JPMorgan Chase deploys JPM Coin to the Base public blockchain, promoting the on-chain integration of traditional banking services

According to CoinDesk, JPMorgan has deployed its digital deposit token JPM Coin to the Base blockchain under Coinbase, marking the Wall Street giant's first large-scale entry into the public chain ecosystem.

JPM Coin differs from stablecoins, as it is a digital representation of bank deposits with interest, limited to transfers between whitelisted users. This move responds to institutional clients' demand for using bank deposit products on-chain, currently mainly used for collateral and margin payments in crypto trading. JPM emphasizes that its deployment method features complete permission control and risk isolation, reflecting the traditional finance sector's alignment with DeFi.