JP Morgan’s JPMD ‘Stablecoin’ Is Actually a Deposit Token on Base

JP Morgan Chase & Co. He introduced his plans to debut the so -called deposit token, JPMD, on Tuesday, just a day after the post on social networks lit wide speculation about digital property.

The US Investment Bank is expected to convey the undiscovered amount of JPMD to Cryptocurrency Exchange Coinbase in the coming days, said the Global Co-head of JP Morgan’s Blockchain Unit Kinexys on Tuesday on Tuesday, on Tuesday interview with Bloomberg News.

JP Morgan defines rear deposits as a “money of commercial bank” or “transferable tokens issued by a licensed depository institution on Blockchain proving a deposit request against publishers”, according to Kinexys white paper.

Tokens, in development of 2023, make up part of a type of property based on a blockchain that can be used to settle the payment.

Decipher He reached for JP Morgan for additional comments. The company’s share price on Tuesday fell 0.3%.

The bank will issue its sign of deposit on the basis, Ethereum Blockchain Layer-2 started Coinbase. The transfer will be marked in US dollars.

“Money movement should last seconds, not days,” the base said Tuesday in a statement about social media. “Commercial banking comes on a chain.”

Token will be used in the pilot program for several months, Base states. During this time, the approved Coinbase institutional clients will have the opportunity to use JPMD for transactions.

Later, other users will have access to JPMD, and its decominations will be expanded, waiting for regulatory approval.

Announcement spreads widespread speculation that JPMD may have been stable– The rumor that gained an attraction on Monday through X. The Crypto Industry experts pointed to the initialism and the details of the property from the submission of JP Morgan’s application on Sunday with the US Patenta and Protective Signs as evidence that the token could be some kind of stabibeloin.

Rumors spilled while the main financial institutions are increasingly accepting stable cells, and directly in front of Tuesday afternoon Successful Adoption of the Law of Stablecoin Through the American Senate.

Revelation comes in and in the middle of an offer of JP Morgan deepen your rush in the crypto world.

In May, reports appeared that JP Morgan and several other main banks were in discussions Will they join in a joint -released stabibleco.

JP Morgan experimented with blockchain technologies since at least 2020, when he introduced his blockchain initiative, Onyx. Now they are called kinexys, blockchain processes more than $ 2 billion daily transactions, data show

Edited by James Rubin