JPMorgan Chase has introduced a new “deposit token” named JPMD on the public Base blockchain, according to Bloomberg. The token represents a digital claim on dollar deposits held at the bank, offering a more regulated alternative to traditional stablecoins.
First revealed in June 2025, JPMD differs from conventional stablecoins, whose value is pegged to fiat currency. Instead, it functions as a digital representation of a bank deposit, allowing clients to transact instantly while retaining the security and oversight of JPMorgan’s infrastructure.
The deployment of JPMD on the Base network is designed to significantly accelerate and streamline transactions between clients. Essentially, users exchange digital claims to dollar deposits, with each transaction recorded transparently on the blockchain.
Navin Mallela, co-head of JPMorgan Kinexys blockchain group, highlighted that the system enables near-instant, 24/7 operations. Currently, only the dollar-denominated version is available, but the bank plans to expand to additional currencies in the future. JPMorgan has already registered the trademark JPME, which is expected to correspond to a Euro-denominated token.
Pending regulatory approval, JPMD could also be integrated into other public blockchains, aligning fully with U.S. stablecoin regulations under the GENIUS framework. The token’s pilot phase included participation from major firms such as Mastercard, Coinbase, and B2C2.
This initiative follows JPMorgan’s previous blockchain experiments. In 2019, the bank issued a dollar-pegged JPM Coin within its private Onyx network, available only to institutional clients and later expanded to Europe. Unlike its predecessor, the new deposit token aims to provide a transparent and highly regulated alternative to stablecoins, addressing growing demands for compliance and oversight in digital finance.
