class matures. And in fact, over the past year, Bitcoin has been less volatile than many tech stocks. Uh, so the pullback we've seen in the past few days is the same pullback we've seen in the stock market and the bond market, because of the knee-jerk reaction to what's happening on global economic, uh, environments and the recent attacks in Israel against Iran. So, uh, I don't really think that we need to be terribly worried about owning crypto anymore than we need to be worried about owning stocks.

And you recommend investors allocate between 10 and 40% of their portfolio to crypto. What's driving that conviction and what makes you so confident in the longer-term case there?

Well, it's a couple of things. Number one is longevity, which seems to have nothing to do with crypto. We're living longer than ever due to medical innovation. Um, nanotech, biotech, bioinformatics, uh, 3D printing.