Oct. 20 (CandyPulse) — America's biggest bank is going deeper into public blockchains. JPMorgan is bringing JPM Coin (JPMD), its token representing U.S. dollar deposits, to Ethereum for institutional clients, according to a Bloomberg report on Oct. 19.
Key takeaways
A stablecoin is backed by a pool of reserves held by its issuer. A deposit token is different: it is a claim on a real bank deposit, held at the bank that issued it. In other words, JPMD is JPMorgan dollars in token form.
| Deposit token (JPMD) | Stablecoin | |
|---|---|---|
| Backed by | Deposits at JPMorgan | Reserves held by the issuer |
| Who can hold it | Approved institutional clients | Usually anyone |
| Public trading | No | Yes, on many exchanges |
| Main uses | Payments, collateral transfers, settlement | Trading, payments, DeFi |
JPMorgan's documentation lists payments, collateral transfers and settlement as the core uses of JPM Coin. Bank executives said Ethereum's deep liquidity and its growing role as the home of tokenized assets made it the natural next network after Base.
Before Base, JPMD went through testing with B2C2, Coinbase and Mastercard.
When a bank of JPMorgan's size moves deposit money onto a public chain, it shows how fast traditional finance and crypto are merging. It follows a wave of big-bank moves we've tracked, including Goldman Sachs, Wells Fargo and Morgan Stanley leaning into tokenization, BNY and Citadel Securities using tokenized Treasuries as collateral and Deutsche Bank's Bitcoin and Ether custody launch.
Watch for which institutional clients start using JPMD on Ethereum, and whether JPMorgan adds more networks. For how bank tokens compare with stablecoins, read the quiet power of stablecoins in everyday life.
Disclaimer: This article is for information only and is not financial advice. Crypto assets are volatile and can lose value. Always do your own research before making any investment decision.
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