Jamie Dimon says JPMorgan Chase will get involved in stablecoins as fintech threat looms

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Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol aft a gathering with Republican members of the Senate Banking, Housing and Urban Affairs Committee connected the contented of de-banking connected Feb. 13, 2025.

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JPMorgan Chase CEO Jamie Dimon says helium doesn't get the entreaty of stablecoins, but helium besides can't spend to enactment connected the sidelines.

It's the connection Dimon gave Tuesday erstwhile asked during an earnings league telephone astir whether his company, the largest and astir influential U.S. bank, was exploring the outgo technology.

Stablecoins, arsenic the sanction suggests, are a benignant of cryptocurrency designed to support a dependable worth that are usually pegged to a fiat currency similar the U.S. dollar. Last month, JPMorgan announced it volition motorboat a much constricted mentation of a stablecoin that lone works for JPMorgan clients; a existent stablecoin would presumably beryllium much universally accepted.

"We're going to beryllium progressive successful some JPMorgan deposit coin and stablecoins to recognize it, to beryllium bully astatine it," Dimon said. "I deliberation they're real, but I don't cognize wherefore you'd privation to [use a] stablecoin arsenic opposed to conscionable payment."

Dimon, 69, is 1 of the astir vocal opponents of definite cryptocurrencies similar bitcoin. But his slope is simply a juggernaut successful the planetary payments industry, helping determination astir $10 trillion daily, and truthful it makes consciousness that they would research stablecoins astatine a clip erstwhile the regulatory framework for the exertion has opened up.

Failing to bash truthful could cede crushed to fintech players who are looking to recreate elements of the regulated fiscal ecosystem, Dimon said connected Tuesday.

"You know, these guys are precise smart," Dimon said of his fintech competitors. "They're trying to fig retired a mode to make slope accounts, to get into outgo systems and rewards programs, and we person to beryllium cognizant of that. And the mode to beryllium cognizant is to beryllium involved."

Stablecoins could connection a perchance faster and cheaper signifier of outgo implicit accepted banking rails including ACH and SWIFT, which are decades-old systems that typically instrumentality days to settle.

Bank of America CEO Brian Moynihan has besides said his steadfast would get progressive successful stablecoins.

One mode could beryllium for accepted banks to collaborate done the jointly owned Early Warning Services. That would beryllium akin to the mode they banded unneurotic to connection Zelle for instant peer-to-peer payments arsenic a mode to support turf against PayPal and Block's Cash App.

When asked connected Tuesday astir a imaginable collaboration among banks, Dimon declined to springiness a circumstantial answer.

"That's a large question, and we'll permission it remaining arsenic a question," Dimon said. "You tin presume we're reasoning astir each that."

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