JPMorgan Chase, the most important financial institution in the US with $3.6 trillion in property, has plans to “to be concerned in […] stablecoins,” CEO Jamie Dimon stated on Tuesday throughout an earnings convention name.
In response to Dimon, JPMorgan’s transfer into the stablecoin house is partly pushed by competitors from fintech firms, that are more and more making an attempt to copy options of the normal monetary system.
“We’re going to be concerned in each JPMorgan deposit coin and stablecoins to grasp it, to be good at it,” Dimon stated. “I believe they’re actual, however I don’t know why you’d need to [use a] stablecoin versus simply cost.”
Dimon’s feedback got here the identical day Citigroup introduced its personal plans to enter the stablecoin race. Throughout a post-earnings convention name on Tuesday, Citigroup CEO Jane Fraser informed analysts that the financial institution is contemplating issuing a stablecoin to facilitate digital funds.
“We’re wanting on the issuance of a Citi stablecoin, however most likely most significantly is the tokenized deposit house, the place we’re very energetic,” Fraser stated. “This can be a good alternative for us.”
In Might 2025, The Wall Road Journal reported {that a} group of massive banks was contemplating issuing a joint stablecoin. That group reportedly included JPMorgan, Financial institution of America, Citigroup and Wells Fargo.
One other issue driving banks’ curiosity within the stablecoin house is the bettering regulatory surroundings in the US. The GENIUS Act, which might regulate stablecoins and their issuers, has handed the Senate and is at present into consideration within the Home of Representatives.
US President Donald Trump referred to as for the GENIUS Act to be handed on Tuesday amid Congress’s “Crypto Week.” Greenback-pegged stablecoins are sometimes seen as a approach to enhance greenback dominance worlwide.
Associated: GENIUS Act ‘legitimizes’ stablecoins for international institutional adoption
In response to DefiLlama, the present stablecoin market capitalization is $258 billion. The market has risen 58% from July 16, 2024, when it was valued at $163.3 billion.
Some observers think about stablecoins to be crypto’s first mainstream use case, as they’ve been more and more adopted by companies and people around the globe for his or her ease, velocity and ease.
JPMorgan deposit coin is a proof-of-concept token issued on a public blockchain. The financial institution is billing it as an alternative choice to stablecoins for money funds and settlements. It’s at present out there to institutional shoppers.
Journal: Bitcoin vs stablecoins showdown looms as GENIUS Act nears
