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JPMorgan Chase & Co. (NYSE:JPM) has started rolling out a deposit token called JPM Coin to its institutional clients, according to a report, as banks continue to broaden their involvement in digital assets.
The token, which represents dollar deposits at the world's largest bank, allows users to send and receive money via Coinbase‘s (NASDAQ:COIN) public blockchain Base, Naveen Mallela, global co-head of JPMorgan’s blockchain division Kinexys, told Bloomberg in an interview.
The launch follows a months-long trial period for JPM Coin, involving firms such as Mastercard (NYSE:MA), Coinbase, and B2C2.
Plans for a pilot period for JPM Coin, whose ticker is JPMD, were first announced in June. The bank has trademarked the ticker JPME for a potential future launch of a euro-denominated deposit token, Mallela told Bloomberg.
JPMorgan did not immediately respond to Benzinga‘s request for comment.
JPMorgan has deepened its blockchain push, echoing similar moves from large banks like Citigroup Inc. (NYSE:C), Goldman Sachs (NYSE:GS), and Deutsche Bank. It follows the passage of the Genius Act in the U.S., which regulates stablecoins, another increasingly popular form of digital money.
See also: SoFi Becomes First US Bank To Let You Buy Bitcoin Right From Your Checking Account
Deposit tokens are digital coins issued by commercial banks that represent a claim on existing customer deposits—essentially, tokenized versions of money already held in bank accounts.
Designed to move seamlessly across blockchain networks, they enable faster and more efficient transactions. Unlike stablecoins, which are typically backed one-to-one by reserves such as government bonds or other liquid assets, deposit tokens are direct claims on bank deposits and can even be interest-bearing, making them an appealing option for institutional investors.
JPM Coin will be accepted as collateral on Coinbase, according to the report.
Mallela also said that the bank aims to eventually make the token available to its clients’ customers and introduce versions in additional currencies, subject to regulatory approval. He added that the bank also plans to extend the token’s reach to other blockchain networks in the future.
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