Jamie Dimon, CEO of the world banking giant JPMorgan (JPM)said the bank plans to get more involved in Stablecoins, even if it has questioned their practical utility in relation to traditional payments.
“We are going to be involved in JPMorgan Depositcoin and Stablecoins to understand it, to be good,” said Dimon when the bank’s results call. “I think they are real, but I don’t know why you would like a stablecoin rather than payment.”
His comments came under the name of Stablecoins, a subset of cryptocurrencies with prices linked to mainly fiduciary money like the US dollar, have been pierced in the larger financial system. They are increasingly used as a cheaper and faster alternative for cross -border payments, especially in emerging countries. The imminent American regulations provide another rear wind for the sector, the Senate having already adopted the Act on Engineering and the Chamber aimed at voting on the proposal this week.
Read more: House is preparing for the vote on the structure of the cryptographic market on Wednesday, Stablecoins Thursday
Dimon has been long-standing cryptocurrencies. Despite this, the bank was a first leader in tokenization with its Kinexys private blockchain network, formerly known as Onyx. The bank is now regulating $ 2 billion in transactions daily using JPM Coin. He also piloted a deposit token last month, JPMD, on the basic network, a blockchain built by Coinbase which works on Ethereum.
Dimon has also suggested that financial technology companies, fintechs in short, use stable -co -firm tools and blockchain to enter traditional banking services. “These guys are very intelligent,” he said during the call. “They try to find a way to create bank accounts and grant payment systems and reward programs.”
“We have to be aware of this,” he said. “The way of being aware is to be involved.”
For example, the banking start-up fueled by Crypto-Gardée Dakota offers American cross-border payments using stablescoins in the Backend and has raised $ 12.5 million to extend its services to more than 100 countries, Coindesk reported.
