JPMorgan Chase CEO and longtime Bitcoin skeptic Jamie Dimon has conceded that crypto, blockchain, and stablecoins are ‘real’, signaling a notable shift in his stance. The acknowledgment comes as the banking giant readies plans to allow institutional clients to use Bitcoin and Ethereum as loan collateral by late 2025.
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“Crypto is real, if you mean blockchains, stablecoins, you have a JPMorgan deposit coin, you can move stuff. Smart contracts are real. All that stuff is real,” said Dimon, as quoted by Yahoo, speaking at the 9th edition of the Future Investment Initiative (FII9) in Riyadh, Saudi Arabia.
“It will be used by all of us to facilitate, you know, better transactions and customer service.”
According to Yahoo, JPMorgan has rolled out a pilot for its blockchain-based Deposit Token, a digital payment instrument backed by real customer deposits and designed to function differently from traditional stablecoins – earning interest and backed by bank liabilities.
Built on Coinbase’s Base network, the token reflects JPMorgan’s growing push into blockchain infrastructure. At the Fortune Most Powerful Women Summit in Washington, DC, Dimon emphasized that the bank’s blockchain remains private, giving JPMorgan full control over permissions and governance.
By late 2025, the bank plans to allow institutional clients to use Bitcoin and Ethereum as collateral for loans – a major step in bridging crypto and traditional finance.
