JP Morgan Chase CEO Jamie Dimon reaffirmed his belief in Stubcoin on Thursday, but said he is not yet a fan of Bitcoin.
Talk to CNBCbillionaire bank boss Dimon I said The stubcoin can be used in ways that Fiat currency cannot.
“Stablecoins may be able to do things that your traditional cash can’t,” Dimon said, but emphasized that banks are trying to deal with client demands rather than bank preferences.
“That’s what the customers want,” he said. “It’s not something JP Morgan personally wants.”
Dimon’s comments highlighted his reservations regarding digital assets.
Still, he expressed his belief in the potential utility of blockchain technology and his willingness to enable banking giants to participate in the space.
JP Morgan has introduced several cryptocurrency-focused initiatives in recent months.
Earlier this week, JP Morgan announcement A contract with Coinbase, America’s largest crypto exchange, allows customers to link their accounts to the platform to purchase digital assets. Dimon recently praised Stablecoins. CNBC.
“I’m not against stubcoin,” Dimon said. “I believe in stubcoin, which doesn’t personally believe in Bitcoin itself, but I believe in blockchain, but you are a customer. I don’t want to tell customers what you can and can’t with money.”
Stablecoins are digital tokens that run on blockchains such as Ethereum or Solana, and are usually pinned to non-volatile assets (usually dollars). Because of its stable value, such cryptocurrencies were previously used by traders to in and out of digital asset trading without the need for a bank.
But now banks, major companies, including Meta and Amazon, and even US states, are interested in issuing tokens that are supposed to accelerate payments that utilize blockchain technology.
This month, US President Donald Trump signature Genius acts in law and establishes a framework for issuing and trading stubcoins in the United States
JP Morgan’s Coinbase trading means Chase customers will be able to link their bank accounts directly to their cryptocurrency wallets starting next year.
The bank also said it would “translate points seamlessly and securely into cryptocurrency.”
Publicly available Coinbase is the largest exchange in the United States, allowing users to buy and sell and wager future prices of digital coins and tokens. There is also a contract with the US government to obtain custody of the confiscated code.
In the past, Dimon was like that Relentless In his comments on Bitcoin, he calls it “petlock” and is valuable to criminals alone. However, banks use blockchain technology in their products.
Stocks of NYSE-listed JP Morgan fell just over 1% on Thursday. Coinbase traded on Nasdaq was just under 1%.