JPMorgan Doubles Down on Crypto: Stablecoin Trials & Deposit Token Push to Turbocharge Settlements

Wall Street's blockchain revolution just got a caffeine injection.

JPMorgan—the same bank that once called Bitcoin a 'fraud'—is now racing to deploy stablecoins and its own deposit token in a bid to shred settlement times. Because nothing screams 'crypto believer' like a trillion-dollar bank building its own rails.

The play: Parallel testing of stablecoin services alongside a proprietary deposit token, aiming to bypass legacy plumbing. No more waiting days for transactions to clear—just near-instant finality, assuming regulators don't throw a wrench in the works.

The punchline: Even traditional finance giants now admit blockchain settles faster than their creaky systems. But don't expect them to say it out loud—not while they're still charging fees for 'expedited' wire transfers.

One thing's clear: when JPMorgan starts playing with crypto toys, the whole industry pays attention. Even if they're still quietly hoping retail investors will keep buying their overpriced mutual funds.

Banks refine stablecoin playbooks

Dimon framed the decision as defensive. He said fintech companies already design products that mimic checking accounts, payments networks, and loyalty platforms.

Furthermore, JPMorgan’s CEO added that the firm must engage rather than watch.

Citigroup executives said during their call on the same day that the bank is “looking at the issuance of a Citi stablecoin” and sees immediate utility in tokenized deposits and digital‑asset custody. 

Bank of America chief Brian Moynihan. Executives floated a joint effort through Early Warning Services, the consortium behind Zelle, although Dimon declined to confirm any collaboration plans, saying only that the bank weighs “all that.”

Dimon’s remarks echo BlackRock CEO Larry Fink, who told investors that the asset manager sees a “great untapped opportunity” in stablecoins for clients seeking digital access to Treasuries and other cash instruments. 

Fink cited the GENIUS Act, a stablecoin-focused bill that aims to establish a federal framework for stablecoin issuance, adding that it could accelerate the adoption of stablecoins.

Pragmatism replaces skepticism

Dimon remains critical of Bitcoin but views stablecoins as practical extensions of existing payment infrastructure. A retail‑facing stablecoin would broaden settlement options to a broader customer base and, once regulations permit, operate across multiple blockchains.

Regulatory clarity motivates the shift. The House of Representatives plans a vote on the GENIUS Act, and senators have signaled support for rules that slot stablecoin issuers under bank supervision. 

Furthermore, Dimon acknowledged that failing to act could allow non‑banks to capture cross‑border flows and merchant payments: