JPMorgan Chase & Co. has officially launched its tokenized deposit product, JPM Coin (ticker JPMD), for institutional clients on Coinbase’s Base blockchain. Announced on November 12, 2025, this move marks a pivotal step in the bank’s digital asset evolution, allowing 24/7, blockchain-based settlement of U.S. dollar deposits held by JPMorgan.
JPM Coin: Regulated Deposits Meet Blockchain Efficiency
According to reports, JPMorgan’s blockchain division, led by Naveen Mallela, confirmed that JPM Coin now operates on Base. Unlike traditional stablecoins, JPM Coin represents direct claims on JPMorgan deposits — a regulated banking instrument, not an unregulated crypto token. Each JPMD unit is backed 1:1 by U.S. dollar deposits at JPMorgan.
The initiative targets institutional payments and treasury operations that can benefit from blockchain features such as:
- Near-instant settlement
- Continuous, around-the-clock transaction capability
- Cross-border network accessibility
At the same time, JPMorgan retains regulatory compliance and oversight over the deposits backing the tokens.
Expanding Partnership With Coinbase
This rollout builds on JPMorgan’s growing relationship with Coinbase. Earlier in 2025, the two firms announced a broader partnership that included features for Chase retail customers — such as:
- Direct bank-to-wallet connections on Coinbase
- Credit card funding for crypto purchases
- Converting Chase loyalty points into the USDC stablecoin
These initiatives demonstrate JPMorgan’s commitment to integrating blockchain technology into traditional banking channels.
A Step Toward Regulated Digital Money
Although CEO Jamie Dimon has long been skeptical of decentralized cryptocurrencies, JPMorgan’s approach reflects a pragmatic embrace of blockchain through a regulated framework. Analysts view tokenized deposits like JPM Coin as a bridge between legacy banking and the crypto economy — blending trust, regulation, and on-chain innovation.
The launch signals that major banks are moving beyond pilot programs toward real-world blockchain services. As JPM Coin adoption grows among institutions, it could reshape payment systems, liquidity management, and cross-border transactions. However, widespread use will depend on clear regulations, reliable network performance, and whether rival banks introduce their own tokenized deposits.
The race toward regulated digital money has officially begun — and JPMorgan just took a major lead.
