JPMorgan Chase CEO Jamie Dimon has always looked down on cryptocurrencies, but now he has indicated that JPMorgan will be more deeply involved in stablecoin-related businesses, although he still maintains a reserved attitude towards the actual benefits of stablecoins compared to traditional payment tools.
Jamie Dimon stated in the earnings call on Tuesday: "We will continue to deepen our exploration of JPMorgan's own deposit tokens and stablecoin-related applications, aiming to understand and master this technology."
However, he later switched his tone and added, "I do not deny the existing value of stablecoins, but I still do not quite understand why we cannot just use traditional payment methods and must use stablecoins instead?"
Although Jamie Dimon's remarks still carry personal doubts, they also show that this heavyweight figure in finance is beginning to recognize the reality of the rise of stablecoins. In recent years, stablecoins have played an increasingly critical role in the global financial system, especially in emerging markets, where they have become the preferred payment method for many businesses and individuals due to their advantages in low cost and high efficiency for cross-border payments.
Currently, the U.S. Congress is accelerating the promotion of stablecoin regulatory legislation, with the Senate having already passed the (GENIUS Act), and the House is expected to vote later this week.
Although Jamie Dimon has often criticized Bitcoin and cryptocurrencies in the past, JPMorgan has been deeply engaged in blockchain applications for many years, having launched the private chain Kinexys (formerly Onyx). Its JPM Coin processes transaction amounts up to $2 billion daily, and last month it tested the issuance of the deposit token JPMD on Base.
Jamie Dimon also mentioned on Tuesday that the competitive pressure from fintech companies cannot be ignored. He said, "These startups are really smart, and they are trying to bypass the traditional banking system through stablecoins and blockchain tools to establish their own accounts, payment channels, and reward mechanisms."
He emphasized: "We cannot sit idly by. The only way to understand the market is to participate in it personally."
"Criticizing with words but being honest in actions! Jamie Dimon admits: JPMorgan will increase its involvement in stablecoins" was first published on (Block Tempo).
