#稳定币市场与发展 JPMorgan has put JPM Coin on Base. This may seem ordinary, but it actually reveals an interesting phenomenon.

Traditional financial institutions are beginning to pay attention to on-chain cash tools. What does this mean? It indicates that the stablecoin sector has been recognized by major capital as a "necessity." But there's a detail to be cautious about — they emphasize "whitelist permissioned".

I've seen too many people fooled by the concept of "mainstream institutions entering," thinking that big organizations coming means they can just sit back and win. That's not true. The logic of JPM Coin is clear: institutions need a controllable, traceable, bank-backed on-chain payment tool. This isn't revolutionary democratized finance; it's traditional finance building a VIP channel on the chain.

What we really need to guard against are projects that claim to be "institution-grade stablecoins" and boast "security comparable to JPM Coin." These often take big institution concepts and create half-baked solutions, ultimately becoming tools to harvest retail investors. I've seen several projects die this way.

The stablecoin market is indeed developing, but the direction is diverging: on one side are institutional-grade applications like JPMorgan, and on the other are market standards like USDC and USDT. The projects that are unclear or ambiguous in the middle tend to carry the highest risks. At this point, choosing projects requires more caution — don’t be blinded by hot trends.