On Tuesday, JPMorgan announced that its blockchain unit is launching JPMD, a USD deposit token for institutional clients, on Base. That’s right: the world’s biggest bank by assets and the 12th largest company by market cap is putting real dollars onchain.
JPMD isn’t quite a stablecoin, but it’s close. It represents actual dollar deposits at JPMorgan and will be used by institutional clients for blockchain-based transactions. The bank plans to run a pilot over the coming months and eventually expand it to other user groups and currencies, pending regulatory approval.
To understand what this means for the broader crypto ecosystem (and why JPMorgan chose Base), we brought on Jesse Pollak, head of Base and Coinbase Wallet. In this episode, Jesse explains:
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Timestamps:
🎬 0:00 Intro
🏦 1:49 What JPMD actually is
🔧 4:26 Why Jesse believes infrastructure is finally ready for institutional adoption
📊 7:03 Whether Base can handle global scale
💵 9:24 How JPMorgan plans to use deposit tokens in real-world blockchain transactions
⚖️ 11:22 Whether deposit tokens are a better model than stablecoins
🛠️ 16:59 Why JPMorgan chose to launch on Base instead of other chains
📉 19:00 How recent events served as a wake-up call for fintech and commerce
📲 22:22 Why Jesse is hyped about seamless access to onchain assets inside Coinbase
📈 25:47 How Coinbase plans to manage the chaos of token pumps and dumps
🌐 27:54 Jesse’s take on the criticism that Coinbase doesn’t show Ethereum enough love
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