JPMorgan Chase debuts its blockchain deposit token on Base, Coinbase’s Ethereum layer-2 network, enabling 24/7 institutional payments in seconds.
By Ibrahim Ajibade
Editor Marco T. Lanz
Updated
2 mins read
JPMorgan Chase has officially launched its blockchain-based deposit token, JPM Coin (JPMD), on Base, the Ethereum layer-2 network developed by Coinbase. The rollout, announced on Nov. 12, marks a significant collaboration between the largest US bank and the largest US crypto exchange.
According to Base’s official post on X, the proof of concept for JP Morgan’s USD deposit token, JPMD, is now available for transfers on Base. The team also noted that the token could see commercial banking transactions executed within seconds, not days.
From proof of concept to fully live.
J.P. Morgan’s USD deposit token, JPMD, is now available for institutional transfers on Base.
Moving money should take seconds, not days. Commercial banking is coming onchain. pic.twitter.com/cW6tMPLvsw
— Base (@base) November 12, 2025
The JPM Coin token represents US dollar deposits held at JPMorgan and allows institutional clients to conduct 24/7, near-instant payments using blockchain rails instead of traditional clearing systems. The launch follows JPMorgan’s earlier pilot program with Mastercard, Coinbase, and B2C2, which tested interoperability between banks and blockchain ecosystems for settlement efficiency.
JPMorgan’s blockchain unit, Onyx, designed the system to streamline cross-border payments and liquidity transfers, leveraging Ethereum’s smart contracts.
On Nov. 11, JPMorgan announced a separate partnership with DBS Bank to pilot tokenized deposit transfers, further signaling its intent to expand blockchain integration across global financial networks.
The bank is also developing a euro-denominated version (JPME), pending regulatory approval in the European Union. Global Head of the global co-head of JPMorgan’s blockchain division Kinexys, Mallela Naveen confirmed a trademark “JPME” filing for the potential euro-denominated token.
Today @Coinbase is announcing our decision to leave Delaware and reincorporate in Texas. This decision was not made lightly, but we’ll always do what’s best for our customers, our employees, and our shareholders. 1/6
— paulgrewal.eth (@iampaulgrewal) November 12, 2025
Meanwhile, Coinbase revealed plans to shift its legal incorporation from Delaware to Texas following shareholder approval. Chief Legal Officer, Paul Grewal said the exchange aims to capitalize on Texas’s pro-business regulatory environment and greater legal protections for corporate entities.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.
