J.P. Morgan Chase has launched JPM Coin, a deposit token supported by cash reserves, to institutional clients on the second layer of the Base blockchain owned by Coinbase, marking a key step for Wall Street Investment Bank in the digital asset field. This token represents US dollar deposits held at J.P. Morgan Chase, and can be settled in 7 x 24 hours in seconds. Compared with traditional banks, the settlement process takes several days is significantly faster. “JPM Coin combines the security of bank guarantees with the efficiency of real-time blockchain transactions, significantly improving liquidity and settlement efficiency,” said Navin Malera, global co-head of Kinexys's blockchain division at J.P. Morgan Chase. The move also symbolizes a major shift in the attitude of J.P. Morgan Chase CEO Jamie Dimon. Dimon, who once called Bitcoin a “scam,” now admits that “blockchain is real,” although he still believes it cannot replace all traditional systems. Previously, J.P. Morgan Chase had been piloting for several months with institutions such as Mastercard, Coinbase, and market maker B2C2. Unlike stablecoins, deposit tokens are based on actual bank deposits and can carry interest, so they are more popular among institutions. J.P. Morgan plans to expand it to multi-currency and multi-chain versions in the future, and has registered the Euro token code JPME. Furthermore, J.P. Morgan's Kinexys platform has so far processed more than 1.5 trillion US dollars in nominal transactions and an average daily transaction volume of about 2 billion US dollars. Although it is still far lower than the bank's traditional payment business of about 10 trillion US dollars per day, it is significant in the blockchain financialization process.

J.P. Morgan Chase has launched JPM Coin, a deposit token supported by cash reserves, to institutional clients on the second layer of the Base blockchain owned by Coinbase, marking a key step for Wall Street Investment Bank in the digital asset field. This token represents US dollar deposits held at J.P. Morgan Chase, and can be settled in 7 x 24 hours in seconds. Compared with traditional banks, the settlement process takes several days is significantly faster. “JPM Coin combines the security of bank guarantees with the efficiency of real-time blockchain transactions, significantly improving liquidity and settlement efficiency,” said Navin Malera, global co-head of Kinexys's blockchain division at J.P. Morgan Chase. The move also symbolizes a major shift in the attitude of J.P. Morgan Chase CEO Jamie Dimon. Dimon, who once called Bitcoin a “scam,” now admits that “blockchain is real,” although he still believes it cannot replace all traditional systems. Previously, J.P. Morgan Chase had been piloting for several months with institutions such as Mastercard, Coinbase, and market maker B2C2. Unlike stablecoins, deposit tokens are based on actual bank deposits and can carry interest, so they are more popular among institutions. J.P. Morgan plans to expand it to multi-currency and multi-chain versions in the future, and has registered the Euro token code JPME. Furthermore, J.P. Morgan's Kinexys platform has so far processed more than 1.5 trillion US dollars in nominal transactions and an average daily transaction volume of about 2 billion US dollars. Although it is still far lower than the bank's traditional payment business of about 10 trillion US dollars per day, it is significant in the blockchain financialization process.