Jamie Dimon, CEO of JPMorgan Chase, leaves the American Capitol after a meeting with Republican members of the Senate Bank, Housing and Urban Affairs on the issue of Unchel on February 13, 2025.
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JPMorgan Chase CEO Jamie Dimon says that he does not get the attraction of stablecoins, but he can’t afford to stay on the sidelines either.
This is the message that Dimon gave Tuesday when he was asked at a conference call on the results to find out if his business, the largest and the most influential American bank, explored payment technology.
Stablecoins, as its name suggests, are a type of cryptocurrency designed to maintain a regular value that is generally set to a fiduciary currency such as the US dollar. Last month, JPMorgan announced that it would launch a more limited version of a stablecoin that only works for JPMorgan customers; A real stablecoin would probably be more universally accepted.
“We are going to be involved both in the JPMorgan deposit room and the stablescoins to understand it, to be good in this area,” said Dimon. “I think they are real, but I don’t know why you would like [use a] ECUPPECOIN as opposed to a simple payment. “”
Dimon, 69, is one of the most vocal opponents of certain cryptocurrencies like Bitcoin. But his bank is a mastodon of the world payment industry, helping to move nearly 10 billions of dollars per day, and it is therefore logical that they would explore stablecoins at a time when the regulatory framework for technology has opened.
The fact of not doing so could give up fintech players who seek to recreate elements of the regulated financial ecosystem, Dimon said on Tuesday.
“You know, these guys are very intelligent,” said Dimon about his Fintech competitors. “They are trying to find a way to create bank accounts, adopt payment systems and reward programs, and we must be aware of this. And the way of being aware is to be involved.”
Citigroup, Bofa Coins?
Stablecoins could offer a potentially faster and cheaper form of payment on traditional banking rails, including ACH and SWIFT, which are several decades old systems that generally take days to settle.
Citigroup The leaders said on Tuesday that the bank “examined the program of a Stablecoin Citi” among several ways to play in space. The greatest opportunity is around token deposits and providing custody of cryptographic assets, they said.
America Bank CEO Brian Moynihan also said that his business would get involved in the stabbed.
One way could be for traditional banks to collaborate through the early alert services held jointly. It would be similar to the way they gathered to offer Zelle for instant payments between peers as a means of defending lawn against Paypal And Block’S app cash.
Asked Tuesday about a possible collaboration between the banks, Dimon refused to give a specific response.
“This is a great question, and we will let him remain in question,” said Dimon. “You can assume that we think of all this.”
With the Jesse Pound reports of CNBC