JPMorgan to test stablecoin services alongside proprietary deposit token in bid to speed settlements

JPMorgan CEO Jamie Dimon said connected a July 15 net telephone that the slope volition motorboat products tied to stablecoins and its deposit coin arsenic portion of a broader payments strategy. 

As CNBC reported, Dimon said the steadfast “will beryllium involved” successful some formats to maestro the exertion and support marketplace share.

Banks refine stablecoin playbooks

Dimon framed the determination arsenic defensive. He said fintech companies already plan products that mimic checking accounts, payments networks, and loyalty platforms.

Furthermore, JPMorgan’s CEO added that the steadfast indispensable prosecute alternatively than watch.

Citigroup executives said during their telephone connected the aforesaid time that the slope is “looking astatine the issuance of a Citi stablecoin” and sees contiguous inferior successful tokenized deposits and digital‑asset custody. 

Bank of America main Brian Moynihan has signaled akin intentions. Executives floated a associated effort done Early Warning Services, the consortium down Zelle, though Dimon declined to corroborate immoderate collaboration plans, saying lone that the slope weighs “all that.”

Dimon’s remarks echo BlackRock CEO Larry Fink, who told investors that the plus manager sees a “great untapped opportunity” successful stablecoins for clients seeking integer entree to Treasuries and different currency instruments. 

Fink cited the GENIUS Act, a stablecoin-focused measure that aims to found a national model for stablecoin issuance, adding that it could accelerate the adoption of stablecoins.

Pragmatism replaces skepticism

Dimon remains captious of Bitcoin but views stablecoins arsenic applicable extensions of existing outgo infrastructure. A retail‑facing stablecoin would broaden colony options to a broader lawsuit basal and, erstwhile regulations permit, run crossed aggregate blockchains.

Regulatory clarity motivates the shift. The House of Representatives plans a ballot connected the GENIUS Act later this week, and senators person signaled enactment for rules that slot stablecoin issuers nether slope supervision. 

Furthermore, Dimon acknowledged that failing to enactment could let non‑banks to seizure cross‑border flows and merchant payments:

“You know, these guys are precise smart. They’re trying to fig retired a mode to make slope accounts, to get into outgo systems and rewards programs, and we person to beryllium cognizant of that. And the mode to beryllium cognizant is to beryllium involved.”

The station JPMorgan to trial stablecoin services alongside proprietary deposit token successful bid to velocity settlements appeared archetypal connected CryptoSlate.