JPMorgan previously launched its JPM Coin on the L2 Base. Now, they’re expanding it to Ethereum L1. This shows that institutions are increasingly valuing the security + liquidity advantages of L1, as well as the existing tokenized asset ecosystem + the fact that clients are already using it. This is a testament to Ethereum’s network effects. JPMD is tokenized USD deposits, different from plain USD, as it represents actual JPMorgan bank deposits brought on-chain. JPMD enables institutional clients to perform 24/7/near-instant peer-to-peer transfers and settlements, whereas traditional banks take several business days. JPMorgan is putting real bank deposits on Ethereum L1, because Ethereum L1 has already aggregated tokenized funds/securities and other institutional assets, which require an “on-chain cash leg” to enable efficient delivery versus payment (DvP) settlements. Additionally, Deutsche Bank is also planning to directly offer ETH custody, lowering the barrier for institutional adoption. This isn’t an experimental phase— it’s about treating Ethereum as a new track that coexists with existing market infrastructure.