JPMorgan launches JPM Coin on Base for faster institutional payments

JPMorgan’s latest blockchain move could redefine how banks handle money transfers in the digital age.

JPMorgan Chase has expanded its blockchain operations by launching JPM Coin on Base, the public blockchain built by Coinbase. 

The move, first reported by Bloomberg on Nov. 12, marks a major step toward using public blockchains for real-world banking transactions. 

Instead of waiting for regular banking hours, institutional clients can now send and receive USD payments in seconds, 24/7, thanks to the rollout. The token is a safe, regulated method of on-chain transaction settlement because it represents real deposits made at JPMorgan.

A new phase for JPM Coin

The rollout follows pilot programs involving Mastercard, Coinbase, and B2C2, and expands on earlier plans announced in June. JPMorgan said it chose Base for its speed, reliability, and connection to Ethereum ( ETH ), which allows seamless integration with other blockchain applications.

At launch, only verified institutional users can access JPM Coin on Base. Over time, the bank plans to expand access to its clients’ customers, subject to regulatory approval. JPM Coin can also be used as collateral on Coinbase, opening new ways to move liquidity between traditional finance and crypto markets.

Deposit tokens vs. stablecoins

Unlike stablecoins such as USD Coin ( USDC ), deposit tokens like JPM Coin represent funds already held in a bank account. This means holders can earn interest on their tokenized deposits, something stablecoin users don’t typically get.

JPMorgan’s blockchain lead, Naveen Mallela, said deposit tokens offer a “practical, yield-bearing alternative” for institutions that want speed and security without leaving the banking system.

The launch comes alongside a new partnership with DBS Bank to test cross-border tokenized deposits using JPMorgan’s Kinexys platform and DBS Token Services.

JPMorgan’s Kinexys network already processes over $3 billion in transactions daily, and moving part of that activity to Base could help boost the blockchain’s total value locked beyond $5 billion. Analysts see this as another step toward the broader use of real-world asset tokenization.