Its funny how after releasing their own JPM coin JP Morgan have done a complete u-turn and are now endorsing cryptos (providing you still use a normal bank sevice of course).
i wouldn't put it that way at all. back in 2017, JPM analysts were saying that bitcoin might become a traditional store-of-value asset like gold:
https://www.telegraph.co.uk/business/2017/12/04/bitcoin-could-new-gold-says-jp-morgan/like stablecoins, their coin is probably aimed at sucking in collateral they can rehypothecate or profit from via trading commissions. i'd say their approach is further confirmation that they think crypto markets will continue to grow.