In a bold step toward digital finance innovation, JPMorgan Chase & Co. is launching a pilot for JPMD, a blockchain based token representing dollar deposits. The bank plans to transfer a fixed amount of JPMD from its internal wallet to Coinbase Global Inc., the leading U.S. crypto exchange, as part of this initial test.
The transfer will occur on Base, the public blockchain developed by Coinbase. The JPMD token will be dollar-denominated and available initially for use by institutional clients of Coinbase, according to Naveen Mallela, global co-head of JPMorgan’s blockchain division, Kineyx by JPMorgan.
“This is a significant step in bringing tokenized commercial bank money onto public rails,” Mallela said.
Over the next few months, the bank aims to expand the pilot to other users and possibly support multiple currency denominations pending regulatory approval.
This move not only signifies JPMorgan’s deeper foray into digital assets but also validates public blockchain use for real-world finance.
ICYMI: What is JPMD? How JPMorgan Plans to Tokenize the Dollar in 2025
Screenshot from @tier10k on Twitter/X, reporting JPMorgan’s pilot of the JPMD deposit token on Coinbase’s Base blockchain via Bloomberg.
Q. What is JPMD?
A. JPMD is a deposit token issued by JPMorgan that represents dollar-backed assets on the blockchain.
Q. Which blockchain is being used for JPMD?
A. JPMD will be issued and tested on Base, Coinbase’s public Ethereum Layer 2 blockchain.