JPMorgan Chase is moving forward with stablecoin initiatives, even as CEO Jamie Dimon remains skeptical about their broad appeal and necessity.
In the latest quarterly earnings call, Dimon acknowledged JPMorgan’s intent to engage in stablecoin development to keep pace with fintech rivals expanding in digital payments.
“We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,”
Dimon said. Despite his recognition of stablecoins’ utility, he questioned why one would choose stablecoins over traditional payment methods, highlighting his longstanding critical stance on the crypto sector.
JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts
► https://t.co/5a0gVjrhbn https://t.co/5a0gVjrhbn— Decrypt (@DecryptMedia) July 15, 2025
This push follows JPMorgan’s June filing for a stablecoin-related trademark dubbed “JPMD,” fuelling speculation about a possible launch. The prospective digital asset, intended to serve institutional clients exclusively, is not planned as a universally accepted stablecoin, but rather signals JPMorgan’s strategic move into blockchain-based payments.
JPMorgan is not alone. Major US banks, such as Citigroup and Bank of America, reportedly explore similar projects amid growing competition and concerns about losing ground to fintech competitors. In May, reports revealed that JPMorgan had engaged in private discussions with other banks about a joint bank-backed stablecoin, although no further updates have emerged.
Retail giants Walmart and Amazon are also exploring dollar-pegged stablecoins, reflecting the wider market enthusiasm in the sector. This momentum coincides with evolving US regulatory efforts, particularly the GENIUS Act, which aims to provide clearer and more stable regulations for stablecoins. Despite recent setbacks in the House, optimism persists that the bill could foster a safer, fully onshore stablecoin market currently valued in trillions.
JPMorgan’s approach reveals a complex balance between cautious leadership views and pragmatic business adaptation. Its involvement confirms that stablecoins remain a key area of interest as traditional finance continues intersecting with digital innovation.
Notably, Chinese authorities have directed state-owned digital service providers and financial institutions to explore launching stablecoins backed by the yuan, signalling a potential recalibration of the country’s longstanding hardline approach to cryptocurrencies.
According to sources cited by the South China Morning Post, officials are tasking state-owned giants, including Guotai Haitong and Shanghai Data Group, to assess the feasibility of piloting yuan-pegged stablecoins.
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