JPMorgan has deployed its digital deposit token JPM Coin to Coinbase's Base blockchain, marking the Wall Street giant's first large-scale access to the public chain ecosystem. JPM Coin differs from stablecoins as a digital representation of bank deposits with interest, limited to transfers between whitelisted users. This move responds to institutional clients' demand for using bank deposit products on-chain, currently mainly used for collateral and margin payments in crypto trading. JPM emphasizes that its deployment method has full permission control and risk isolation, reflecting the convergence of traditional finance towards DeFi.
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JPMorgan Chase deploys JPM Coin on the Base public blockchain.
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