Photo: Ikechukwu Julius Ugwu
JPMorgan begins rollout of deposit token JPM Coin on Coinbase’s Base
Major banks explore blockchain technology with new settlement solutions, signaling a shift toward digital assets in institutional finance.
JPMorgan has begun distributing its JPM Coin deposit token on Base, Coinbase’s layer 2 Ethereum network, enabling institutional clients to access blockchain-based payment and settlement services.
The blockchain-based token, which represents dollar deposits at the world’s largest bank, enables near-instant, 24/7 payments. The launch follows a pilot program with Mastercard, Coinbase, and B2C2, and forms part of JPMorgan’s plan to introduce a euro-denominated version under the trademark JPME pending regulatory approval
Banks, including JPMorgan and DBS, are exploring deposit tokens as a blockchain alternative to stablecoins for cross-bank transactions.