#稳定币市场与发展 Seeing JPMorgan move JPM Coin from Kinexys to Base, I immediately thought of the wave in 2017. Back then, we were all discussing whether banks would go on-chain, and after all these years, we are finally seeing a top-tier global financial institution take this step.

Looking back at the development path of stablecoins is quite interesting. Initially, everyone thought stablecoins were just trading pairs, but later it became clear that they could be a combination of settlement tools, collateral, and payment methods. From USDC and USDT to now bank-issued stablecoins, each stage answers one question — what should the interface between traditional finance and the crypto world look like?

JPM Coin choosing Base over other public blockchains is worth pondering. Backed by Coinbase, it offers lower adoption costs for institutions, and its ecosystem is rapidly maturing. In other words, this is not just JPMorgan’s move, but a sign that traditional finance has found a relatively stable and cost-controlled entry point.

The failure cases are also quite clear. Projects rushing to build their own public chains often end up stranded due to poor ecosystems and high costs. The true winners are those who know how to leverage existing resources. JPMorgan’s choice this time is essentially a validation of this logic — using a ready-made, secure, and ecosystem-rich underlying platform to build a solid financial layer.

The stablecoin market is now entering its third phase, moving from fragmentation to order, from experimentation to practicality. I believe more traditional financial institutions will follow, but not with explosive leaps, rather with steady and cautious deployment. This time, the wheel is turning slower than we imagined, but in a seemingly correct direction.