JPMorgan is launching a pilot for its new deposit token JPMD on Coinbase’s Base blockchain.

According to Bloomberg, the JPMD token represents dollar deposits at JPMorgan and is designed specifically for institutional clients, enabling them to move money onchain 24/7.

“Moving money should take seconds, not days. Commercial banking is coming onchain,” said Base in a post on X.

Over the next few days, a fixed amount of JPMD will be transferred from JPMorgan’s digital wallet to Coinbase, with the transaction denominated in US dollars.

This story is an excerpt from the Unchained Daily newsletter.

The pilot is expected to last several months, after which Coinbase’s institutional clients may gain access to JPMD for transactions.

Executives at the bank also recently met with the U.S. Securities and Exchange Commission (SEC) Crypto Task Force to discuss the potential migration of capital markets activities onto public blockchains.