JPMorgan Reveals New Details of its JPMD Stablecoin

JPMorgan is going public with details about its new JPMD stablecoin, which will launch on the Base blockchain. The firm will begin a pilot program sometime in the next few days.

Technically, JPMD might not fully qualify as a stablecoin, but it shares many similar characteristics. Its value will correspond to the US dollar, using blockchain infrastructure to facilitate transactions.

Everything We Know about the JPMD Stablecoin

Just yesterday, JPMorgan filed a trademark for JPMD, sparking community speculation that the major investment bank will launch a stablecoin.

Commentators believed that JPMD could stand for “JPMorgan dollar,” but the filing didn’t have much specific info. Today, however, the company and its partners are going public:

J.P. Morgan is bringing banking onchain.Kinexys by @jpmorgan is launching JPMD, a USD deposit token for institutional clients, on Base.It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties.

— Base (@base) June 17, 2025

According to a new interview with Bloomberg, JPMorgan is working with Coinbase to launch this stablecoin. Base, the company’s blockchain, is powering the asset, which will be denominated in dollars.

Sometime in the next few days, JPMorgan will launch its pilot program by transferring JPMD tokens to Coinbase custody.

“It’s the first time that a commercial bank is putting commercial money, a deposit-based product, on a public chain and we are starting with Base,” claimed Naveen Mallela, Global Head of Kinexys, JPMorgan’s blockchain division.

Technically, calling JPMorgan’s new asset a stablecoin might be a bit of a misnomer. Mallela insisted that JPMD would be a deposit token, which he called “a superior alternative to stablecoins.”

Essentially, JPMD isn’t backed by dollars; it’s a digital version of dollars that institutional clients already hold. Mallela claimed that this is more scalable alongside other advantages.

In some ways, this makes JPMD a successor to the firm’s previous token project. Whether or not this asset qualifies as a stablecoin, JPMorgan has big plans for it.

The bank’s existing blockchain network can handle up to $2 billion in daily transaction volumes, and JPMorgan plans to increase its capacity. The network grew tenfold in the last year, and this rapid pace could increase further.

Ultimately, JPMD could become a major piece of the bank’s financial infrastructure. For now, this new institutional token might occupy that niche in the investment bank’s portfolio.