JPMorgan Chase Slips to 37th in Trading Volume as it Launches JPMD Deposit Token Pilot on Coinbase

On June 17, 2025, JPMorgan Chase & Co. (JPM) experienced a significant decline in trading volume, with a total of $13.95 billion in shares traded, marking a 39.78% decrease from the previous day. This placed JPMorgan at the 37th position in terms of trading volume for the day. The stock price of JPMorgan also saw a slight decrease, closing the day down by 0.30%.

JPMorgan Chase has announced the launch of a pilot program for a new deposit token called JPMD on Coinbase's layer-2 network, Base. This initiative is part of the bank's broader strategy to integrate digital assets into its operations. The pilot program involves transferring a fixed amount of JPMD tokens to the crypto exchange Coinbase, with the transaction denominated in US dollars. Additional currencies will be supported after regulatory approval. The pilot phase is expected to last several months, after which Coinbase’s institutional clients will gain access to JPMD for transactions.

Deposit tokens, such as JPMD, represent dollar deposits held in customers’ bank accounts and operate within the traditional banking framework. Unlike stablecoins, which are digital representations of fiat currencies backed by cash and cash equivalents, deposit tokens offer a more scalable solution due to their fractional reserve backing. This makes deposit tokens a superior alternative to stablecoins from an institutional standpoint, as they provide a more reliable and scalable option for financial transactions.

The announcement of the pilot program comes days after JPMorgan filed a trademark application for JPMD, outlining a range of crypto-related services, including digital asset trading, transfers, and payment processing. The potential for JPMD to pay interest in the future sets it apart from most stablecoins, which typically do not generate yield. This feature could make deposit tokens more attractive to institutional investors seeking to maximize their returns.