[nradov]

Skirting fractional reserve requirements is unnecessary, and obviously not the real motivation for this move. The fractional reserve requirements are already so low as to present virtually no constraint on lending. In reality lending is limited mostly by lack of credit worthy borrowers.

[yingw787]

I think lending environments are temporary. The current environment has a glut of reserves, but I don't think there's anything systemic about that. Wouldn't this be the best time for JPM to release a new currency, so that it has some runway to gain acceptance before the lending environment changes?