Overview

The United States banking leader, JPMorgan, has announced the initiation of a pilot program for a permissioned USD deposit token named JPMD on Base, a layer 2 Ethereum network developed by Coinbase.

Earlier this week, JPMorgan submitted a trademark application for the JPMD platform, which aims to facilitate services including trading, transferring, and payment solutions for digital assets, along with asset issuance.

Highlights

• JPMD serves as a banking-oriented alternative to stablecoins for its clients, marking the inaugural use of JPMorgan’s distributed ledger studio, Kinexys, on a public blockchain according to a press release.
• The rush into the stablecoin domain comes ahead of anticipated regulations on dollar-pegged tokens in the United States.
• JPMorgan had previously received notice for its own token, JPM Coin, which was utilized for settlement processes within its private blockchain.

“We are thrilled to see one of the world’s most prominent banks come on-chain,” said Jesse Pollak, the Creator of Base and VP of Engineering at Coinbase.
Translation: “У нас есть большая радость видеть одного из самых известных банков на блокчейне.”

Coinbase, recognized as a proud JPMorgan institutional client, collaborates in this pilot, intertwining the reputations of both institutions to enhance capital flow in a more expansive economic landscape.