JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts
The post JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts appeared on BitcoinEthereumNews.com. In brief JPMorgan will develop stablecoins, despite CEO Jamie Dimon’s doubts as it aims to stay competitive with fintech companies. Major banks are exploring stablecoin projects as U.S. lawmakers push crypto legislation during “Crypto Week.” Standard Chartered says a $750 billion stablecoin market could reshape U.S. Treasury demand and debt issuance. JPMorgan Chase is expanding its stablecoin development, although CEO Jamie Dimon’s expressed skepticism about their usefulness in the banking giant’s second quarter earnings call on Tuesday. “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.” The move reflects the growing interest of traditional financial institutions in adapting to digital assets, as policymakers in the United States work to pass stablecoin and other crypto-related bills during the so-called “Crypto Week.” Other traditional finance institutions eyeing stablecoin products include Bank of America, Citigroup, and Wells Fargo, which, along with JP Morgan, are exploring a shared stablecoin project. In June, JP Morgan announced that it would introduce a stablecoin product for use exclusively among its institutional clients. “The biggest competitive edge big banks have is their ability to collaborate with one another,” Amberdata Director of Derivatives Greg Magadini, told Decrypt. “They worked together to coordinate payment processing through Zelle, and they may attempt something similar with tokenized deposits, then eventually with traditional stablecoins.” Magadini said that fintech companies like Circle are moving aggressively to stay ahead of the competition, expanding beyond traditional stablecoins and real-world assets, similar to what Robinhood is doing with tokenized stocks. “The initial interest from big banks like JP Morgan, Bank of America, and Citigroup will come in the form of tokenized deposits and…
The post JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts appeared on BitcoinEthereumNews.com.
In brief JPMorgan will develop stablecoins, despite CEO Jamie Dimon’s doubts as it aims to stay competitive with fintech companies. Major banks are exploring stablecoin projects as U.S. lawmakers push crypto legislation during “Crypto Week.” Standard Chartered says a $750 billion stablecoin market could reshape U.S. Treasury demand and debt issuance. JPMorgan Chase is expanding its stablecoin development, although CEO Jamie Dimon’s expressed skepticism about their usefulness in the banking giant’s second quarter earnings call on Tuesday. “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.” The move reflects the growing interest of traditional financial institutions in adapting to digital assets, as policymakers in the United States work to pass stablecoin and other crypto-related bills during the so-called “Crypto Week.” Other traditional finance institutions eyeing stablecoin products include Bank of America, Citigroup, and Wells Fargo, which, along with JP Morgan, are exploring a shared stablecoin project. In June, JP Morgan announced that it would introduce a stablecoin product for use exclusively among its institutional clients. “The biggest competitive edge big banks have is their ability to collaborate with one another,” Amberdata Director of Derivatives Greg Magadini, told Decrypt. “They worked together to coordinate payment processing through Zelle, and they may attempt something similar with tokenized deposits, then eventually with traditional stablecoins.” Magadini said that fintech companies like Circle are moving aggressively to stay ahead of the competition, expanding beyond traditional stablecoins and real-world assets, similar to what Robinhood is doing with tokenized stocks. “The initial interest from big banks like JP Morgan, Bank of America, and Citigroup will come in the form of tokenized deposits and…
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