JPM’s “coin” is a digital checking account, nothing more, but, more important, nothing less. People like their checking accounts and the debit cards that go with them. Businesses use checking accounts without writing checks: they wire money from them. The business could care less how the wire system works so long as the results are guaranteed by a solvent bank.

The JPM coin will exist “under the hood. Users won’t even know it’s there. It’s just another way of teleporting purchasing power. So, of course it will be “stablecoin,” just as a checking account — a promise by a bank to deliver fiat currency — is a “stablecoin.” Because that’s all it will be. Or needs to be.

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