JPMorgan Brings Deposit Tokens to Base Network
In a major move bridging traditional finance and crypto, JPMorgan Chase announced it will issue its JPMD token on the Base blockchain. The announcement follows closely after the bank filed a trademark for the JPMD ticker, signaling rapid development in its blockchain ambitions.
The JPMD token will represent US dollar deposits at the world’s largest bank and be minted directly into JPMorgan digital wallets. According to the bank, the first transactions will occur within days, marking the first time JPMorgan operates on a public crypto network outside its private systems.
JPMD Heads to Coinbase, But With Restrictions
JPMorgan’s new asset will also undergo early testing on Coinbase, targeting the exchange’s institutional clients only. While the Base blockchain is public and open-source, JPMD will be restricted to whitelisted users, maintaining strict compliance.
The pilot program will run for several months, and the bank hinted at future tokens in other currencies, pending regulatory greenlights. The move underscores JPMorgan’s growing commitment to digital asset integration beyond its proprietary Kinexys platform (formerly JPM Coin).
Deposit Tokens vs Stablecoins
Unlike conventional stablecoins, deposit tokens represent direct claims on fiat deposits at a commercial bank. JPMorgan argues these tokens provide better transparency, built-in compliance, and access to interest-bearing mechanisms.
This distinction matters. While stablecoins like USDC or USDT often require external attestations, deposit tokens natively reflect funds held within the bank. JPMorgan believes this gives JPMD a clear edge in institutional finance.
Base Blockchain Chosen for Scale and Ethereum Access
The decision to launch on Base, Coinbase’s Layer-2 network, gives JPMorgan instant access to Ethereum’s ecosystem with minimal gas costs and high throughput. The bank also views Base as an ideal environment for secure and scalable institutional finance experiments.
With the GENIUS Act recently advancing in the U.S. Senate, stablecoin and deposit token regulations are nearing clarity. JPMorgan’s timing suggests strategic alignment with federal momentum, further legitimizing blockchain-based financial products.
The bank already processes $10 trillion in daily payments, and about $2 billion flows through its Kinexys chain daily. Integrating with Base could allow JPMorgan to serve a new class of institutional clients without abandoning its proprietary infrastructure.
J.P. Morgan is bringing banking onchain.
— Base (@base) June 17, 2025
Kinexys by @jpmorgan is launching JPMD, a USD deposit token for institutional clients, on Base.
It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties.
J.P. Morgan is bringing banking onchain.
— Base (@base) June 17, 2025
Kinexys by @jpmorgan is launching JPMD, a USD deposit token for institutional clients, on Base.
It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties.
A Glimpse into the Tokenized Future of Finance
This launch marks the first-ever tokenization of direct bank deposits on a public blockchain by a Tier-1 bank. JPMorgan envisions deposit tokens as a natural evolution of digital money, especially for businesses looking for reliable fiat-backed alternatives to current stablecoins.
While JPMD will remain off-limits to retail investors for now, it lays the groundwork for broader adoption across financial markets. JPMorgan’s expanding crypto vision could pave the way for future bank-issued tokens, cross-border settlement tools, and a new era of blockchain-native finance.
