Following a successful proof-of-concept of JPMD, the JPM Coin USD deposit token is now available for J.P. Morgan’s institutional clients to move money quickly, easily and securely onchain.

Key takeaways:

• B2C2, Coinbase, and Mastercard have successfully completed test transactions using JPM Coin, via J.P. Morgan’s USD-denominated deposit token (ticker: JPMD), enabling near-instant 24/7 settlement and real-time liquidity.
• J.P. Morgan’s institutional clients can now exclusively send and receive money securely on Base, the Ethereum Layer 2 blockchain built within Coinbase, enhancing the digital payments ecosystem and encouraging further adoption.
• Since 2015, Kinexys by J.P. Morgan has been a global provider of blockchain-based financial infrastructure, and now provides USD deposit tokens on public blockchain, building on its existing offering of blockchain deposit accounts on its private permissioned blockchain.

Kinexys by J.P. Morgan, the firm’s industry-leading blockchain business unit, has brought institutional finance onchain, marking a significant, tangible step forward in the evolution of digital money. Following a successful proof-of-concept of JPMD, J.P. Morgan’s USD-denominated deposit token JPM Coin (ticker: JPMD) is now available for J.P. Morgan’s institutional clients’ use on Base, the Ethereum Layer 2 blockchain built within Coinbase. JPMD remains the ticker for the JPM Coin USD deposit token.

JPM Coin provides J.P. Morgan’s institutional clients with the option to make onchain native digital payments, which serve as a digital representation of a bank deposit on public blockchain. This will help meet the growing demand from both digitally native and traditional firms that want to engage further in the digital assets space with faster and easier money movement on public blockchains.

Clients, including B2C2, Coinbase, and Mastercard, all successfully completed near-instant issuance and redemption of JPMD on Base as part of the proof-of-concept. Kinexys by J.P. Morgan launched the USD deposit token proof-of-concept in June 2025.

Thomas Restout, Group CEO of B2C2, said, “At B2C2, we’re committed to advancing the use of bank-issued deposit tokens for institutional trading. Integrating JPM Coin into our infrastructure helps us to deliver real-time, onchain settlement with the assurance of a regulated USD deposit, a critical advancement in market infrastructure that strengthens liquidity, trust and interoperability across digital assets.”

Jesse Pollak, Creator of Base and VP of Engineering at Coinbase, said, “We believe bringing institutions onchain has the power to unlock a truly global economy. We are thrilled to see one of the world’s most prominent banks bring institutional money to a more global economy on a public blockchain. Base offers sub-second, sub-cent, 24/7 settlement, which makes payment transfers between J.P. Morgan institutional clients nearly free and instant, even across international borders.”

Lauren Abendschein, VP of Institutional Sales at Coinbase, said, “The next evolution of digital money is here. We are proud to be collaborating with Kinexys by J.P. Morgan to issue deposit tokens on Base. We built Base to be a fast, cheap, and secure public blockchain, which can help reduce cost, enhance efficiency, and improve liquidity. Coinbase in a longtime J.P. Morgan institutional client, and the ability to use JPM Coin on Base is helping to bring institutional money into the global onchain economy.”

Raj Dhamodharan, Executive Vice President, Blockchain & Digital Assets at Mastercard, said, “Collaborating with Kinexys by J.P. Morgan to bring JPM Coin to the Mastercard Token Network marks a milestone in our strategy to build an open, interoperable network for digital assets and bank deposits. This integration delivers secure, streamlined access to on-chain payments for our shared customers and the broader industry, backed by Mastercard’s principled approach to trust, security and compliance.”

J.P. Morgan’s institutional clients can now use JPM Coin to make near real-time peer-to-peer transfers between Ethereum Virtual Machine (EVM)-compatible wallets, providing the flexibility to transfer funds securely and efficiently with minimal delay. J.P. Morgan’s deposit token is also designed for integration with smart contracts on public blockchain networks, which could help facilitate complex financial workflows and automation in the future.

Naveen Mallela, Global Co-head of Kinexys by J.P. Morgan said, “Kinexys by J.P. Morgan is leading the way in digital payments through our private blockchain. With JPM Coin now available to our institutional clients, we’re moving the industry forward in transacting on public blockchains, beginning with Base, the Ethereum Layer 2 public blockchain built within Coinbase. JPM Coin delivers the security of bank-backed deposits and settlement, combined with the speed and innovation of 24/7, near real-time blockchain transactions, increasing efficiency and unlocking liquidity.”

Source: J.P. Morgan