Breaking: JPMorgan CEO Jamie Dimon Drops Bombshell—Bank’s Custom Stablecoin Launch Imminent

Wall Street's crypto skeptic-in-chief just flipped the script. Jamie Dimon—the same CEO who once called Bitcoin "worthless"—just confirmed JPMorgan's diving headfirst into stablecoins with a proprietary offering.

Why this matters: When the world's most systemically important bank starts playing the blockchain game, regulators listen. Even if they're 5 years late to the party.

The fine print: No details yet on collateralization (probably USD, but expect the usual "full reserves" theater). No timeline beyond "soon." And absolutely zero mention of how this undercuts their previous anti-crypto rhetoric.

Bottom line: The institutional dominoes keep falling. First BlackRock's ETF, now this. TradFi's realizing what crypto natives knew in 2020—you either build the rails or get run over by them.

*Cynical finance jab*: Nothing boosts blockchain adoption like a bank realizing they can charge 0.5% fees on every transaction.

“You see, these folks are real smart,” he explained, talking about fintech rivals. “They’re working to get inside bank accounts, to get into the payment systems and rewards platforms, and we need to be aware of that. And how you become aware is by being part of it.”

Stablecoins digital currencies usually anchored to the U.S. dollar have attracted growing attention from the legacy financial industry. They hold a potential advantage in terms of speed and expense of transactions over older banking networks such as ACH or SWIFT. 

Dimon’s comments imply that the advantages are not yet sufficient to outweigh the disadvantages in his opinion, but JPMorgan is following very closely as it WOULD not want to be left behind.

Other banking giants are showing similar intent. Citigroup executives said they are evaluating the issuance of a Citi stablecoin. Bank of America CEO Brian Moynihan also confirmed interest in the stablecoin space.

When asked whether large banks might collaborate, possibly similar to how they created Zelle Dimon left the door open: “That’s a great question, and we’ll leave it remaining as a question.”

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