Yesterday, Coinbase announced the launch of the new JPMorgan stablecoin.
In reality, formally it is not a true stablecoin, but at least initially it will have the same characteristics as a stablecoin.
J.P. Morgan sta portando il banking onchain.
Kinexys di @jpmorgan sta lanciando JPMD, un token di deposito in USD per clienti istituzionali, su Base.
Sarà il primo token del suo genere su una blockchain pubblica, consentendo un movimento di denaro veloce, sicuro, 24/7 tra parti fidate.
— Base (@base) 17 giugno 2025
JPMorgan and the crypto
Until just a few months ago, the position of the CEO of JPMorgan Chase, Jamie Dimon, was extremely critical towards cryptocurrencies.
For example, Dimon has been claiming for years that Bitcoin is a Ponzi scheme, and he has been saying this at least since 2017, when its price was still well below $10,000.
But despite the CEO’s statements, the well-known American bank has been offering crypto services to its clients for years now.
They have always stated their intention to meet their clients’ requests, even at the cost of doing things that the CEO does not like.
It should be remembered that JPMorgan Chase is the largest bank in the world, and it is listed on the stock exchange in New York with the ticker JPM.
After the bear-market of 2022, which brought its stock market value back to 2019 levels, it experienced a real surge that led it to record new all-time highs in February of this year. If the peak of the previous cycle was around $170 in October 2021, the all-time high of February 2025 was even $280.
It can therefore be stated that the company’s strategy of not following the CEO’s ideas is working great, at least for now.
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JPMorgan and Coinbase
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Coinbase is the largest U.S. crypto exchange, and it is also a publicly traded company on the Nasdaq, with the ticker COIN.
The involvement in the new crypto project by JPMorgan concerns the use of the blockchain di Base.
Base is a layer-2 on Ethereum, with its own blockchain but without its own native token. Base was developed by Coinbase.
It is a very commonly used layer-2 because it has very low transaction fees. Furthermore, being based on Ethereum, it is commonly considered to be very secure.
According to what was stated by Base, the new stablecoin from JPMorgan will be the first token of this type to be launched on a public blockchain.
JPMD: the new stablecoin by JPMorgan on Coinbase’s layer-2
The new stablecoin from JPMorgan will be called JPMD.
Formally, it will not be a true stablecoin, but a USD deposit token for institutional clients.
Therefore, it should not be listed on common crypto exchanges, but will be used only at a professional level by financial institutions that require fast, low-cost transactions, available 24 hours a day, seven days a week.
It will be a permissioned bank deposit token, and it will therefore be available only to approved institutional clients.
Furthermore, initially it will be a deposit token in USD, but in the future, they would like to extend it to other currencies as well, thus making it a multi-currency bank deposit token.
Therefore, from a strictly technical point of view, JPMD is not a stablecoin because it directly represents credits on commercial bank deposits, and therefore it can also offer active interest and deposit insurance.
Stablecoins in the USA
Yesterday the US Senate approved the bill on stablecoins.
In order for this bill to become law in all respects, it still requires approval from the Chamber, but since the approval in the Senate occurred with a large majority of votes, and given that the majority in the Chamber is similar, it is expected to be definitively approved within a few weeks.
The USA does not yet have any specific law regulating the crypto markets, and this law on stablecoins, called the Genius Act, would be the first ever. The EU, for example, approved its MiCA already a couple of years ago.
Stablecoins are the basic tool of the crypto markets, so their official approval in the USA would mean putting American companies in the full position to use them without issues and in compliance with the law.