JPMorgan Chase is taking cautious but strategic steps into the stablecoin space, despite long-standing scepticism from its CEO, Jamie Dimon. Speaking during the firm’s latest earnings call, Dimon acknowledged that while he still questions the need for stablecoins, JPMorgan won’t sit out the innovation race.
“We’re going to do both a deposit coin and a stablecoin—not because we’re fully sold on them, but to stay sharp and understand them better,” Dimon said. “I believe they’re real, but I still don’t see why you’d use one instead of a standard payment system.”
The banking giant is working on a proprietary stablecoin designed specifically for institutional clients, not the general public. The coin will serve as a testbed to explore efficiency in digital payments while helping JPMorgan keep pace with fintech disruptors who are building innovative ways into customers’ wallets and transaction platforms.
Dimon pointed out the increasing intelligence and ambition of fintech rivals. “These people are smart,” he noted. “They’re building systems that compete directly with traditional banking infrastructure. The only way to stay informed is to participate.”
While stablecoins—digital tokens pegged to fiat currencies like the U.S. dollar—have gained traction for their speed and low-cost transaction benefits, Dimon remains unconvinced they outperform existing systems like SWIFT or ACH. Still, he acknowledged their potential, especially as other financial heavyweights start taking them more seriously.
Citigroup recently announced it is considering launching its stablecoin, while Bank of America has also confirmed interest in entering the space. When asked whether a joint effort similar to the Zelle network might be in the works among U.S. banks, Dimon left the question open, saying, “That’s a great question—we’ll leave that as a question for now.”
