So, guess what? JPMorgan Chase & Co. (yes, the bank that used to throw shade at Bitcoin) has decided to join the cool kids’ table! 🎉 After filing for a trademark patent for their shiny new JPMD digital currency, they’ve rolled out their permissioned stablecoin on the Base network. And no, this isn’t just any old blockchain; it’s a top-tier Ethereum (ETH)-based layer two scaling solution, backed by none other than Coinbase Global Inc. (NASDAQ: COIN). Because why not? They’ve got around $4 trillion in assets under management (AUM) to play with, so they’re ready to offer stablecoin services to their chosen few—sorry, no peasants allowed! 💸
“Kinexys by JPMorgan is launching JPMD, a USD deposit token for institutional clients, on Base. It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties,” Base noted. Sounds fancy, right? 🤔
JPMorgan Enters Stablecoins Market On Time
After years of throwing shade at Bitcoin and the digital asset market like it was a bad haircut, JPMorgan has finally decided to embrace the future. On Tuesday, the U.S. Senate is expected to pass the GENIUS Act, which will regulate the stablecoins industry. Because who doesn’t love a little government oversight? 🙄
According to Scott Bessent, the U.S. Treasury Secretary, the Stablecoins market could grow from its current $261 billion to about $3.7 trillion by the end of this decade. That’s a lot of zeros! 💰
“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt,” Bessent noted. So, basically, stablecoins are the new superheroes of the economy? 🦸♂️
Impact on Base Network
The strategic launch of the JPMD by JPMorgan on the Base network is like throwing a party and hoping everyone shows up. 🎊 It’s crucial for increasing on-chain activity. Already, the Base network is the current leader in Ethereum’s Layer Two (L2) chains, with about $3.7 billion in total value locked (TVL) and around $4.13 billion in stablecoins market cap. So, it’s safe to say they’re not just sitting around twiddling their thumbs!
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2025-06-18 00:26