JPMorgan Launches JPMD Deposit Token Pilot on Coinbase’s Base Network

JPMorgan has launched a pilot for its permissioned USD deposit token, JPMD, on Base, Coinbase’s Ethereum Layer 2 network. This marks the bank’s first major move onto a public blockchain using its Kinexys distributed ledger technology, previously limited to private chains like Onyx Digital Assets.

The initiative positions JPMD as an enterprise-grade alternative to stablecoins for institutional clients. It follows a recent trademark filing for a crypto-focused platform under the JPMD name, aimed at providing trading, transfer, and payment services for digital assets, including token issuance.

This deployment comes amid heightened activity from traditional financial institutions entering the stablecoin market, ahead of anticipated U.S. regulations on dollar-pegged tokens. JPMorgan’s move signifies growing institutional adoption of public blockchain infrastructure.

Base, the Layer 2 platform developed by Coinbase, offers ultra-low fees and near-instant settlement—key features that make JPMD transfers efficient and cost-effective for clients. Jesse Pollak, head of Base and Coinbase VP of Engineering, praised the collaboration, noting it combines JPMorgan’s credibility with Base’s scalability. “We’re thrilled to see one of the world’s largest banks come onchain,” Pollak said, adding that this paves the way for global institutional liquidity on blockchain rails.

JPMorgan's previous blockchain efforts include JPM Coin, used for settling trades internally among institutional clients. The JPMD pilot represents a broader push into public crypto infrastructure, signaling the financial giant’s intent to lead in blockchain-based finance.

This development reinforces the trend of mainstream financial players embracing tokenization and blockchain for faster, more transparent transactions. As stablecoin regulation takes shape, JPMorgan’s early move onto Base could provide a competitive edge in institutional blockchain services.