CoinWorld news, Jamie Dimon, who has long been skeptical about cryptocurrencies, has not fully embraced them, but he admits that Wall Street can no longer ignore it. According to CNBC, the CEO of JPMorgan stated during Tuesday's earnings call: "We will participate in JPMorgan deposit coin and stablecoins to understand it and excel at it. I believe they are real, but I don't know why to use stablecoin instead of paying directly." Dimon made these remarks about a month ago, when JPMorgan (the largest bank in the world) planned to pilot a blockchain-based asset similar to a stablecoin, called JPMD, which will be a token launched on the Layer 2 network Base incubated by Coinbase. Although the bank is developing the JPMD token, and Dimon previously stated that JPMorgan "could be one of the bigger users of blockchain," in some ways, the CEO's comments do reflect how far traditional financial institutions' thinking has evolved. In less than two years, Wall Street's attitude towards cryptocurrency has changed significantly. BlackRock has a spot Bitcoin ETF managing hundreds of billions of dollars in assets, achieving this milestone at an astonishing pace. Through its funds, Vanguard is the largest shareholder of Strategy, a tech company that seems to focus solely on accumulating Bitcoin to increase shareholder value. JPMorgan calls JPMD a "permissioned" deposit token, which will represent holdings of commercial banks. The bank's pilot program is expected to run for several months and may include the bank's institutional clients. Naveen Mallela, global co-head of JPMorgan's blockchain division Kinexys, stated that institutions can use JPMD for on-chain digital asset settlement and cross-border enterprise-to-enterprise transactions. Regarding Bitcoin, as both governments and companies are buying this cryptocurrency, Dimon stated in May that JPMorgan would allow clients to purchase BTC but would not custody this digital asset. Previously, Dimon not only stated that Bitcoin has no value, but as early as January this year, he called it a Ponzi scheme.
