JPMorgan will reportedly pilot its JPMD token on Coinbase Base, according to reports coming out on Tuesday. In…

JPMorgan will reportedly pilot its JPMD token on Coinbase Base, according to reports coming out on Tuesday. In a transaction expected to take place within days, JPMorgan will move a fixed amount worth of JPMD from the bank’s digital wallet to the biggest US crypto exchange, Coinbase. That is according to Naveen Mallela, global co-head of the bank’s blockchain division Kinexys by JPMorgan, who said it in an interview.

The JPMorgan token issuance and transfer will happen on Coinbase-affiliated public blockchain Base, and will be denominated in dollars, Mallela said in the interview. Going forward, Coinbase’s institutional clients will be able to use the deposit tokens for transactions, he added. The bank also reportedly plans to run the pilot for several months and later expand to other users and currency denominations, pending approval from the SEC.

More About JPMorgan’s JPMD Token

JPMD looks to offer trading, exchange, transferring, and payment services for digital assets. The banking institution also recently announced it will begin accepting Bitcoin and other crypto-based ETFs as collateral for loans. The arrival of a JPMorgan stablecoin, however, would be a huge step towards cryptocurrency for the previously anti-crypto firm.

Also Read: JPMorgan Chase: AI Predicts Price After the JPMD Stablecoin Launch

Such an expansive service portfolio is also indicative of the firm trying to establish its dominion in the rising stablecoin domain. The US government is also actively preparing to debut the GENIUS stablecoin bill, the one that delivers a unified stablecoin infrastructure for the industries to tinker with. JP Morgan’s idea of launching JPMD coincides with the launch of GENIUS, which is currently in its last stage of launch and is being reviewed in the Senate at present.

JPMorgan’s JMPD crypto service would also include electronic fund transfers, securities brokerage, real-time token trading, custody services, and secure online financial transactions. The trademark filing is still awaiting approval.