JP Morgan Just Put Deposits on a Public Blockchain — and Trillions Are Quietly Following

JP Morgan has moved its deposit product — JPMD — onto a public blockchain, allowing clients to transfer deposits between themselves on-chain. It's a quiet but seismic shift: one of the world's most systemically important banks has effectively validated public blockchain rails as institutional-grade settlement infrastructure.

The broader context is accelerating. Larry Fink has stated publicly that everything will be tokenized. The New York Stock Exchange and Nasdaq have signaled the same direction. What's changed is that the migration is no longer a future event — it's an active one, happening at the institutional layer while most retail investors are still waiting for a headline.

The infrastructure case is straightforward: public blockchain rails can now move one cent to anywhere in the world in one second. That capability, combined with the weight of capital behind names like JP…