Legacy finance discovers stablecoins as JPMorgan, Citigroup consider market entry
Big banks have been weighing an entry into the stablecoin market as the US Congress debates digital assets regulation.
JPMorgan Chase, the largest bank in the United States with $3.6 trillion in assets, has plans to “to be involved in […] stablecoins,” CEO Jamie Dimon said on Tuesday during an earnings conference call.
According to Dimon, JPMorgan’s move into the stablecoin space is partly driven by competition from fintech companies, which are increasingly trying to replicate features of the traditional financial system.
“We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,” Dimon said. “I think they’re real, but I don’t know why you’d want to [use a] stablecoin as opposed to just payment.”
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