JPMorgan Launches Dollar Deposit Token on Coinbase’s Base Network “JPMD”

JPMorgan Chase has begun rolling out a new deposit token, JPMD, on Coinbase’s Layer 2 network, Base. The token represents dollar-denominated deposits at JPMorgan, allowing institutional clients to move funds on-chain with instant, 24/7 settlement—far faster than traditional bank transfers. Unlike typical stablecoins, JPMD is a digital claim on funds already held at the bank and may carry interest, positioning it as a hybrid between deposits and blockchain tokens. JPMorgan intends to expand the program to multiple currencies and additional blockchains once regulatory approvals come through. For crypto investors, this is a major step: a top bank is now treating tokenized deposit instruments as part of its digital-asset infrastructure. It blurs the lines between banking and crypto rails—and could accelerate institutional access and real-time settlement on public chains.