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JPMorgan: The continuous growth of stablecoin scale in the Ethereum ecosystem may drive ETH to continue to rise.
On August 15, JPMorgan 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 dollar-pegged Tokens—following the passage of the GENIUS Act last month, which provides a regulatory framework for stablecoins—are expected to influence the price of Ethereum, even if these assets are issued on layer two networks rather than directly on the Ethereum mainchain. The analysts stated: "We believe that Ethereum is becoming a way to directly access the expected rapid growth opportunities for stablecoins, as the Ethereum network hosts most of these stablecoin assets, whether directly hosted as L1 or indirectly hosted through some L2."