In December 2025, JPMorgan introduced JPM Coin (JPMD), a deposit-backed token on Coinbase’s Ethereum Layer-2 Base, enabling real institutional settlements. Mastercard, Coinbase, and B2C2 participated in initial transactions. Alongside JPMD, the bank launched the My OnChain Net Yield Fund (MONY), a $100 million tokenized money market fund on public Ethereum, reflecting the transition of real-world asset tokenization from pilot projects to operational systems.