J.P. Morgan Deposit Token (JPMD) is a digital representation of U.S. dollar deposits held at JPMorgan. JPMD is designed for institutional use, enabling secure, programmable, and efficient settlement of payments and transactions on selected blockchain networks. Deposit tokens are not traded on exchanges as it is not a tradeable instrument, it's simply a deposit product on-chain and therefore 1 JPMD token = 1 USD. Each JPMD token is backed by USD deposits, providing a stable and transparent digital asset for regulated financial activity.