JPMorgan began rolling out JPM Coin on Coinbase’s public Base network, according to reports from Bloomberg. The integration targets institutional clients and reduces transfer settlement time from 57.3 hours to 3.2 minutes while cutting fees by 62.3%. The move affects treasuries, institutional trading desks and infrastructure providers seeking liquidity and speed in tokenized payments.
JPM Coin is a “deposit token” that represents dollar deposits held at JPMorgan Chase and is redeemable 1:1 for USD. The bank maintains tokenization with access control to holders, while the transactional base layer leverages Base’s public infrastructure, combining permission with transparency. According to the reports, this architecture allows meeting regulatory requirements while capturing efficiencies of a public chain.
The move is part of a prior evolution from IIN (2017) and Quorum (2019) to a rebranded platform as Kinexys (formerly Onyx), with JPM Coin integrated into Kinexys Digital Payments, according to the firm. JPMorgan has already processed material tokenization volumes —including more than $300.000 M in tokenized repos and a $1,5 mil M transaction in a private fund—, which makes the initiative operational, not just conceptual, based on the firm’s data.
The partnership with Coinbase was formalized on July 30, 2025. JPMorgan raised its strategic view of Coinbase and adjusted its rating to Overweight, citing monetization potential; the firm projects that a token dedicated to Base could generate between $4.000 M and $12.000 M of incremental value for Coinbase, according to JPMorgan analysts.
The key aspects of the partnership between JPMorgan and Coinbase
The integration reconfigures institutional operations by enabling almost-instant settlements that free up capital. The acceptance of JPM Coin as collateral on the Base platform expands liquidity for derivatives and repo operations, while the combination of banking control with public rails raises new compliance and governance considerations.
Risks to watch include dependency on regulatory approvals to expand functionalities—such as multi-currency and client-to-client access—, concentration of counterparty in a tokenized systemic bank, and operational tensions between permissioned controls and public transparency.
For traders and treasuries, higher speed reduces slippage and capital needs, but it requires reviews of custody, reconciliation and operational risk management to align controls with the new settlement profile. The expansion of functions remains subject to ongoing regulatory approvals—including multi-currency support and client-to-client access.
