I actually thought this was always going to happen, I just didn't know which bank would do it first, and I'm surprised it is a bigger bank.

Think about what a bank account is. You give up your money for a voucher and the bank keeps a ledger of all transactions. Turning it into a token that you can exchange for dollars really isn't that much of a stretch.

They now have a 'currency' of sorts where they get to use all the deposits for fractional reserve banking, keeping only 10% available at any one time. Money out into this token is basically free money to lend out, just as bank deposits are. The difference here is that the liquidity is higher, since they don't need to use it through the traditional banking system.

I would expect it to have some traction with business and internationally.