Yahoo Finance·2026-01-08 13:45Core Insights - Traditional finance (TradFi) is rapidly adopting cryptocurrency, moving beyond mere speculation to practical applications in the financial system [2][5][6] Group 1: Major Announcements - JPMorgan is launching JPM Coin on the Canton Network, expanding its blockchain-based settlement system [6] - Barclays has invested in Ubyx, a startup that enables banks and payment firms to settle transactions using stablecoins [6] - Morgan Stanley has filed with the SEC for an Ethereum Trust (ETH ETF), adding Ethereum exposure alongside Bitcoin and Solana [6] - Wyoming has confirmed the launch of its state-backed stablecoin, FRNT, on Solana, showcasing government involvement in crypto infrastructure [6] Group 2: Market Reactions - Major cryptocurrencies fell by 2-3% on the day, with Bitcoin dropping below $90,000 [5] - ZEC experienced a significant decline of 19% following the resignation of its developer team [5] Group 3: Trends and Implications - The current focus is on stablecoins and their role in transaction settlement rather than speculative use cases [7] - Ethereum and Solana are emerging as institutional infrastructures rather than just platforms for retail trading [7] - TradFi institutions are seeking to enhance their existing systems rather than being replaced by crypto technologies [8]