JPMorgan Chase, a major financial institution, is testing a new digital dollar token on Coinbase’s Base network. This token, called JMPD, is pegged 1:1 to the US dollar and will be used for institutional clients only.
A Digital Dollar for Big Banks
The JMPD token is designed to let big businesses move money quickly and cheaply using blockchain technology. It leverages the Base network, a faster and cheaper way to use the Ethereum blockchain. JPMorgan is part of a large group of banks and financial firms already using Coinbase’s services for digital assets. The goal is to provide instant, secure, and low-cost on-chain payments.
Coinbase Expands Support
Coinbase has also added support for wrapped versions of Cardano (ADA) and Litecoin (LTC) on Base. These wrapped tokens, cbADA and cbLTC, are also pegged 1:1 to their respective cryptocurrencies and held in reserve by Coinbase.
Important Note: This is a pilot program for institutional clients only. The JMPD token is not available to the general public.
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