More and more traditional finance (TradFi) institutions are integrating blockchain in their operations. Chief among them is JPMorgan, which has launched its own digital token, the JPM Coin, on Base (a public blockchain developed by Coinbase).
According to a Bloomberg article published on 12 November 2025, JPM Coin’s launch on Base marks the first major instance where traditional banks have begun to use public blockchains in earnest for real-world money transfers.
With this launch, institutional clients can send and receive USD payments instantly, any time of the day, and without having to wait for regular banking hours to start.
BREAKING:
JPMORGAN just launched its on-chain deposit token ( $JPM Coin) for institutional clients, marking a major shift from trad-fi to real blockchain rails.
When the biggest bank goes on-chain… you know what's next!
pic.twitter.com/TATajVhgpe
— Wise Advice (@wiseadvicesumit) November 12, 2025
The coin itself is backed by actual deposits at JPMorgan, making it a secure and regulated way to settle transactions on-chain.
Right now, only verified institutions can use JPM Coin on Base. But the banking giant hopes to eventually offer access to its clients, depending on regulatory approval. The token can also be used as collateral on Coinbase.
This launch builds on JPMorgan’s earlier pilot programs with Mastercard, Coinbase, and B2C2 and follows a roadmap it shared earlier in June 2025.
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JPM Coin To Unlock Yield On Tokenized Deposits
Unlike the USDT or the USDC, which are digital versions of the USD, JPM Coin is backed by actual money held in JPMorgan bank accounts. That means, unlike stablecoins that don’t earn yields, institutions using JPM coin can earn interest on their tokenized deposits.
According to JPMorgan’s Blockchain Head, Naveen Mallela, deposit tokens like JPM Coin offer a smart and secure way for institutions to move money around quickly, without stepping outside the traditional banking system. He called it a “practical, yield-bearing alternative.”
J.P. Morgan is bringing banking onchain.
Kinexys by @jpmorgan is launching JPMD, a USD deposit token for institutional clients, on Base.
It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties.
— Base (@base) June 17, 2025
The launch also includes a partnership with DBS Bank to test cross-border payments using tokenized deposits. DBS Bank will use JPMorgan’s Kinexys platform along with it’s own token services to make it happen.
Kinexys already handles over $3 billion in daily transactions. By shifting some of that activity to Base, JPMorgan can potentially push the blockchain’s total value locked (TVL) to more than $5 billion.
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JPMorgan And DBS Bank Team Up: Deposit Tokens Go Interbank
Since JPMorgan started using its JPM Coin, many other banks have followed suit. However, there is a catch. Most of these systems work in silos, resulting in hurdles when it comes to transferring tokenized funds from one bank to the other.
This is precisely what JPMorgan and DBS Bank want to change. On 11 November, they announced their partnership to launch a new platform that allows deposit tokens to freely move from one bank to another.
LATEST:
JPMorgan and DBS Bank are developing a blockchain framework for instant 24/7 transfers between their deposit token ecosystems across both public and permissioned networks. pic.twitter.com/hNPE1lU8jq
— CoinMarketCap (@CoinMarketCap) November 12, 2025
JPMorgan is leading the charge on this one. After JPM Coin, it introduced JPMD. Both these coins run on Kinexys, but have different purposes. JPM Coin facilitates internal transfers, while JPMD serves a broader use case, including payments between different banks.
DBS Bank has developed its own token, supporting the USD and Singapore dollar. In a recent test, Ant International successfully used DBS’s tokens to send money across borders within its own company.
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Key Takeaways
- JPM Coin enables instant, 24/7 USD transfers backed by real bank deposits
- With JPM Coin, institutions can earn interest on tokenized deposits, unlike traditional stablecoins
- JPMorgan and DBS Bank aim to connect deposit token systems for cross-bank blockchain payments
The post JPMorgan Launches JPM Coin On Base For Scalable Institutional Payments appeared first on 99Bitcoins.
