JP Morgan's Stablecoin

JPMorgan just put real bank money on a public blockchain

Hey, it’s Marc!

Last week, JP Morgan did something it had never done before: it put real bank money on a public blockchain. Not their private network. Not their controlled environment. The actual internet, where anyone can see every transaction.

They called it JPMD—JP Morgan Deposit Token. [Announcement]

What happened:

• JPMorgan issued a new token called JPMD

• It represents real deposits held at JPMorgan

• It runs on Base (Coinbase’s public blockchain)

• It’s designed for institutional clients

• Unlike stablecoins, it can offer interest and deposit insurance

Let's unpack this:

Until now, most stablecoins were backed 1:1 by cash and treasuries — but outside the banking system.

JPMD changes that.

It's essentially a digital version of the deposits that customers hold in their accounts.

In plain English: Commercial bank money, wrapped in a token, moving at crypto speed.

Stablecoins must be backed 1:1 with reserves.

JPMD is not a stablecoin; it’s a deposit token underpinned by fractional banking.

So instead of locking up billions in Treasuries, JPMorgan can put that capital to work — just like with normal deposits.

The evolution: JPM Coin (2019) → Programmable payments (2023) → JPMD deposit token (2025)

Phase 1: Control the Rails

JPM Coin runs on Quorum, the bank's private blockchain. It processes over $2B daily and has handled $1.5T in total volume.

The use case is simple: corporate treasuries moving money between accounts in real-time instead of waiting days for traditional settlement.

Why it works: JPMorgan controls everything—the network, the nodes, the rules. Corporate clients get speed without giving up regulatory comfort.

Phase 2: Add Intelligence

In 2023, JPMorgan added programmable payments to JPM Coin. Companies like Siemens can now trigger automatic payments when preset conditions are met.

Example: Treasury balance drops below $10M → automatically transfer $50M from another account.

The insight: Static cash forecasting is dead. Corporations want dynamic funding that responds to real-time conditions.

Phase 3: Go Public

JPMD breaks JPMorgan's blockchain strategy onto public rails. Unlike fintech stablecoins, JPMD represents actual JPMorgan deposits and runs on Coinbase's Base network.

Key difference: JPMD holders own bank deposits, not treasury bills. They get deposit insurance, interest payments, and full integration with JPMorgan's existing systems.

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Wait, what about JPM coin?

JPMD isn't JPM Coin 2.0. JPM Coin was internal plumbing, a fancy way for JP Morgan to move money between its own clients on a private network. JPMD is the opposite. It runs on Base, Coinbase's blockchain, where anyone can watch transactions happen in real-time.

JPM Coin

• Launched in 2019

• Runs on JPMorgan’s private blockchain (Onyx)

• Used for internal settlements between JPMorgan and corporate clients

• Only moves funds within JPMorgan accounts

• Think: fast, private rails for moving balances inside the bank

JPMD (JPMorgan Deposit Token)

• Aims to move real commercial bank money across institutions

• Built for external, interoperable use — like cross-border payments or institutional settlement

• Ready to be plugged directly into onchain apps, wallets, and platforms

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Why it’s important

This wasn't just another crypto experiment from a bank's innovation lab. This was America's largest bank admitting that the future of money won't run on the rails they've controlled for decades.