JPM Coin vs USDC: who can transfer and redeem tokenized dollars

An explainer contrasts JPM Coin, which restricts participation to approved institutional clients, with USDC, whose holders can transfer tokens without a Circle Mint account but need one for direct dollar redemption. The piece is educational rather than market-moving, though it highlights the differing access and redemption rules between bank-issued and stablecoin models. Traders holding USDC should note the account requirement for converting tokens back into dollars.