JPMorgan moves further into crypto with stablecoin-like token JPMD

Core Insights - JPMorgan Chase is advancing into the cryptocurrency sector with the introduction of its own stablecoin-like token named JPMD [1][2] - The bank plans to launch a deposit token on Coinbase's public blockchain Base, which operates on the Ethereum network [2] - JPMD is designed to represent a digital version of a commercial bank deposit and will be available exclusively to institutional clients [3] Product Features - JPMD will provide clients with 24/7 settlement capabilities and the potential to earn interest on holdings [3][4] - The token is classified as a "permissioned token," distinguishing it from many publicly available stablecoins [3] - The introduction of interest-bearing deposit tokens aims to enhance compatibility with existing deposit products used by institutions [4] Market Implications - JPMorgan anticipates that institutions will utilize JPMD for on-chain digital asset settlement and cross-border business-to-business transactions [3]