JPMorgan Launches Dollar-Backed JPMD Stablecoin on Base Network, Signaling a New Era of Institutional Crypto Adoption
JPMorgan Chase & Co. (NYSE: JPM), the largest bank in the U.S. with approximately $4 trillion in assets under management, has officially unveiled its U.S. dollar-backed stablecoin, JPMD, on Base, a fast-growing Ethereum Layer 2 network developed by Coinbase (NASDAQ: COIN). The stablecoin will initially be available to approved institutional clients through JPMorgan’s blockchain division, Kinexys.
“Kinexys by JPMorgan is launching JPMD, a USD deposit token for institutional clients, on Base. It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties,” Base said in a statement.
The move follows JPMorgan’s recent trademark filing for the JPMD digital currency and comes at a pivotal moment for the stablecoin market.
Stablecoin Adoption Gains Momentum With Senate Action
JPMorgan’s launch aligns with mounting momentum in Washington. The U.S. Senate is expected to pass the GENIUS Act, a landmark bill that would establish regulatory clarity for stablecoins. The legislation is widely seen as a catalyst for mainstream institutional adoption, providing legal certainty and a framework for growth.
Scott Bessent, the U.S. Treasury Secretary, has projected explosive growth in the sector. “The stablecoin market, currently valued at $261 billion, could surge to $3.7 trillion by the end of the decade,” Bessent said. “A thriving stablecoin ecosystem will drive private-sector demand for U.S. Treasuries, helping to lower borrowing costs and potentially reduce the national debt.”
Ethereum’s Base Network Sees Rapid Growth
JPMD’s deployment on the Base network highlights the growing significance of Ethereum Layer 2 solutions in institutional finance. Over the past year, Base has seen meteoric growth in both total value locked (TVL) and stablecoin market cap, driven by increasing developer activity and strategic partnerships.
By choosing Base, JPMorgan not only embraces public blockchain infrastructure, but also positions itself at the forefront of regulated onchain finance, offering real-time settlements and enhanced transparency.
JPMorgan’s entrance into the public stablecoin arena marks a turning point in the integration of traditional finance and blockchain technology. With strong regulatory winds and rapid infrastructure growth, the path to institutional adoption of stablecoins—and broader crypto finance—has never looked more promising.
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