JPMorgan Launches Digital Deposit Token JPMD on Coinbase’s Base Network

JPMorgan Chase & Co. has taken a significant step into the world of public blockchain technology with the introduction of its digital deposit token, JPMD, on Coinbase's Base network. This development follows a trademark application filed on June 15, 2025, and marks a pivotal moment in the integration of traditional banking with decentralized finance. The JPMD token, which is fully backed one-to-one by U.S. dollars, will initially focus on facilitating tokenized U.S. dollar transfers from JPMorgan's wallet to Coinbase. This pilot phase represents a bold move by one of the world's largest financial institutions to explore the potential of blockchain technology for secure and efficient transactions. The collaboration between JPMorgan and Coinbase underscores the growing acceptance of digital assets in mainstream finance and highlights the increasing convergence of traditional and crypto markets. As the pilot progresses, the financial industry will be closely watching the implications of this initiative for the future of cross-border payments, liquidity management, and institutional adoption of blockchain solutions.

JPMorgan Launches Digital Deposit Token JPMD on Coinbase's Base Network

JPMorgan Chase & Co. is making a significant leap into public blockchain technology with the debut of its digital deposit token, JPMD, on Coinbase's Base network. The MOVE follows a trademark application filed on June 15 and will commence with a pilot phase involving tokenized U.S. dollar transfers from JPMorgan's wallet to Coinbase.

The JPMD token is fully backed one-to-one by U.S. dollars and will initially cater exclusively to institutional clients. Broader access and support for additional currencies are anticipated pending regulatory approval. Unlike decentralized stablecoins such as USDT or USDC, JPMD operates as a permissioned digital deposit token, positioning it as a compliant alternative in an era of increasing crypto-native competition.

JPMorgan's foray into blockchain is not its first; the bank already runs Kinexys, an in-house platform handling over $2 billion daily in tokenized payments, including foreign exchange and derivatives. Nelli Zaltsman, Head of Platform Settlement Solutions at Kinexys, recently highlighted the transformative potential of this initiative.

Circle Stock Surges 18% to Record High Amid Stablecoin Regulatory Breakthrough

Circle's stock soared 18% to an unprecedented $180 following legislative progress that could integrate stablecoins into mainstream US finance. The proposed GENIUS Act, now advancing to the House, WOULD authorize banks and retailers to use compliant stablecoins—subjecting issuers to banking-level AML and KYC requirements. This pivot from crypto trading tools to payment instruments has investors bullish on Circle, which has sextupled its $31 IPO price since going public June 5.

Senator Kirsten Gillibrand championed the bill as a gateway for 'next-generation financial innovation' that safeguards dollar dominance, while critics like Elizabeth Warren warned of regulatory gaps. The House must now reconcile differences with its competing STABLE Act proposal.

Coinbase Launches USDC Checkout System for Merchants

Coinbase has unveiled a new payments infrastructure designed to streamline USDC transactions for merchants. The system, built on the company's Base layer-2 network, eliminates blockchain complexity while offering near-instant settlement and 24/7 availability.

Shopify serves as the inaugural partner for the solution, which combines wallet-friendly checkout with merchant tools via API. The platform's three-layer architecture handles everything from gasless transactions to e-commerce functions like subscriptions—translating traditional payment workflows into blockchain-compatible operations.

This move positions USDC as a bridge between conventional finance and onchain commerce, leveraging Coinbase's institutional credibility to drive stablecoin adoption. The integration could accelerate crypto's mainstream acceptance by solving real-world merchant pain points around cross-border payments and banking hour limitations.

Bitcoin ETF Demand Rises, but Price Stalls — What’s Behind the Disconnect?

The mismatch between capital inflows and Bitcoin's price performance has sparked widespread concern, reviving memories of past scrutiny over BlackRock-Coinbase custody arrangements. Despite $24 billion in ETF inflows since mid-April, BTC's tepid response suggests hidden selling pressure from long-term holders or early investors.

Matrixport's analysis highlights this eight-week divergence, noting institutional demand isn't translating into expected price surges. MicroStrategy's notably restrained accumulation pace—contrasted with its post-Trump election buying spree—further underscores the market's anomalous behavior.

10x Research warns of invisible sell-side dynamics offsetting ETF inflows, with Twitter analysts questioning whether corporate buyers are deliberately slowing purchases. The disconnect raises fundamental questions about market structure as institutional adoption grows.