#资产代币化 Seeing JPMorgan move JPM Coin from Kinexys to Base, I feel a bit emotional. This may seem simple—a major institution deploying a tokenized product on a different chain—but the underlying logical shift behind it is worth analyzing carefully.

I remember back in 2016, blockchain was like a taboo topic in the financial circle. Banks were both curious and cautious about this technology. Most institutions chose to build private chains or permissioned networks. JPM Coin was initially based on this idea on Kinexys. At that time, we thought this was the ultimate choice for financial institutions—controllable, isolated, and secure.

But this year, that decision changed. Moving from a private chain to Base is not just a technical migration; it’s a signal: the maturity of the public chain ecosystem has made traditional financial institutions willing to compromise. JPMorgan explicitly stated—the market needs on-chain payment tools based on bank deposits, and the flaws of stablecoins have been exposed enough.

This reminds me of the post-2017 ICO bubble burst, when many said tokenization had no future. Then in 2020, DeFi exploded, and everyone realized it wasn’t a false demand—just that the time hadn’t come yet. Today’s asset tokenization is similar—shifting from idealistic promotion to pragmatic institutional adoption.

Interestingly, JPM Coin on a public chain like Base actually reinforces its "permissioned" nature—whitelist transfers, institutional-grade applications. This isn’t a victory for decentralization, but rather a sign that public chain infrastructure has matured enough to support financial-grade risk control requirements. Cycles do repeat, but each cycle raises the entry barrier higher.