JPMorgan CEO Jamie Dimon Eyes Stablecoin Expansion Despite Skepticism

JPMorgan CEO Jamie Dimon said the banking giant plans to deepen its involvement in stablecoins and blockchain payments, even as he questioned their utility compared to traditional systems. Speaking during JPMorgan’s Q2 earnings call, Dimon said, “We’re going to be involved in both JPMorgan Depositcoin and stablecoins to understand it, to be good at it. I think they’re real, but I don’t know why you’d want a stablecoin as opposed to just payment.”

His remarks come amid growing adoption of stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—as tools for cheaper, faster cross-border transactions, especially in emerging markets. U.S. regulatory momentum, such as the Senate-passed GENIUS Act and a pending House vote, is expected to further legitimize the sector.

Although a long-time crypto skeptic, Dimon acknowledged the innovation coming from fintechs leveraging blockchain and stablecoins to challenge traditional banking. “These guys are very smart,” he noted. “They’re trying to figure out a way to create bank accounts and get into payment systems and rewards programs. We have to be cognizant of that… and the way to do that is to be involved.”

JPMorgan has been a pioneer in blockchain-based finance. Its private network Kinexys (formerly Onyx) processes $2 billion daily via JPM Coin. Last month, the bank piloted JPMD, a deposit token, on Coinbase’s Base network, built on Ethereum.

Startups like Dakota, which uses stablecoins for cross-border U.S. dollar payments, are proving the model’s scalability, having raised $12.5 million to expand into over 100 countries.

Dimon’s measured approach reflects both caution and strategic alignment with the evolving digital asset ecosystem.