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JPMorgan is set to pilot its dollar-denominated deposit token, JPMD, on Coinbase’s Base blockchain. The trial aims to facilitate instant payments and settlements for institutional clients, marking a significant step in commercial banking’s shift on-chain.
- JPMD is a bank-issued deposit token, distinct from stablecoins, operating within fractional-reserve banking and potentially eligible for deposit insurance.
- The pilot will initially serve institutional clients on Coinbase’s Base blockchain, with plans to expand to other currencies and user segments.
- JPMorgan’s private blockchain, Kinexys Digital Payments, already processes over $2 billion daily, highlighting its growing focus on on-chain finance.
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Related Tags: Coinbase Global Inc. JPMorgan Stablecoin
Other Tags: Bank of America, Base