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JPMorgan is reportedly bringing JPMD, its institutional USD deposit token, to Ethereum mainnet. That could provide settlement cash for tokenized assets, including its money-market fund already on Ethereum. But JPMD has been live on Base since November 2025, and one tracked contract shows just two wallet-to-wallet transfers this year, both for 100 JPMD. That is a limited sample, not a complete usage count. Ethereum’s fee benefit still depends on transactions, not the deployment announcement. //zero illusion

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