JPMorgan is taking a major step toward blockchain-based finance with the launch of a US dollar-backed deposit token designed specifically for institutions.
The pilot project is being tested on Base, the Ethereum Layer-2 (L2) network developed by Coinbase.
The new token, dubbed JPMD, is issued by JPMorgan’s blockchain unit, Kinexys, and mirrors actual bank deposits 1:1. While retail users won’t have access, institutional clients will soon be able to move funds instantly across blockchain rails with near-zero fees and around-the-clock availability.
This marks JPMorgan’s push to leverage blockchain for global settlement infrastructure—blending the compliance standards of traditional banking with the flexibility of on-chain finance. The bank joins hundreds of financial firms using Coinbase’s crypto-as-a-service suite to explore tokenized finance solutions.
Meanwhile, Base is expanding its own ecosystem by adding wrapped versions of Cardano and Litecoin, now available as cbADA and cbLTC. These tokens are fully backed and held in Coinbase custody, allowing users to interact with ADA and LTC via Ethereum-compatible applications.
JPMD’s debut reflects a growing trend: legacy banks embracing blockchain not just for experimentation, but for real-world use in financial infrastructure.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/jpmorgan-enters-on-chain-payments-with-new-deposit-token-on-coinbases-base/