Now it's not just BlackRock—JP Morgan has also chosen Ethereum as the main platform for its on-chain money market fund. JP Morgan initially built a private/permissioned blockchain but found its use cases to be limited. The reason is simple: other institutions simply won’t use your private chain. One of the core principles of tokenization is interoperability. Tokens from Bank A need to seamlessly transfer, settle, and be collateralized with Bank B, Fund C, and stablecoin issuers. If everyone uses their own private chain, it’s like building isolated islands—no one wants to step onto someone else’s island. This is where the advantages of a neutral chain become clear. A neutral, widely accepted, and market-tested public blockchain is where everyone is willing to place their assets. Currently, the safest, most decentralized public blockchain is Ethereum. It offers the highest security, strong decentralization, a mature ecosystem, and great liquidity. The entry of two Wall Street giants will also set a strong example, attracting more players to Ethereum.