JPMorgan has moved JPM Coin onto Ethereum, allowing institutional clients to make payments and settle tokenized assets directly on a public blockchain. Deposit tokens like this used to be confined to banks’ own chains; now, it’s as if the settlement gateway has been put on display for everyone to see. I’ve been watching this for a while, and this move is blurring the line between deposit tokens and stablecoins: USDC leads with a 24-hour trading volume of $3 billion, but it’s a liability of Circle; JPM Coin is backed by JPMorgan deposits. Different names, but institutional funds are increasingly taking similar routes. Stablecoin payment volume hit $482 billion this year, up 45%, yet supply has barely changed. Money is moving, but the pool isn’t getting bigger. The real question isn’t technology—it’s who controls the gateway for institutional funds entering public blockchains.$ETH $USDC