JPMorgan announced Wednesday that it has completed the proof-of-concept for its JPM Coin deposit token, which is now available to institutional clients on Base.

Major financial players including B2C2, Coinbase, and Mastercard have already completed test transactions using JPMD

JPMorgan has officially rolled out its USD-denominated deposit token JPM Coin (JPMD) to institutional clients on Base Layer 2, following months of testing.

After completing a pilot initiated in June, Kinexys by JPMorgan has now made JPMD available for 24/7, near-instant settlement, allowing institutional clients to send and receive the token on Base, according to a statement shared with The Block.

Major financial players including B2C2, Coinbase, and Mastercard have already tested transactions using the token, JPMorgan said.

The deposit token serves as a representation of JPMorgan's existing bank deposits on a public blockchain, enabling the bank's institutional clients to make onchain native payments with enhanced speed and efficiency, according to the statement. Unlike many stablecoins, JPMD is designed for institutional clients with regulatory compliance, know-your-customer and banking infrastructure.

"We're moving the industry forward in transacting on public blockchains, beginning with Base, the Ethereum Layer 2 public blockchain built within Coinbase," said Naveen Mallela, global co-head of Kinexys by JPMorgan.