Traditional finance giant JPMorgan Chase is forging ahead with stablecoin initiatives, even as CEO Jamie Dimon remains wary of the technology’s broader value.
Speaking on the bank’s latest earnings call, Dimon stated—per CNBC—that JPMorgan intends to actively explore both its own deposit token and stablecoins as part of its strategy to stay competitive with fintech firms expanding in the digital payments space.
“We’re going to be involved in both JPMorgan deposit coin and stablecoins to understand it, to be good at it,” Dimon said. However, despite acknowledging their utility, he questioned the necessity of stablecoins when traditional payment methods already exist. “I think they’re real, but I don’t know why you’d want to [use a] stablecoin as opposed to just payment,” he added.
Dimon’s comments follow JPMorgan’s filing of a trademark application for “JPMD” in June, fueling speculation that the bank could be preparing to roll out its own stablecoin. While the potential product is expected to be limited to institutional clients and may not function as a fully decentralized or universally accepted stablecoin, it signals JPMorgan’s growing commitment to blockchain-based payment infrastructure.
JPMorgan is not alone in this pursuit. Other major U.S. banks, including Citigroup and Bank of America, are reportedly exploring similar projects as the race to modernize payment systems heats up. In May, The Wall Street Journal reported that JPMorgan had been involved in private discussions with other banks about launching a joint, bank-backed stablecoin. No further details on the collaboration have been disclosed since.
Beyond the banking sector, retail giants Walmart and Amazon are also rumored to be considering the launch of their own dollar-pegged stablecoins. This wave of interest comes as the U.S. regulatory landscape evolves, with lawmakers debating the GENIUS Act—a bill that could establish a regulatory framework for stablecoins.
Although the bill recently encountered resistance from House Republicans, industry stakeholders remain optimistic that it will ultimately pave the way for clearer, more supportive regulations—potentially bringing more of the trillion-dollar stablecoin market under U.S. oversight.
