JPMorgan Chase distributes “JPM Coin” on Coinbase’s “Base” blockchain network

JPMorgan Chase has begun distributing the digital currency “JPM Coin” on the “Base” network, a second-layer network built on the Ethereum blockchain and behind the Coinbase platform that allows institutional clients to use blockchain technology for instant payments and settlements.

“JPM Coin” represents U.S. dollar deposits at JPMorgan Bank, allowing users to transfer money almost instantly, around the clock, without the constraints of traditional banking hours.

The launch follows a pilot program in partnership with Mastercard, Coinbase and B2C2 platforms as part of the bank’s plans to expand its digital currency reach by issuing a euro-denominated version (JPME), pending the necessary regulatory approvals.

The move is in line with a broader trend among global banks such as JPMorgan and DBS to adopt deposit tokens as blockchain-based alternatives to stable currencies, with the aim of facilitating payments between institutions and making cross-border financial systems more efficient.

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