TL;DR
- First bank to use public blockchain for transactions.
- Tokenized deposits with real backing that generate returns.
- Instant transfers 24 hours a day between verified institutions.
JPMorgan has entered a new phase in its blockchain journey by launching JPM Coin on Base, a public blockchain developed by Coinbase. The reported by Bloomberg on November 12, 2025, marks the first major step where a leading traditional bank adopts a public blockchain for real-world money transfers.
Institutional clients can now send and receive USD payments instantly, without depending on standard banking hours. Each JPM Coin is backed by actual deposits held at JPMorgan, making it a regulated and secure tool for on-chain settlements.
Currently, only verified institutions can access the token on Base, though the bank plans to expand its reach pending regulatory approval. In addition, JPM Coin can be used as collateral on Coinbase, reinforcing its utility in digital finance operations.
šØ BREAKING:
JPMORGAN just launched its on-chain deposit token ( $JPM Coin) for institutional clients, marking a major shift from trad-fi to real blockchain rails.
When the biggest bank goes on-chainā¦ you know what's next! š„ pic.twitter.com/TATajVhgpe
— Wise Advice (@wiseadvicesumit) November 12, 2025
A New Era for Tokenized Banking Deposits
Unlike USDT or USDC, which mirror the U.S. dollar, JPM Coin represents real money within JPMorgan accounts, allowing users to earn yield on tokenized deposits. According to Naveen Mallela, the bankās Head of Blockchain, deposit tokens such as JPM Coin offer a secure, yield-bearing alternative for institutions that need fast and compliant money movement.
The coinās release follows earlier pilot projects with Mastercard, Coinbase, and B2C2, aligning with a roadmap first outlined in June 2025. It also introduces a partnership with DBS Bank to test cross-border payments using tokenized deposits through the Kinexys platform.
Kinexys, operated by JPMorgan, already processes more than $3 billion in daily transactions. By integrating with Base, the platform could help raise the blockchainās total value locked (TVL) above $5 billion.
JPMorgan and DBS Bank Push for Interbank Connectivity
JPMorganās adoption of deposit tokens has inspired other financial institutions, yet many systems remain isolated, limiting interoperability. To address this, JPMorgan and DBS Bank have partnered to develop a platform that enables seamless movement of deposit tokens between banks.
Under the arrangement, JPM Coin handles internal transfers within JPMorgan, while JPMD, another token issued on Kinexys, facilitates interbank transactions. Meanwhile, DBS Bank has created its own tokens denominated in USD and Singapore dollars, which Ant International recently used for cross-border payments within its corporate network.
By moving parts of traditional finance onto public blockchains, JPMorgan is setting a precedent for large-scale institutional blockchain adoption. The bankās approach integrates regulatory compliance, yield generation, and real-time settlement, signaling a pragmatic shift in how global finance may operate in the future.
