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.