JPMorgan has debuted a new deposit token called JPM Coin (JPMD) for institutional clients on Coinbase’s Base network.The launch marks a major step forward in the firm’s blockchain strategy and comes as global banks and large companies explore how digital assets can make payments faster and cheaper.JPMorgan Rolls Out JPMD TokenA Bloomberg report revealed that JPMorgan has begun to roll out to institutional clients, with the token representing dollar deposits at the financial institution. JPMD allows users to send and receive money through Base, enabling payments to process in seconds and operate 24/7 instead of taking days and being limited to business hours. The launch comes after testing with Mastercard, Coinbase, and B2C2, following a pilot announced in June.Naveen Mallela, global co-head of JPMorgan’s blockchain unit Kinexys, said the bank intends to extend access to its clients’ customers and introduce versions in other currencies once regulatory approval is granted. He added that the firm also plans to connect the token to additional blockchains and has also secured the ticker JPME for a potential euro-based variant.Deposit tokens are digital assets issued by commercial banks that represent claims on existing balances, allowing funds to move more efficiently through blockchain systems. Unlike stablecoins, which are tied to fiat currencies and supported by assets such as government securities, this digital currency can generate returns on the underlying funds.Mallela said such assets offer institutional clients an appealing alternative to stablecoins:“We think that stablecoins get a lot of buzz, but for institutional clients, deposit-based products offer a compelling alternative. These can be yield-bearing,” he noted.Global Banks Explore Digital Payment SolutionsFinancial firms have experimented with blockchain technology for more than a decade, but few applications have reached commercial scale. JPMorgan remains one of the most active firms in the space. Its Kinexys Digital Payments network already enables corporate clients to transfer USD, EUR, and GBP. The platform processes more than $3 billion in transactions each day, compared with roughly $10 trillion handled daily by the bank’s wider payments division.Earlier this year, JPMorgan Chase and Coinbase also announced a partnership allowing customers to fund their Coinbase accounts directly with their credit cards. Other financial institutions, including Citigroup, Banco Santander, Deutsche Bank, and PayPal, are also exploring ways to use digital assets for faster and cheaper payments.The post JPMorgan Launches JPM Coin Deposit Token for Institutional Clients on Base (Report) appeared first on CryptoPotato.