How many types of on-chain dollars are there? JPMorgan expanded JPM Coin to Ethereum, creating another stablecoin? Not entirely. On-chain dollars can be functionally categorized as follows: ‣ Bank deposit tokens (counterparties = banks, access permits) ‣ Payment stablecoins (reserve/redemption/GENIUS interest-free, etc.) ‣ Synthetic/packaged dollars JPM Coin is the first type; essentially, it's a claim/accounting record on bank deposits. Do you understand?