- JPM Coin (JPMD) enables 24/7 near-instant institutional transfers on Coinbase’s Base blockchain.
- Kinexys completed JPMD testing with partners including B2C2, Coinbase, and Mastercard.
- JPMorgan plans to expand JPMD to other blockchains and develop a euro version, JPME.
JPMorgan has officially launched its USD-denominated deposit token, JPM Coin (JPMD), on Base, the Ethereum Layer 2 blockchain developed within Coinbase. The rollout follows months of testing by Kinexys, JPMorgan’s blockchain business unit, and introduces near-instant institutional payments on public blockchain modes.
The launch represents a concrete move toward onchain commercial banking, as the bank extends its private blockchain capabilities to public networks for the first time. The service is now available for 24/7 transfers between institutional clients.
Institutional Adoption and Integration on Base
Kinexys by JPMorgan completed the JPMD proof-of-concept in June 2025, working with partners such as B2C2, Coinbase, and Mastercard to test issuance and redemption of the token.
These trials confirmed that the digital representation of a U.S. dollar deposit could move securely and almost instantly between verified wallets on Base. The system allows institutions to perform peer-to-peer transfers between EVM-compatible wallets, enabling faster, cheaper, and continuous settlement.
Brian Armstrong, CEO of Coinbase, described the development as a major step for onchain payments, emphasizing that transactions now take seconds instead of days. Jesse Pollak, creator of Base, added that Base provides sub-second, low-cost settlement across borders. This collaboration aligns traditional banking infrastructure with blockchain efficiency while maintaining compliance with regulatory and KYC standards.
Broader Institutional Collaboration
Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard, stated that the integration of JPM Coin with the Mastercard Token Network supports secure and compliant access to onchain payments.
Similarly, B2C2’s Group CEO, Thomas Restout, noted that bank-issued deposit tokens enhance liquidity and interoperability for institutional trading. Coinbase’s Vice President of Institutional Sales, Lauren Abendschein, noted that deposit tokens issued on Base improve liquidity and reduce operational costs for clients.
Kinexys confirmed plans to expand JPMD beyond Base to other blockchain networks. Bloomberg reported that the bank recently secured the JPME trademark, signaling preparation for a potential euro-denominated deposit token. The expansion would allow institutions to transact in multiple fiat-backed deposit tokens within the same infrastructure, enhancing settlement options globally.
Tokenized Deposits
Other financial institutions are also exploring tokenized deposits. According to Bloomberg, BNY Mellon is assessing similar payment infrastructure using blockchain modes. In the UK, Barclays, Lloyds, and HSBC have begun pilots for tokenized sterling deposits.
Additionally, DBS and Kinexys are developing an interoperability framework to enable transfers across public and permissioned blockchains. JPMorgan’s deployment of JPMD on Base marks a tangible advancement in digital banking infrastructure, bridging regulated finance and public blockchain technology.
