US EditionJamie Dimon Admits Big Banks Are Behind In The Stablecoin Race - JPMorgan Chase (NYSE:JPM)
NEW YORK, UNITED STATES, JUL 15 – JPMorgan Chase shifts stance by launching JPMD stablecoin amid US stablecoin legislation progress, joining other major banks entering the growing crypto market.
- On Tuesday, Jamie Dimon announced JPMorgan will get involved in the stablecoin industry, saying the bank will explore stablecoins to stay competitive.
- Earlier this year, Dimon acknowledged that JPMorgan must get more involved in stablecoins as FinTechs press forward, highlighting the necessity of adaptation.
- Last month, JPMorgan Chase filed for its JPMD stablecoin, designed for institutional clients and set for Coinbase’s Base network.
- Warning that failing to act, Jamie Dimon said, `we have to be cognizant of that`, as the U.S. government prepares to debut the GENIUS stablecoin bill and fintech players could gain ground.
- Projections show the dollar-pegged stablecoin market could reach $2 trillion, potentially influencing other major banks to consider similar actions.
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Jamie Dimon Admits Big Banks Are Behind In The Stablecoin Race - JPMorgan Chase (NYSE:JPM)
JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon addressed a pressing question on the bank's earnings call Tuesday: Why haven't major banks collaborated to create a joint tokenized deposit solution, similar to the Zelle payments network, to counter the rise of stablecoin providers? What To Know: During a discussion with TD Cowen analyst Steven Alexopoulos, Dimon acknowledged the logic behind tokenized deposits for customers operating within a si…
Jamie Dimon Says JPMorgan Will Get “Involved” With Stablecoins Even As He Questions Their Utility ⋆ ZyCrypto - Data Intelligence
Advertisement A longtime vocal critic of Bitcoin and other cryptocurrencies, Jamie Dimon, said the bank he runs will actively explore stablecoin technology to remain competitive, especially as fintech firms continue to create products that challenge legacy banking infrastructure. “We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,” the JPMorgan Chase CEO posited during the bank’s Q2 e…
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