Report: JPMorgan Expands JPM Coin Operations Using Coinbase’s Base Blockchain

JPMorgan Launches Digital Deposit Token JPM Coin on Coinbase’s Base Network

JPMorgan Chase has officially launched JPM Coin (JPMD), a digital deposit token built for institutional clients, signaling a major expansion of the bank’s blockchain initiatives.

The new token represents U.S. dollar deposits held at JPMorgan, allowing institutional users to transfer funds instantly through Coinbase’s Base network, according to Bloomberg, citing Naveen Mallela, co-head of JPMorgan’s blockchain unit Kinexys.

Unlike traditional banking transfers, JPM Coin enables near-instant, round-the-clock settlements, replacing multi-day clearing times with transactions that finalize in seconds. The rollout follows extensive testing with industry players such as Mastercard, Coinbase, and B2C2.

JPMorgan plans to expand the offering across multiple blockchains and additional currencies, pending regulatory approval. Coinbase will also accept JPM Coin as collateral, marking another step in the convergence between traditional banking and crypto-native markets.

Unlike stablecoins, deposit tokens are digital representations of funds already held in bank accounts. They can be interest-bearing and are designed to meet existing banking standards for security and compliance — offering institutions a regulated bridge between traditional finance and blockchain infrastructure.

“Deposit tokens are not speculative assets; they’re part of the natural evolution of how banks will use blockchain,” Mallela said in remarks cited by Bloomberg.

The move places JPMorgan at the forefront of a growing trend among global financial institutions exploring tokenized money. Banks including Citigroup, Deutsche Bank, Banco Santander, and PayPal are developing similar blockchain settlement solutions aimed at improving transaction efficiency and reducing costs.

The launch also comes as the U.S. Genius Act, the first major stablecoin regulation framework, begins to take effect, setting clearer legal parameters for digital dollar instruments.

Other major institutions, such as BNY Mellon and HSBC, are now developing parallel deposit-token initiatives — highlighting a broader shift toward blockchain-native settlement systems that combine the security of banking with the speed of decentralized networks.

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