The token will be used to settle transfers around the clock and make cross-border business-to-business payments on Base, Naveen Mallela, global co-head of JPMorgan Chase’s blockchain division, Kinexys, told Fortune. “We have always believed in having a token-based solution on public blockchains,” he said.

The banking giant's JPMD sounds like a stablecoin, but it isn't exactly the same thing. Here's why that matters.

JPmorgan's response to the rising interest in stablecoins is to launch its own rival token, called JPMD. This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.