Innovation is a funny thing. It often arrives with an excess of hype and then fades into disappointment—before reemerging in full bloom. A case in point is JPMorgan Chase's "JPM Coin," a corporate stablecoin launched shortly after the 2017 crypto bubble that seemed doomed to languish as a proof of concept that would never catch on in the real world.
In recent weeks however, the story around JPM Coin has changed dramatically as the bank announced that it is notching daily transaction volumes above $1 billion and that its big corporate clients are finally tapping into the coin's promise to provide "programmable" money.
