JPMorgan Chase CEO Jamie Dimon says he doesn’t understand the appeal of stablecoins, but he can’t afford to stay on the sidelines. The bank announced plans to launch a limited version of a stablecoin for its clients last month. Dimon stated that JPMorgan will be involved in both the deposit coin and stablecoins to “understand it” and become proficient.
Several major banks are exploring stablecoins, including Citigroup and Bank of America. A true stablecoin would be more universally accepted than current versions. Stablecoins maintain a steady value pegged to a fiat currency like the US dollar. The technology could offer faster and cheaper payment options over traditional banking systems.
Dimon is one of the most vocal opponents of certain cryptocurrencies, but his bank’s involvement in stablecoins makes sense given the opening regulatory framework for the technology. Failing to participate could cede ground to fintech players. Dimon acknowledged that fintech competitors are smart and trying to recreate elements of the regulated financial ecosystem.
Citigroup is looking at issuing a Citi stablecoin, with tokenized deposits and providing custody for crypto assets being key opportunities. Bank of America CEO Brian Moynihan has also expressed interest in stablecoins. Collaboration among traditional banks through Early Warning Services could be an option. Dimon declined to comment on specific collaboration plans but acknowledged the possibility.
Source: https://www.cnbc.com/2025/07/15/jamie-dimon-jpmorgan-chase-stablecoins.html