Jamie Dimon Doubles Down: JPMorgan Charges Into Crypto Stablecoins Despite Past Skepticism
Wall Street's crypto reluctant whale just breached the surface—with teeth.
JPMorgan CEO Jamie Dimon—once Bitcoin's loudest critic—just greenlit the bank's plunge into stablecoins. No more 'fraud' talk. Just cold, hard blockchain adoption.
The pivot? Probably those juicy 0.02% transaction fees sucking dry the $157T payments industry. TradFi always follows the money—even when it's digital.
One question remains: Will Dimon's 'blockchain-not-Bitcoin' mantra hold when JPM's stablecoin starts mooning?
Jamie Dimon Confirms JPMorgan’s Venture into Crypto, Stablecoins
Last month, JPMorgan Chase filed a trademark for its own. Over the past year, the firm has begun changing its tune on cryptocurrency, offering its bank clients access to purchasing Bitcoin. CEO Dimon has been publicly against the crypto industry for a long time, in turn forcing his company to arrive to the crypto party late. JPMorgan is one of the biggest banking institutions in the world, so being involved in the growing crypto industry through fintech and stablecoins is a big step forward.
“You know, these guys are very smart,” Dimon said of his fintech competitors. “They’re trying to figure out a way to create bank accounts, to get into payment systems and rewards programs, and we have to be cognizant of that. And the way to be cognizant is to be involved.” In addition, JPMorgan Chase won’t be the first major US banking institution to open its doors to crypto. Indeed, Bank of America CEO Brian Moynihan has also said his firm WOULD get involved in stablecoins.
Such an expansive service portfolio is also indicative of the firm trying to establish its dominion in the rising stablecoin domain. The US government is also actively preparing to debut the GENIUS stablecoin bill, the one that delivers a unified stablecoin infrastructure for the industries to tinker with. JP Morgan’s idea of launching JPMD coincides with the launch of GENIUS, which is currently in its last stage of launch and is being reviewed in the House at present.
