According to a press release from JPMorgan, the banking giant is piloting a permissioned USD deposit token named JPMD on Base, Coinbase's Ethereum layer 2 network. This institutional-focused token, an alternative to stablecoins, marks JPMorgan's first public blockchain deployment and could enhance Ethereum (ETH) adoption by enabling sub-second, low-cost settlements, potentially boosting ETH demand and Coinbase (COIN) stock performance amid growing institutional crypto interest.