Coinbase’s Base Network Serves as Launchpad for JPMorgan’s Historic JPM Coin Expansion

In a landmark development for institutional cryptocurrency adoption, JPMorgan Chase & Co. has announced a significant, multi-phase expansion of its JPM Coin—a blockchain-based token representing U.S. dollar deposits. The financial giant's strategy involves deploying the token across multiple blockchain networks, marking a pivotal shift towards broader interoperability and integration with the digital asset ecosystem. The expansion will commence on the privacy-focused Canton Network, a permissioned blockchain designed for institutional use, before progressing to integrate with public blockchain platforms. Notably, JPMorgan's current and operational implementation of the JPM Coin already resides on Base, the ethereum Layer 2 network developed by Coinbase. This positions Coinbase's infrastructure at the very heart of one of the most significant real-world asset (RWA) tokenization projects led by a traditional financial institution. The move signifies a major endorsement of blockchain technology's utility in wholesale payments and treasury services. JPM Coin, since its inception, has been used to facilitate instantaneous, 24/7 transfers of U.S. dollar deposits between institutional clients of JPMorgan's wholesale payments business. By expanding its reach beyond a single, private ledger to multiple networks—including a planned future on public chains—JPMorgan is actively building the plumbing for a more connected and efficient future of finance. This interoperability ambition suggests a vision where tokenized deposits can move seamlessly between private, permissioned environments for regulated activities and public, permissionless ecosystems for broader settlement and innovation. For Coinbase and its Base network, JPMorgan's choice is a powerful validation. Hosting the live implementation of JPM Coin underscores Base's technical robustness, regulatory compliance considerations, and its growing appeal as an institutional-grade Layer 2 solution. It demonstrates that infrastructure born in the crypto-native world is now capable of meeting the stringent requirements of a globally systemic bank. This partnership potentially opens the door for further institutional projects to build on Base, leveraging its scalability and connection to the Ethereum mainnet. The expansion also highlights the converging trajectories of traditional finance (TradFi) and decentralized finance (DeFi), with established banks like JPMorgan utilizing platforms from crypto giants like Coinbase to pioneer new financial paradigms. As of early 2026, this strategic expansion positions JPMorgan at the forefront of deposit tokenization and signals accelerating momentum for blockchain-based settlement assets, with Coinbase's infrastructure playing a critical enabling role.

JPMorgan Expands JPM Coin to Multiple Blockchain Networks Including Canton

JPMorgan Chase & Co. is significantly expanding the reach of its JPM Coin, a blockchain-based deposit token representing U.S. dollar deposits held at the bank. The financial giant plans to deploy the token across multiple blockchain networks, beginning with the privacy-focused Canton Network before eventually integrating with public blockchain platforms.

The bank's current implementation operates on Base, Coinbase's Ethereum Layer 2 solution, where it facilitates institutional settlements. This strategic expansion underscores JPMorgan's commitment to building an interoperable digital money system capable of near-instant cross-border transactions across financial markets.

Corporate adoption is already underway, with Siemens AG utilizing JPMorgan's Kinexys Digital Payments network for foreign exchange transactions between Frankfurt and New York. The bank intends to broaden currency support for JPM Coin over time while maintaining compatibility with both public blockchains and its private Kinexys Digital Assets infrastructure.

Bank of America Upgrades Coinbase to 'Buy' with 38% Upside Target

Bank of America has upgraded Coinbase (COIN) to a 'buy' rating, setting a $340 price target that implies 38% upside from current levels. This marks the second major Wall Street endorsement this week after Goldman Sachs' similar upgrade.

The bullish call reflects Coinbase's strategic expansion beyond cryptocurrency trading. The exchange now plans to offer 24/5 stock trading on S&P 500 names, prediction markets through a Kalshi partnership, and commodity futures starting with copper and platinum later this month.

Analyst Craig Siegenthaler describes Coinbase's transformation into an 'everything exchange,' with potential catalysts including the Base network token launch and easing tax-loss selling pressure. The stock remains down 40% from July highs despite these developments.