On June 19, 2025, JPMorgan Chase launched JPMD, a USD deposit token for institutional clients, on Base, Coinbase's Ethereum-based blockchain. This move comes as the U.S. Senate passed the GENIUS Act, a bill establishing a federal regulatory framework for stablecoins. (Source: Reuters, Axios, AP News)
The GENIUS Act mandates that stablecoins be backed by liquid assets and requires monthly disclosure of reserve compositions. The bill now awaits approval in the House of Representatives. The launch of JPMD aims to facilitate onchain digital asset settlement and cross-border transactions.
Naveen Mallela from JPMorgan stated that JPMD's potential to be interest-bearing would enhance its fungibility. This dual development marks a significant step in integrating blockchain technology into traditional finance. (Source: Reuters, Axios, AP News)