JPMorgan to launch ‘deposit token’ JPMD on Base in pilot involving Coinbase

JPMorgan Chase, the world's largest bank, plans to pilot a stablecoin-like blockchain-based asset called JPMD. The token will launch on the Coinbase incubated Layer 2 network Base, according to multiple reports. The bank plans to issue JPMD on Base and test its first transaction from a Chase wallet in "coming days," a company spokesperson told The Block. A release noted that JPMD "offers an alternative to stablecoins for institutional clients," though did not clarify the key differences between a "deposit token" and "stablecoin.""JPMorgan chose Base to take advantage of sub-second, sub-cent transactions for their clients, giving institutions access to near-instant settlement and real-time liquidity," Base wrote posted to X on Tuesday. "Moving money should take seconds, not days. Commercial banking is coming onchain."JPMD is a "permissioned" deposit token that will digitally represent commercial bank holdings. The pilot program, which could include the bank's institutional clients, is expected to run for several months and may be expanded to additional currency denominations beyond the U.S. dollar pending regulatory approval, Bloomberg reports. Naveen Mallela, the global co-head of JPMorgan's blockchain unit Kinexys, told CNBC that institutions could use JPMD for onchain digital asset settlement and cross-border bussiness-to-business transactions. According to a recent Artemis survey, the fastest-growing category for stablecoin transfers is B2B transactions. The move not only provides more clarity on JPMD use cases but accelerates JPMorgan's movement into the web3 industry. The bank filed a trademark application for JPMD with the U.S. Patent and Trademark Office on June 15, though the application has not been assigned to an examining attorney for final approval. JPMD marks JPMorgan's blockchain project Kinexys' first deployment on a public blockchain. JPMorgan joins Apple, Google, X, Meta, and other Fortune 500 firms in exploring dollar-pegged onchain assets for cheaper transactions, faster settlement, and streamlined cross-border payments. Base holds nearly $3.7 billion in total value locked (TVL), becoming one of the largest Ethereum rollups by TVL. The network publicly launched on mainnet in August 2023 and powers over 536 protocols at the time of writing, according to data from DeFi Llama. The Block reached out to Coinbase and JPMorgan for confirmation and comment. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.