Overview
- JPMorgan began rolling out its JPMD deposit token to verified institutional clients on Coinbase’s Base network, enabling 24/7 payments that settle in seconds.
- JPMorgan and DBS unveiled a framework linking Kinexys Digital Payments with DBS Token Services to let clients move tokenized deposits across banks and blockchains.
- A JPMorgan client could pay a DBS client using JPMD on Base, with the recipient able to redeem or hold the tokens on DBS’s platform under compliance controls.
- Deposit tokens are on-balance-sheet claims that can be interest-bearing, distinguishing them from stablecoins; Coinbase will accept JPMD as collateral.
- The rollout follows pilots with Mastercard, Coinbase and B2C2, with JPMorgan saying it aims to extend to other chains, currencies and client end-users subject to regulatory approval, as industry surveys show roughly a third of banks exploring similar projects.