Deposit token
J.P. Morgan, bank, on Base since June 2025.
JPMD piloted on Base from June 2025 and moved into production under the JPM Coin brand on 2025-11-12, for institutional clients only, with 24/7 near-instant settlement. The first US dollar token issued by a bank on a public blockchain. Named early counterparties: B2C2, Coinbase, Mastercard. IMPORTANT: Kinexys' headline cumulative volume figures relate to J.P. Morgan's private permissioned rails, not to JPMD on Base; no Base-specific volume figure is published, so no figure is given.
In the record
14
months from first observation to the record's assessment of August 2026
9
bank rows in the record, this one included
2
rows filed to Base by their sources
What it bears on
R1Can we hold and administer this the way we hold everything else?
available
Qualified custody, fund administration and in-kind creation are available from named providers under existing mandates.
R4Can we keep a position confidential on a public ledger?
unresolved
The most consequential open question institutions put to us. Selective-disclosure work is underway across the ecosystem. Nothing is production-settled today, and we would need to see it running in a regulated deployment before we said otherwise.
R5Which network do we settle on, and how do we get out?
needs design
More than a hundred networks and no neutral selection framework. Our own record shows institutional issuance concentrated on mainnet, with layer twos carrying stablecoin float rather than funds.
R6Who is the counterparty when there is no counterparty?
needs design
An ownerless system meeting procurement built for vendors. Six organisations can take your first call, and our own unincorporated status is part of this problem, not outside it.