JPMorgan Chase & Co. (NYSE: JPM) has come a long way when it comes to crypto. At one point, they used to look at anything blockchain or digital assets with skepticism.
CEO Jamie Dimon, who famously called Bitcoin a "fraud" in 2017 , has since softened his stance, acknowledging that "the blockchain is real."
Analysts view the move as a full-circle moment for Wall Street's largest bank, signaling crypto's acceptance in mainstream finance.
But the bank has now made another milestone move that reinforces the bank's growing role in the digital asset ecosystem.
JPMorgan launches deposit token
JPMorgan Chase & Co. has officially launched its blockchain-powered deposit token, JPM Coin (JPMD), for institutional clients, as reported by Bloomberg on Nov. 12.
The token, representing dollar deposits at the world's largest bank, enables instant money transfers on Coinbase's Base blockchain, operating 24/7 instead of traditional banking hours.
According to Naveen Mallela, global co-head of Kinexys, JPMorgan's blockchain division, the launch follows successful trials involving Mastercard, Coinbase, and B2C2.
The bank plans to extend access to clients' clients and introduce multi-currency support, including a euro-backed version under the trademark JPME, pending regulatory approval.
JPMorgan is steadily expanding its blockchain use cases. By the end of the year, the bank is planning to allow institutional clients to use Bitcoin (BTC) and Ether (ETH) as collateral for loans.
"We think that stablecoins get a lot of buzz, but for institutional clients, deposit-based tokens offer a compelling, yield-bearing alternative," Mallela said.
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Deposit tokens vs stablecoins
Deposit tokens like JPM Coin differ from stablecoins such as Tether (USDT) or USD Coin (USDC).
Deposit tokens are issued by licensed banks and represent claims on actual deposits held within the banking system, making them subject to strict financial oversight and backed by insured funds. They are essentially "bank money on blockchain," enabling real-time settlement between institutions while retaining the safety of traditional deposits.
Stablecoins, on the other hand, are issued by private fintech or crypto firms outside the banking framework. Though typically pegged to the U.S. dollar, they rely on the issuer's reserve transparency and governance.
While stablecoins dominate retail crypto use and decentralized finance, deposit tokens appeal to regulated, institutional finance seeking blockchain efficiency without compromising compliance or risk management.
Both concepts align with recent developments under the GENIUS Act in the United States, which formalizes stablecoin regulation and encourages innovation in tokenized banking.
Industry peers, including Citigroup, Deutsche Bank, Banco Santander, and PayPal, are also exploring blockchain settlement tools.
Related: Jamie Dimon Regrets Bitcoin 'Fraud' Dismissal, Says Blockchain Is 'Real'
This story was originally reported by TheStreet on Nov 12, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
