JPMorgan Chase & Co. is launching a pilot for JPMD, a token representing dollar deposits, which will be transferred to Coinbase via the public blockchain Base. “It’s the first time that a commercial bank is putting commercial money, a deposit-based product, on a public chain and we are starting with Base,” said Naveen Mallela, global co-head of JPMorgan’s blockchain division, Kinexys. The token, denominated in dollars, will initially be available to institutional clients, with future expansion to other users and currencies pending regulatory approval. JPMorgan sees deposit tokens like JPMD as a more scalable and compliant alternative to stablecoins. “From an institutional standpoint, deposit tokens are a superior alternative to stablecoins,” Mallela said, citing potential advantages such as interest-bearing features and deposit insurance. The initiative supports JPMorgan’s broader blockchain push, building on its Kinexys Digital Payments network, which processes over $2 billion daily. Mallela noted, “We think it is more scalable.” The pilot also enhances Base, Coinbase’s public blockchain built on Ethereum, which has grown rapidly due to low fees and fast transaction speeds. The move reflects easing regulatory stances under the Trump administration and a growing trend among major banks like Santander and Deutsche Bank to explore digital assets.