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>>JPMorgan's CEO advocates for banks to develop proprietary blockchains to mitigate risks posed by cryptocurrency.

JPMorgan's CEO advocates for banks to develop proprietary blockchains to mitigate risks posed by cryptocurrency.

crypthub

1 day ago

Accelerating Blockchain Strategy

JPMorgan CEO Jamie Dimon warned that new blockchain‑based competitors—stablecoins, smart contracts, tokenization— threaten the bank’s market share. He urged shareholders that JPMorgan must deploy its own blockchain solutions quickly. The call comes as U.S. crypto regulations shift and traditional firms adopt decentralized tech.

Existing Initiatives

The bank launched JPM Coin on a permissioned chain in 2019 and built the Kinexys unit for tokenization and payments. It has also experimented with permissionless networks, citing a 2025 commercial paper issuance on Solana for Galaxy Digital. These projects lay groundwork for broader blockchain integration.

Evolving Leadership Stance

Dimon, once a crypto skeptic, now calls stablecoins “real” and predicts blockchain will reshape finance. Internal crypto activity has surged, with blockchain‑based transaction volume growing about thirtyfold since 2023. The shift reflects JPMorgan’s increasing confidence in digital assets.

Regulatory Debate on Stablecoin Yields

Banks lobby to restrict yield‑bearing stablecoins, fearing competition with deposits. A White House analysis finds that banning such yields would marginally boost lending (~$2.1 bn) but cost consumers up to $800 mn in welfare. The findings may influence ongoing negotiations between the banking sector and the crypto industry.