Base's "Onchain Summer" is finally here

On June 18, the U.S. Senate officially passed the GENIUS Act, marking the first time that the U.S. government has recognised the compliance legitimacy of crypto assets in the form of legislation, breaking the policy vacuum caused by the ambiguity of the regulatory powers of the SEC and the CFTC.

Against this backdrop of favourable regulation, JPMorgan Chase and Coinbase released major developments on the same day, focusing on on-chain banking and tokenised securities, respectively, showing that traditional finance and crypto ecosystems are deeply integrated.

JPMorgan Chase's deposits can now be placed on

the base,

and JPMorgan Chase & Co., which is the earliest and most active in the layout of blockchain among traditional financial institutions, announced the launch of a pilot project called JPMD (JPMorgan Deposit Token). JPMD is an on-chain token that represents a customer's USD bank deposit, based on a partial reserve mechanism, and will be deployed on the Coinbase-backed public chain, Base.

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