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The banking titan JPMorgan is piloting a US dollar-backed permissioned deposit token on the Ethereum (ETH) layer-2 scaling solution built by the American crypto exchange Coinbase. In a statement, Coinbase says that JPMorgan is launching the token called JMPD on Base through its blockchain business unit Kinexys. “These are USD-denominated and backed 1:1 by deposits—combining the programmability of on-chain finance with the trust and compliance that regulated financial institutions require.” JPMorgan is launching the token to take advantage of global on-chain payment rails. The financial behemoth is joining over 200 banks, brokers, fintechs and payment providers that tap on the exchange’s crypto-as-a-service platform for their digital asset offerings. The bank plans to eventually allow its institutional clients to instantly and securely move money on-chain at any time for a fraction of a cent. JPMD is built exclusively for institutional clients, though, and is not...