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JPMorgan Unveils Its U.S. Dollar-backed JPMD Stablecoin on Ethereum’s Base
JPMorgan Chase & Co., one of the world’s largest banks, has taken a significant step into the crypto space by unveiling its USD-pegged stablecoin, JPMD, on the Base network, a top-tier Ethereum-based layer two scaling solution backed by Coinbase Global Inc.
The bank intends to offer JPMD as a token for institutional clients, enabling fast, secure, and 24/7 money movement between trusted parties. This move marks a major shift in JPMorgan’s stance on cryptocurrency, after years of criticizing Bitcoin and the digital asset market.
The launch comes at a pivotal moment, with the U.S. Senate expected to pass the GENIUS Act, which will regulate the stablecoins industry. 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.
This development has significant implications for Base’s on-chain activity and overall growth prospects. The platform is already the leader in Ethereum’s Layer Two (L2) chains, boasting a TVL of approximately $3.7 billion and a market capitalization of around $4.13 billion in stablecoins.
JPMorgan’s entry into the stablecoin market will likely have a profound impact on the industry as a whole. The bank’s vast resources and reputation will undoubtedly attract institutional investors to Base, potentially driving growth in TVL and stablecoin market capitalization.
The success of JPMD could also be instrumental in catalyzing mainstream adoption of stablecoins by institutional clients.
Source: coinpedia.org
