JPMorgan Launches Pilot of USD Deposit Token on Base Blockchain
JPMorgan has launched a pilot for a permissioned USD deposit token, JPMD, on the Base layer 2 Ethereum network. Key points include:
- JPMorgan filed a trademark application for the JPMD platform to provide trading, exchange, transfer, and payment services for digital assets.
- JPMD aims to serve as an alternative to stablecoins for institutional clients.
- This marks the first use of JPMorgan’s Kinexys distributed ledger technology on a public blockchain.
- The move aligns with increasing interest from banks in stablecoins ahead of upcoming U.S. regulations.
- JPMorgan previously introduced JPM Coin for settling trades on its private blockchain.
Jesse Pollak from Coinbase noted the benefits of Base for enabling rapid fund transfers for JPMorgan's institutional clients.