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JPMorgan: Ethereum Ecosystem Stablecoin Scale Continues to Grow, Driving Continued ETH Upside
BlockBeats News, August 15th, JPMorgan Chase pointed out in a report on Thursday that as Wall Street begins to issue a large number of stablecoins within the Ethereum ecosystem, ETH's recent outperformance may continue.
According to the bank's analysts, a series of USD-pegged tokens—following last month's "GENIUS Act," which provided a regulatory framework for stablecoins—are expected to impact the price of Ethereum, even though these assets are issued on layer-two networks rather than directly on the Ethereum main chain.
The analysts stated: "We believe that Ethereum is emerging as the pathway to directly access the high-growth opportunity of stablecoins, as the Ethereum network hosts most of these stablecoin assets, whether as L1 directly hosted or via L2 partially hosted."
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