JPMorgan Disrupts Finance Again: Tokenized Deposits Go Live on Base for Instant Dollar Transfers

Wall Street meets Web3 as JPMorgan flips the switch on blockchain-based dollar transfers.

The 158-year-old banking giant just parked its tank on crypto''s lawn—launching tokenized deposits on Ethereum L2 Base. No more waiting days for cross-border settlements. No more correspondent banking fees. Just near-instant dollar movements on-chain.

This isn''t some theoretical CBDC project. It''s live. And it''s coming from the same institution that once called Bitcoin ''a fraud.'' (Talk about a plot twist.)

The move signals two truths: 1) TradFi finally gets that settlement rails need upgrading, and 2) They''d rather build their own than let crypto natives eat their lunch.

Will banks embrace permissionless innovation—or just recreate the same old system with fancier tech? Place your bets.

Commercial banking on-chain

The announcement followsfor “JPMD,” which covers trading, transfer, and payment services tied to digital tokens. The filing cites electronic fund transfers, custody, and real-time token trading, all of which are under the bank’s ownership.

Baseon June 17, adding:

According to Mallela, JPMorgan’s whitepaper on deposit tokens argues that commercial bank money already accounts for more than 90% of circulating funds and will likely assume a comparable share in digital form. 

Furthermore, JPMorgan expects institutional demand for a bank-issued alternative to stablecoins to drive early use of JPMD. 

Pending a successful pilot and regulator clearance, the bank intends to scale issuance volumes and add currency options, positioning deposit tokens as a Core tool for cross-border settlement and on-chain liquidity management.

Large banks and corporations, such asand the, have increased blockchain experiments as Congress advances stablecoin legislation that could formalize reserve and audit rules.