Jamie Dimon has just given a big boost to the stablecoins – but still does not come back Bitcoin
The CEO of JPMorgan Chase made a cry on Wednesday in Stablecoins, one of the most buzzing sectors of the crypto on Wednesday. “I believe in Stablecoins, believing in the blockchain, not personally, a believer in Bitcoin himself,” said Jamie Dimon in an interview with CNBC.
He added that his bank “would have” stablecoin, or cryptocurrency set for underlying assets such as the US dollar. “There are things that Stablecoins may perhaps do that your traditional money cannot,” said Dimon, adding later: “This is what the customer wants. This is not what JPMorgan wants personally.”
Dimon has long established a distinction between blockchain technology, or decentralized registers, and Bitcoin, the largest cryptocurrency in the world. His Wednesday comments with CNBC conforms to his previous thought, but his disavowal of Bitcoin was softer than his previous withdrawals.
In 2017, he declared that he would dismiss any employee of Jpmorgan Chase who exchanged Bitcoin because it was proof that they were “stupid”. In 2023, he said Bitcoin was “fraud to the task,” compared the token to a “company rock” and said that cryptocurrencies were a “waste of time”. However, he conceded that the blockchains were useful.
“Blockchain is a major technological book system that we use to move information. We used it to make the benchmark overnight, Repo Intraday, we used it to move money, right? So, it is a big technological book which, in our view, will be deployable,” he said.
Dimon directs the largest bank in the United States and its comments on Stablecoins add additional legitimacy to rapidly growing cryptographic industry, in particular after the historic adoption of the Congress Act, a bill that regulates stablecoins.
Jpmorgan Chase has long been its own blockchain division. The team, originally called Onyx, renamed Kinexys and began to expand beyond the bank’s “enclosed garden”, an industry term for private blockchains.
In May, the bank set its first transaction on a public blockchain. And, in June, Kinexys announced that he was driving what he called JPMD, an active of a stable type known as the Tokenized deposit. The token will represent a dollar of deposits in JPMorgan Chase.
