According to JPMorgan, the bank extended its JPM Coin deposit-token initiative to Ethereum mainnet for approved institutional clients, supporting institutional fund transfers and tokenized-asset settlement. JPM Coin represents US dollar deposits at JPMorgan and is designed for around-the-clock transfers. The deployment follows the token's earlier launch on Base.

Ethereum is currently trading at $2,420, just above $2,400. U.S. Ethereum products recorded approximately $500 million in net outflows last week, presenting a near-term demand headwind even as JPMorgan's move signals growing institutional confidence in Ethereum's role as a settlement layer.

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