In June 2025, JPMorgan’s blockchain division Kinexys began piloting Deposit Tokens (JPMD) on the public blockchain base. Previously, JPMorgan Chase only applied blockchain technology on a small scale on private blockchain infrastructure. This time, JPMorgan Chase has adopted a different strategy, issuing assets directly on the open network and supporting on chain trading. This marks an important turning point for traditional financial institutions to directly operate financial services on public blockchain. JPMD combines the characteristics of digital assets and traditional deposits. When a customer deposits US dollars into JPMorgan Chase, the bank records it as a deposit on its balance sheet and subsequently issues an equal amount of JPMDToken on the public blockchain. These tokens can freely circulate on the blockchain while retaining the legitimate right to claim bank deposits. Token holders can exchange for USD cash at a 1:1 ratio and may enjoy deposit protection and interest income. Unlike traditional stablecoins that concentrate profits on the issuer, JPMD provides users with more substantial financial benefits.
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