JPMorgan Rolls Out JPM Coin Leveraging Coinbase's Base

JPMorgan Chase has launched JPM Coin (JPMD), a digital deposit token specifically for institutional clients, marking a significant step into digital assets. Unlike stablecoins, JPM Coin represents dollar deposits held at JPMorgan and can be interest-bearing. The token enables near-instantaneous transfers by leveraging Coinbase’s blockchain, Base, allowing payments to settle within seconds, regardless of business hours. This development follows a successful trial involving major companies, including Mastercard and Coinbase. JPMorgan plans to expand the token's deployment across other blockchains and potentially extend it to multiple currencies, subject to regulatory approval. Furthermore, JPM Coin will be accepted as collateral on Coinbase, underscoring its growing significance in the crypto market. This launch aligns with broader trends among financial firms exploring digital tokens to optimize payment costs and enhance transaction speeds.

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