Jamie Dimon, CEO of JPMorgan Chase, leaves the Capitol of the United States after a meeting with Republican members of the Banking, Housing and Urban Affairs of the Senate on the issue of the elimination of February 13, 2025.
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JPMorgan Chase The CEO Jamie Dimon says he does not receive the attractiveness of Stablecoins, but he cannot afford to remain out.
It is the message that Dimon gave Tuesday when asked during a telephone conference on gains on whether his company, the largest and most influential American bank, was to explore the payment technology.
Stablecoins, as the name implies, are a type of cryptocurrency designed to maintain a stable value that generally looks at a fiduciary currency such as the US dollar. Last month, JPMorgan announced that he will launch a more limited version of a stablecoin that only works for JPMorgan customers; Presumably, a true stable would be more universally accepted.
“We are going to participate in both JPMorgan Deposit Coin and Stablecoins to understand it, to be good in that,” Dimon said. “I think they are real, but I don't know why you want [use a] Stablecoin instead of just payment. “
Dimon, 69, is one of the most vocal opponents of certain cryptocurrencies like Bitcoin. But its bank is a giant in the global payment industry, which helps to move almost $ 10 billion per day, so it makes sense to explore the stable at a time when the regulatory framework for technology has opened.
Not doing so could give ground to Fintech players seeking to recreate elements of the regulated financial ecosystem, Dimon said on Tuesday.
“You know, these guys are very intelligent,” Dimon said about his Fintech competitors. “They are trying to find a way to create bank accounts, enter the payment systems and rewards programs, and we have to be aware of that. And the way of being aware is to be involved.”
Citigroup, Bofa coins?
Stablecoins could offer a potentially faster and more cheap payment form on traditional bank rails, including ACH and Swift, which are decades systems that generally take days to establish themselves.
Citigroup Executives said Tuesday that the bank was “looking at the issuance of a Citi Stablecoin” among several ways of playing in space. The greatest opportunity is around the tokenized deposits and by providing custody for cryptographic assets, they said.
Bank of America The CEO Brian Moynihan also said that his company would get involved in Stablecoins.
One way it could be that traditional banks collaborate through early alert -owned alert services. That would be similar to the way they joined to offer Zelle for instant payments of equal to the same as a way of defending the grass against PayPal and Block'S cash application.
When asked Tuesday about a possible collaboration between banks, Dimon refused to give a specific response.
“That is a great question, and we will let him remain a question,” Dimon said. “You can assume that we are thinking about all that.”
With Jesse Pound reports from CNBC
