JPM issues a coin for every dollar it holds of client money - presumably to the client who has to have a wallet. Clients can then move that money to other JPM accounts using the blockchain transfers. As long as they somehow remove a coin from the chain when client walks out of the bank with it, then what we get is ...
Bank Of America and Deutsche can issue BoACoin and DBCoin doing exactly the same thing, and then those coins, all being worth $1 and on the (an) blockchain can be transferred between BoA and JPM.
So we get trusted third parties asserting that a coin is actually real fiat money, and then actual workable cryptocurrency. It seems ... credible.
My concerns are what ensures that BoA and JPM dont issue coins for the same dollar (ie how does JPM revoke a coin)
I would be interested in any feedback - if I understand this right, it might be time to look into github for the python client wrappers again.