In upcoming days, JPMorgan will transfer a specified amount of JPMD tokens from its digital wallet to Coinbase Global, the largest cryptocurrency exchange in the US.
Token Issuance and Transfer on Coinbase’s Base Blockchain
The issuance and distribution of these tokens will occur on Base, a public blockchain associated with Coinbase. The tokens will be denominated in US dollars. After this transfer, Coinbase’s institutional clients can utilize the deposit tokens for transactions.
JPMorgan intends to run this pilot program over several months before possibly extending it to more users and currency denominations, subject to regulatory approval. The company noted that deposit tokens “serve as a superior alternative to stablecoins” for institutional clients because they are based on fractional banking, offering enhanced scalability.
In the future, JPMD-like deposit tokens could also become interest-bearing and insured by deposit insurance, setting them apart from current stablecoins.
During late Tuesday trading, JPMorgan Chase shares declined 0.4%, while Coinbase experienced a drop of 3.1%. These changes coincided with Bitcoin settling at $105,200 after a 1.5% decrease.
Other Developments from JPMorgan
In June 2025, JPMorgan partnered with Conferma, a provider of virtual card technology.
Through an updated integration within the JPMorgan Payments Partner Network, businesses based in Europe gained the ability to issue and manage virtual cards more effectively. This collaboration introduced multi-currency capabilities and additional flexibility, facilitating the modernization of payments across the region. With growing demand for faster and more secure payment solutions, the adoption of virtual cards is accelerating rapidly, with 88% of businesses currently using or considering them.