JPMorgan Chase & Co. launched JPMD, a digital dollar token on Coinbase’s Base blockchain, marking the first time a major U.S. bank has deployed such a token on a public blockchain network.
The move represents a significant shift for traditional banking, as JPMorgan leverages Base’s sub-second transaction speeds to enable round-the-clock institutional money transfers. Each JPMD token is backed by dollar deposits held at the nation’s largest bank.
Base, an Ethereum Layer-2 solution developed by Coinbase, offers enhanced transaction efficiency through low-cost, high-speed processing. The choice of a public blockchain over private networks represents a strategic departure for JPMorgan, which previously tested decentralized finance trades on private blockchains including Polygon.
The initiative is supported by research from a 2023 JPMorgan-Oliver Wyman study that examined deposit tokens’ potential to stabilize digital money markets. A 2024 analysis by Ledger highlighted Base’s technical advantages that likely influenced the bank’s platform selection.
Kinexys, JPMorgan’s blockchain division formerly known as JPM Coin, is overseeing the token deployment. The platform, which previously handled niche Euro transactions on private networks, now extends to public blockchain infrastructure.
The development challenges conventional views that blockchain adoption remains limited to cryptocurrency enthusiasts. JPMorgan’s move reflects a broader 2025 trend of institutional trust in decentralized finance infrastructure.
Industry analysts view the launch as a watershed moment for traditional banking’s embrace of public blockchain technology. The 24/7 money movement capability addresses long-standing limitations of conventional banking hours and settlement delays.
The JPMD token will initially serve institutional clients as part of a pilot program, with JPMorgan evaluating expansion based on early adoption and performance metrics.
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