Crypto Market Update: Coinbase Relocates to Texas; JPMorgan Launches Dollar Deposit Token on Ethereum Layer-2
November 12, 2025 — In a significant development within the cryptocurrency and blockchain sectors, Coinbase has announced its decision to move its state of incorporation from Delaware to Texas. Meanwhile, JPMorgan Chase recently launched a novel dollar-denominated deposit token on Coinbase’s Base Ethereum layer-2 network, marking a new milestone in the integration of traditional banking and blockchain technology.
Coinbase Moves Incorporation from Delaware to Texas
In a move reflecting shifting corporate legal landscapes, Coinbase, one of the world’s leading cryptocurrency exchanges, revealed plans to change its state of incorporation from Delaware to Texas. This strategic relocation is primarily driven by “unpredictable outcomes” in Delaware’s Chancery Court, particularly in connection with ongoing litigation stemming from Coinbase’s 2021 public listing.
According to Coinbase’s Chief Legal Officer Paul Grewal, Texas offers more favorable legal protections under its corporate law framework, including the ability to limit shareholder lawsuits against company executives. Grewal articulated this rationale in a recent Wall Street Journal opinion piece, lamenting the decline in legal predictability that Delaware, once known for its fast and fair corporate rulings, currently presents.
Coinbase joins a growing list of high-profile companies such as SpaceX, Andreessen Horowitz, Dropbox, and TripAdvisor who have also moved away from Delaware incorporation in recent times.
Market Snapshot: Bitcoin and Ether Price Movement
As of 9:00 a.m. UTC on November 12, Bitcoin (BTC) traded at approximately US$104,137, marking a modest 0.2% gain in the past 24 hours. Bitcoin’s price oscillated between a high of US$105,257 and a low of US$102,461 during the trading period. Despite recent volatility and challenges in regaining upward momentum post a turbulent October, Bitcoin continues to hover near critical support levels around US$106,200 but faces resistance near US$108,500, a price level historically proving difficult to surpass.
Market analysts, including Morgan Stanley strategists, are advising caution. The investment bank’s wealth management team highlights that Bitcoin may be entering the “fall season” of its established four-year cycle — a phase traditionally associated with profit-taking and potential price declines. Trader Ted Pillows echoed this sentiment on social media, emphasizing the importance for bulls to reclaim support above US$108,000 to sustain momentum and avoid a price retest below US$100,000. Ether (ETH) was quoted at US$3,469, reflecting a slight 0.2% decrease over 24 hours, with intraday prices ranging from US$3,408.35 to US$3,565.20. Altcoins such as Solana (SOL) and XRP continue to experience modest declines, trading at US$157.90 (-2.2%) and US$2.41 (-0.4%) respectively.
Derivatives and Market Indicators
Recent options and futures market data suggest a cautiously optimistic atmosphere. Bitcoin saw liquidations totaling nearly US$14.81 million predominantly from short positions, which may indicate short-covering activity. Futures open interest rose marginally to US$68.66 billion. The funding rate for Bitcoin remains effectively neutral, signaling a balance between long and short traders, while implied volatility at approximately 39.9% reflects ongoing market uncertainty. The current max pain level for options expiry is set near US$115,000. For Ether, options liquidations reached US$13.66 million, again mainly from short positions, supporting its mild upward price momentum. Ether futures open interest increased 3.6% to US$40.76 billion, with a slightly positive funding rate of 0.008 reinforcing a mild bullish outlook.
JPMorgan Launches Dollar Deposit Token “JPMD” on Base Ethereum Layer-2 Network
In a noteworthy development bridging traditional finance and blockchain, JPMorgan Chase has introduced a dollar-denominated deposit token named JPMD on Coinbase’s Base Ethereum layer-2 platform. This tokenization of commercial bank money allows institutional clients to conduct instant, around-the-clock transactions on the blockchain.
Unlike stablecoins issued by private entities, JPMD is fully backed by actual deposits held at JPMorgan, thereby representing a novel form of “tokenized commercial bank money.” The rollout follows months of testing involving major industry players such as Mastercard, Coinbase, and liquidity provider B2C2 to ensure settlement efficiency and interoperability.
JPMorgan plans to expand JPMD’s use cases to retail customers and explore the introduction of similar tokens pegged to the euro (JPME). The bank also aims to integrate additional blockchain networks pending regulatory approvals.
Other Crypto Industry Developments: Visa’s Stablecoin Pilot
In related news, Visa has launched a pilot program enabling marketplaces to pay gig workers, freelancers, and content creators in dollar-backed stablecoins such as USDC. Utilizing Visa Direct, this program facilitates near-instant payments—typically within 30 minutes—improving liquidity access and financial inclusion for workers who rely on rapid payouts.
Visa is aggressively expanding its cryptocurrency capabilities through partnerships with entities like Bridge, Paxos, and PayPal’s PYUSD stablecoin group, seeking to integrate digital dollars into traditional card and payment networks. The company faces competition from Mastercard, which is likewise developing stablecoin payment solutions in collaboration with Ripple, Kraken, and other blockchain operators.
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Authors: Giann Liguid and Meagen Seatter
Disclosure: The authors hold no direct investment interests in the companies mentioned in this article.