Global banking giant JPMorgan Chase has rolled out its blockchain-powered JPM Coin, a digital deposit token designed for institutional clients. The token mirrors U.S. dollar deposits held at the bank and enables instant fund transfers over Coinbase’s Base blockchain network.
According to Naveen Mallela, Global Co-Head of JPMorgan’s blockchain division Kinexys, the new payment system will allow transactions to be completed within seconds, operating around the clock and bypassing the delays of conventional banking systems. Mallela added that JPMorgan plans to expand JPM Coin’s functionality to other blockchain networks in the near future.
Pilot Programs and Industry Expansion
Before its official release, JPM Coin was tested with major partners, including Mastercard, Coinbase, and B2C2. Coinbase will reportedly begin accepting the token as collateral for liquidity and settlement activities.
JPMorgan is also exploring the idea of extending JPM Coin’s usability to clients of its institutional customers, subject to regulatory approvals. Additionally, the bank is evaluating the introduction of tokens in multiple currencies.
Unlike traditional stablecoins, JPMorgan’s deposit tokens are directly backed by funds already held in bank accounts. These “yield-bearing” assets provide a blockchain-based solution for large-scale financial operations without exposure to stablecoin volatility.
“Stablecoins have attracted much attention, but for large institutions, deposit tokens backed by regulated banks offer a far more secure and efficient option,” Mallela explained.
Broader Banking Industry Joins the Tokenization Trend
The launch of JPM Coin underscores a growing movement among global financial institutions to embrace tokenized banking products for faster, cheaper, and more transparent cross-border transactions.
Other major banks—such as Citigroup, Deutsche Bank, Banco Santander, and PayPal—are also testing blockchain-based payment systems. Earlier this year, the Bank of Korea introduced central bank deposit tokens built on public blockchain networks, calling them a “stablecoin alternative.” Similarly, BNY Mellon has experimented with tokenized deposits to upgrade its payment infrastructure.
Background: JPMorgan’s Early Blockchain Efforts
In June 2025, JPMorgan filed for a trademark on “JPMD,” its first blockchain banking token. Fully backed one-to-one with U.S. dollars, JPMD was initially limited to institutional users on Coinbase’s Base network.
With the launch of JPM Coin, JPMorgan strengthens its position as a frontrunner in digital banking innovation, marking another step toward integrating blockchain into traditional financial services.
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