JPMorgan Chase & Co. will launch a pilot for a token called JPMD that represents dollar deposits at the world’s biggest bank, as financial institutions deepen their push into the digital-asset sector.

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

It will be the first token of its kind on a public blockchain, enabling fast, secure, 24/7 money movement between trusted parties,” according to a post by Base, Coinbase’s blockchain.