On November 12, 2025, JPMorgan Chase officially rolled out JPM Coin (JPMD), a USD deposit token for institutional clients, enabling near-instantaneous transfers on Coinbase’s Base blockchain, per Bloomberg and CoinDesk. Representing dollar deposits held at the bank, JPM Coin settles payments in seconds, 24/7, bypassing traditional banking hours. This marks JPMorgan’s first deployment of its Kinexys blockchain technology on a public chain, following months of trials with Mastercard, Coinbase, and B2C2, per. Naveen Mallela, co-head of Kinexys, called it a step toward “global on-chain cash solutions.
JPM Coin is a permissioned token, accessible only to verified institutional clients, allowing cross-border B2B payments and on-chain settlements without liquidating assets. Backed by USD reserves, it offers interest-bearing options, distinguishing it from public stablecoins like USDC, per. Daily Kinexys volumes hit $2B, with plans to expand to multiple currencies and other blockchains pending approval, per. Base, an Ethereum L2 with low fees ($0.01 average) and high throughput, ensures scalability. X posts from @jessepollak, Base’s creator, celebrate it as a bridge for institutional money into on-chain economies.
The launch disrupts the $280B stablecoin market, where USDT and USDC dominate, by integrating bank-grade tokens into DeFi, per. It follows JPMorgan’s July 2025 partnership with Coinbase for easier crypto access via Chase accounts, per BusinessWire. Globally, banks like Citigroup, Santander, and Deutsche Bank are exploring similar tokens, per. SEC Chair Paul Atkins’ pro-crypto stance and the GENIUS Act support such innovations, but regulatory scrutiny on deposit tokens persists, per Coinlaw.io. BTC ($113,234) and ETH ($4,070) dipped slightly post-launch, reflecting caution, per CoinMarketCap.
JPM Coin could accelerate institutional DeFi, with $1T in tokenized assets projected by 2026, per. JPMorgan aims to onboard clients and expand multi-currency support. Investors should track Base TVL on DefiLlama and stablecoin flows on CryptoQuant. Diversify into USDC or ETH with stop-losses below BTC’s $112,000, per TradingView. Follow @TheBlock__ on X for updates. While revolutionary, JPM Coin underscores blockchain’s shift from speculation to enterprise utility.
