# kaal:claim:3396522-007

**Claim.** JPM Coin's closed structure, restricting the token to existing J.P. Morgan clients, is an anachronism, because closed ecosystems are unsustainable in emerging decentralized commerce.

**Type.** failure  **Support.** asserted

**Holds when.**

- applies to permissioned stable cryptocurrencies limited to a single institution's clients

**Source quote.**

> The close structure of the JPM coin, e.g. JPM makes it only available to existing clients, appears to be an anachronism.95 Closed ecosystems are unsustainable in the emerging decentralized commerce.

**From.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, *Stable Cryptocurrencies* (2019), III. Transition to Digital Currencies Started, 2. Early Experimentation, page 21

**Cite as.** Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies (2019). SSRN: https://ssrn.com/abstract=3396522

**Verify.** sha256 of source PDF `ef5031b16aa53476ed618f0bdf92601cd4affb893692c701134bd9cba3ea8acf` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20et%20al.%20-%202019%20-%20Stable%20Cryptocurrencies.pdf

**Failure mode.** closed-ecosystem-unsustainability  (family: interoperability-and-fragmentation)

**Topics.** tokenomics, decentralization

**Keywords.** jpm-coin, closed-ecosystems, decentralized-commerce, stablecoins, interoperability

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