By December 2025, Morgan Stanley’s bank-deposit token JPMD and tokenized money market fund MONY were deployed on a public blockchain, enabling on-chain settlement, cash management, and asset allocation for real-world assets (RWA) at institutional scale. JPMD is operating on Coinbase’s Ethereum Layer-2 network Base to support real on-chain payments.
Prior to this milestone, real-world assets on public blockchains were mostly tokenized Treasuries, money market funds, and structured investment products, while commercial bank deposits remained restricted to closed banking rails. The boundary was broken in December 2025, as JPMorgan Chase confirmed JPM Coin (JPMD) started operating on Base.
This development signals a shift toward broader on-chain financial infrastructure. It expands the role of public networks in payments, liquidity management and asset allocation for real-world assets on an institutional scale.
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