JPMorgan Launches JPMD Deposit Token on Coinbase’s Base for Instant Payments

JPMorgan Chase launched its JPMD Coin, a USD deposit token built on Base, the Ethereum Layer-2 network operated by Coinbase, on November 12, 2025. The token will allow users to make instant on-chain payments and settlements anytime, within seconds.

JPMD Explained: 1:1 Backed, KYC-Compliant, Interest-Bearing  

JPMD is not a stablecoin; it’s a direct, digital representation of the client deposits held at JPMorgan. The token is fully backed 1:1 by segregated USD accounts that are classified as a bank liability and operate under strict KYC/AML compliance.

Only users that are verified can mint and redeem JPMD through JPMorgan’s systems. Once on-chain, JPMD circulates on Base, which currently handles more than 10 million daily transactions at fractions of a cent per transfer.

Starting with a controlled pilot in June 2025, the program transferred limited JPMD to Coinbase Prime, allowing selected traders to use the token for on-chain liquidity and collateral. The full rollout now opens up access to corporations, asset managers, and payment processors.

Some of the core and key features of the JPMD Coin include peer-to-peer settlement in under three seconds, interest accumulation that is linked to underlying deposit rates, and collateral eligibility on Coinbase for margin and lending.

JPMorgan’s Plan for Global Tokenized Deposits

JPMorgan is also collaborating with Singapore’s DBS Bank on a cross-token framework that will allow transfers between JPMD and DBS-issued deposit tokens. This collaboration will leverage smart contracts to handle automated FX and reconciliation, with its launch scheduled for Q2 2026.

The bank’s roadmap includes JPME, a euro-denominated deposit token scheduled for 2026; multi-chain deployment to Polygon, Arbitrum, and Ethereum mainnet; and programmable payment logic for payroll, supply chain, and treasury workflows.

JPMorgan’s private Kinexys network has processed over $1.5 trillion in notional volume since its launch in 2019 to date. The Base integration is expected to bring additional institutional inflow in years to come.

Base Token Up 8%, JPMorgan Shares Climb  

The announcement led to an immediate price action, with Base’s native token increasing by 8% within hours, while JPMorgan shares surged by 1.2% in after-hours trading.

Top market enthusiasts have referred to the launch as “a pivotal milestone for on-chain finance” and evidence of traditional finance’s shift toward public blockchains.

“Base now hosts real bank money,” Delphi Digital wrote in a research note. “This is production-grade institutional infrastructure.”

A Coinbase spokesperson said in an interview that “JPMD provides clients direct access to bank-grade liquidity on-chain and accelerates real-world asset adoption.”

The launch is in line with the United States regulatory guidance. The Office of the Comptroller of the Currency has endorsed bank-issued deposit tokens on public networks when backed by strong compliance controls, a major criterion JPMorgan has claimed to meet.

This article was originally published as JPMorgan Launches JPMD Deposit Token on Coinbase’s Base for Instant Payments on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.