JPMorgan Expands JPM Coin to Ethereum for Institutional Clients

The significance here is less about Ethereum than about the direction of travel: a systemically important bank is placing its own deposit token on public infrastructure while keeping access permissioned, which is a hybrid model rather than a full embrace of open finance. This matters most for institutional counterparties already inside JPMorgan's perimeter, and for rival banks weighing similar tokenized-deposit strategies. The open question is whether other large banks follow with their own permissioned tokens on public chains, and whether that fragmented, gated approach becomes the default for bank money on-chain.