Tokenized Deposit

A commercial bank deposit represented as a token on a blockchain, redeemable for the bank's own balance-sheet money. Unlike a stablecoin, it is a direct claim on a regulated bank rather than on a separate reserve pool. JPMorgan's JPM Coin (ticker JPMD), piloted in June 2025 and offered to institutional clients on Base since November 2025, is the headline example, though access is permissioned.