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JP Morgan Chase is set to pilot its new deposit token, JPMD, on Ethereum’s layer-2 network Base. Initially available to approved Coinbase institutional clients, the token aims to streamline payment settlements. Regulatory approval will determine broader access and expanded currency denominations.
- JPMD is a deposit token issued by JP Morgan, not a stablecoin, and will be piloted on Ethereum's Base network.
- Approved Coinbase institutional clients will be the first to use JPMD for transactions, with broader access pending regulatory approval.
- JP Morgan's blockchain unit, Kinexys, processes over $2 billion in daily transactions, reflecting the bank's deep crypto integration.
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