JPMorgan launches JPM Coin for 24/7 instant USD transfers on Base

JPMorgan Chase has launched JPM Coin, a deposit token enabling instant 24/7 transfers of US dollar deposits for institutional clients on the Base blockchain platform developed by Coinbase. The token represents a direct claim on bank deposits and is a regulated liability of the bank, distinct from stablecoins, which are backed by private assets.

According to Naveen Mallela, co-head of JPMorgan’s blockchain division, the token allows fast sending and receiving of funds, surpassing traditional US banking processing times. The launch follows a pilot in which a fixed number of JPMD tokens were transferred to Coinbase for testing.

Additionally, JPMorgan is partnering with Singapore’s DBS bank to build a blockchain tokenization framework, enabling on-chain transfers between the deposit token ecosystems of the two banks. The bank is also exploring crypto-related services, including the use of Bitcoin and Ether as collateral for loans and expanding access to crypto funds for all clients, not just those with high-risk profiles and significant assets.