TL;DR: J.P. Morgan is launching a USD-backed deposit token (JPMD) proof of concept on Base through Kinexys by J.P. Morgan, its industry-leading blockchain business unit. The pilot will enable an onchain payment rail that provides J.P. Morgan institutional clients the ability to eventually settle instantly and securely at a fraction of a cent. This is a major milestone in bringing traditional banking institutions onchain, and shows how Base helps banks build trusted financial products.

To build a global economy, Base is committed to bringing financial assets onchain—enabling faster, cheaper, near-instant settlement on onchain rails.

Today, money still moves through closed systems like ACH, SWIFT, and Fedwire. These networks were not built for programmability or real-time operations—often taking days, introducing friction, and resulting in capital sitting idle. Onchain infrastructure changes that. By using Base, institutions can move capital globally in seconds, for less than a cent.

To take advantage of these global onchain payment rails, J.P. Morgan is piloting a USD-backed permissioned deposit token on Base called JPMD. These are USD-denominated and backed 1:1 by deposits—combining the programmability of onchain finance with the trust and compliance that regulated financial institutions require. It’s specifically designed to eventually allow J.P. Morgan institutional clients to move money onchain—24/7, instantly, securely, at a fraction of a cent.

J.P. Morgan is the latest addition to the growing list of 200+ global financial institutions that Coinbase's Crypto-as-a-Service platform supports. These institutions—including banks, brokers, fintechs, and payment providers—leverage the platform to build crypto-powered products for custody, trading, tokenization, and payments.

Onchain capital is here. It’s faster, more liquid, always available, and being built on Base. We’re unlocking a new class of financial tools, such as:

• Real-time settlement of institutional payments and treasury flows

• Onchain liquidity management and cash positioning

• Programmable payouts, lending, and credit infrastructure

• Seamless global reconciliation and reporting

As more institutions bring assets to Base,the onchain global economy is becoming real. J.P. Morgan and traditional financial institutions moving onchain is a major leap forwards towards one of our key strategic pillars for 2025: “Base is for markets.” The more assets and liquidity we bring to Base, the faster we’ll build the global onchain economy—with better, faster, cheaper, and more secure payment rails for money movement.

J.P. Morgan’s deposit token (JPMD) is a permissioned product designed exclusively for eligible institutional clients and is not available to retail or individual consumers. Availability is limited to qualified institutional participants.