Jamie Dimon says JPMorgan might build a stablecoin with other banks
Major banks are embracing stablecoins as strategic tools to stay ahead of fintech rivals and adapt to blockchain-powered finance.
Key Takeaways
- JPMorgan is investing in stablecoins to stay ahead, even without full clarity on outcomes.
- JPMorgan is developing a deposit coin and exploring stablecoins to improve its digital asset capabilities.
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Jamie Dimon, CEO of JPMorgan Chase, admitted he doesn’t know how stablecoins will play out, but instead of ignoring them, the bank is actively experimenting and may build one with other banks.
“Stablecoin was one where I don’t know how it’s going to play out,” Dimon said at the America Business Forum on Thursday. “What do we do about it? We’re involved. We’re building a stablecoin. We may build it with other banks.”
The bank already has a JPMorgan deposit coin that can pay interest and uses blockchain technology, Dimon said.
“Any of these tools that you want to use for smart contracts, we are simply going to do,” he added. “I don’t know how it’s going to sort out, but I’d rather be playing, which keeps us smart, than acting like I know the answer to it.”
Dimon, who has been skeptical about Bitcoin in the past, said the bank takes a consistent approach to frontier technologies. In business unit meetings, whether for the consumer branch or global investment banking, technology and artificial intelligence are always on the agenda.
“I always say, are you doing everything you need to do to win in the future, period?” Dimon said. “And I don’t care what the budget says.”
He emphasized that the bank pursues technologies regardless of his personal views.
“Sometimes, regardless of what I think about it, I want you to be dabbling in it because you’re being smart is much more important than saying Jamie does or doesn’t like it,” he said.
