JP Morgan is issuing deposit tokens on a public blockchain and integrating the technology into the existing order. In contrast, Circle has created a completely technology-based new order by establishing a trust bank.
It is interesting that these two participants with vastly different backgrounds and methods are now embracing new technologies and building new institutions. This strategy ultimately blurred the boundaries between them.
However, this identity ambiguity may also weaken their inherent competitive advantage, as experienced by the fintech industry before. Therefore, each participant needs to understand their own ‘unfair advantage’ and find a balance between technology and institutions.
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