JPMorgan Shocks Crypto World: JPM Coin Goes Live on Coinbase’s Base Blockchain
Wall Street meets Web3 as banking giant JPMorgan deploys its controversial stablecoin on Base—Coinbase’s Ethereum L2 darling. The move signals institutional adoption at scale, but skeptics question if this is true innovation or just legacy finance playing catch-up.
Why it matters: JPM Coin’s Base integration bridges traditional finance with decentralized networks, offering near-instant settlements for institutional clients. The bank’s blockchain lead calls it ‘the future of value transfer’—while crypto natives whisper about centralized trojan horses.
Between the lines: JPMorgan spent years dismissing Bitcoin before embracing blockchain. Now they’re leveraging crypto infrastructure while avoiding volatile assets—classic hedge behavior from an institution that still charges $35 overdraft fees.
TLDR
- JPMorgan Chase has launched JPM Coin (JPMD), a digital deposit token for institutional clients that operates on Coinbase’s Base blockchain
- The token enables instant fund transfers 24/7, settling transactions in seconds rather than days like traditional banking systems
- JPM Coin represents tokenized dollar deposits and differs from stablecoins because it can be interest-bearing and acts as a digital claim on existing bank funds
- The launch follows successful trials with Mastercard, Coinbase, and B2C2, with plans to expand to other blockchains and currencies pending regulatory approval
- JPMorgan joins other major banks including Citigroup, Deutsche Bank, Santander, and BNY Mellon in developing blockchain-based payment solutions
JPMorgan Chase has officially rolled out JPM Coin, a digital deposit token designed for institutional clients. The token operates on Base, the public blockchain developed by Coinbase.
The new token represents dollar deposits held at JPMorgan. It enables near-instantaneous fund transfers between institutional clients around the clock.
JPMorgan has started rolling out a deposit token called JPM Coin to institutional clients, a MOVE that comes as financial institutions continue to broaden their footprint in digital assets https://t.co/ryU2QlWwlB
— Bloomberg (@business) November 12, 2025
Naveen Mallela, global co-head of JPMorgan’s blockchain division Kinexys, confirmed the launch. The token allows transactions to settle in seconds rather than the days required by traditional interbank systems.
JPM Coin went live after months of testing with major financial players. Mastercard, Coinbase, and B2C2 participated in the trial period.
The bank filed a trademark for “JPMD” with the U.S. Patent and Trademark Office in June. The filing covers digital asset services including crypto payments and trading.
JPMorgan has also reserved the ticker “JPME.” This suggests plans for a euro-denominated version of the deposit token.
How JPM Coin Differs from Stablecoins
Deposit tokens operate differently from traditional stablecoins. JPM Coin represents digital claims on funds already held in client bank accounts at JPMorgan.
Traditional stablecoins are backed by reserves but typically don’t generate yield for holders. Deposit tokens can be interest-bearing, which makes them more attractive to institutional investors.
Mallela stated that deposit-backed tokens offer a safer and more compliant path for institutional investors. The token can also be used as collateral on Coinbase.
JPMorgan plans to expand JPM Coin to other blockchains in the future. The bank also intends to offer access to clients’ clients and support multiple currencies.
These expansions will require regulatory approval. The development follows the U.S. Genius Act, which governs stablecoins and dollar-pegged digital tokens.
Growing Trend Among Major Banks
JPMorgan’s move is part of a broader industry trend. Several major financial institutions are developing blockchain-based payment systems to improve speed and reduce costs.
Citigroup, Deutsche Bank, and Banco Santander are exploring similar solutions. PayPal has also entered the digital token space.
Bank of New York Mellon and HSBC are working on their own deposit token concepts. The shift reflects growing institutional interest in blockchain technology for payments.
JPMorgan recently announced it would allow select clients to use Bitcoin and ethereum as collateral for loans. This provides institutional players with greater flexibility in managing their digital assets.
The bank’s JPM Coin Network has been rebranded as Kinexys Digital Payments. The addition of JPM Coin is designed to simplify operations within this payment network.
