CEO of JPMorgan Chase Jamie Dimon expressed support for stablecoins, highlighting their growing significance in the cryptocurrency world.
Support for Stablecoins
Jamie Dimon stated in an interview with CNBC that he supports stablecoins, which are digital assets pegged to traditional assets like the US dollar. He emphasized that the interest in stablecoins arose at the request of customers: "It's not about what JPMorgan wants, it's about what customers want."
Distinction Between Stablecoins and Bitcoin
Dimon expressed skepticism towards Bitcoin, which he once characterized as a "hyped-up scam" and a "waste of time." However, he acknowledged that blockchain technology could become useful for banking transactions, distinguishing it from Bitcoin.
Use of Blockchain Technology at JPMorgan
Dimon also discussed the application of blockchain technology at JPMorgan for various financial operations including overnight repo transactions and money transfers. He emphasized that this technological infrastructure is viable.
The support for stablecoins from major organizations like JPMorgan reflects a growing interest and need for the traditional financial sector to adapt to new digital realities.
