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Two of the world’s largest payment networks—Visa and J.P. Morgan—are accelerating their moves into stablecoins and the digital money infrastructure, marking a significant evolution in how value moves across the global economy.
Visa and J.P. Morgan stablecoin pilots
Visa has begun pilot trials for USD-backed stablecoin payouts, while J.P. Morgan has launched its USD deposit token, JPM Coin (JPMD), on a public blockchain for institutional clients.
Together, the initiatives signal a decisive step toward the mainstreaming of blockchain-based settlement in both retail and institutional contexts, as traditional financial institutions embrace programmable, always-on money.
Visa Expands Stablecoin Functionality for Global Payouts
Visa’s latest pilot allows businesses using Visa Direct to fund payouts in fiat currency while recipients can opt to receive funds in USD-backed stablecoins such as USDC.
The initiative targets creators, gig workers, and freelancers—groups for whom slow or cross-border payments have long been a frustration.
“Launching stablecoin payouts is about enabling truly universal access to money in minutes—not days,” said Chris Newkirk, Visa’s President of Commercial and Money Movement Solutions.
Research by Visa found that 57% of digital content creators cited instant access to funds as the primary reason for preferring digital payments.
The new capability addresses this demand directly, offering an alternative to conventional card or bank payouts by moving funds into blockchain wallets instantly and securely.
The pilot follows Visa Direct’s earlier stablecoin pre-funding trial for treasury operations, which allowed businesses to fund corporate payouts in stablecoins.
This next phase extends the proposition to end recipients, effectively putting “digital dollars” directly into users’ hands. Broader partner access is expected by 2026, underscoring Visa’s ambition to make stablecoin payments part of everyday money movement.
J.P. Morgan’s Deposit Token Brings Institutional Money Onchain
Meanwhile, J.P. Morgan has become the first global bank to issue a USD deposit token on a public blockchain, marking a watershed for institutional finance.
Following a successful proof-of-concept, Kinexys by J.P. Morgan has launched the JPM Coin USD deposit token (JPMD) on Base, Coinbase’s Ethereum Layer 2 network.
The token allows J.P. Morgan’s institutional clients to send and receive digital representations of bank deposits with near-instant, 24/7 settlement.
Early participants—including B2C2, Coinbase, and Mastercard—completed successful test transactions using JPMD, validating its real-time liquidity and interoperability across blockchain ecosystems.
Thomas Restout, CEO of B2C2, described the development as “a critical advancement in market infrastructure,” while Mastercard’s Raj Dhamodharan hailed it as “a milestone in building an open, interoperable network for digital assets and bank deposits.”
The deposit token supports integration with smart contracts, enabling automated workflows and programmable finance use cases.
As Naveen Mallela, Co-head of Kinexys, noted, JPM Coin “delivers the security of bank-backed settlement with the speed of public blockchain transactions.”
Together, Visa and J.P. Morgan are redefining the digital payments landscape—demonstrating that the next generation of money movement will be both instant and programmable, blurring the boundaries between traditional finance and blockchain-native infrastructure.
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