From skeptic to supporter: JPMorgan CEO now a ‘believer’ in stablecoins, blockchain

Explore insights within the DeFi area. This article dives into: “From skeptic to supporter: JPMorgan CEO now a ‘believer’ in stablecoins, blockchain”.

JPMorgan CEO Jamie Dimon appeared to average his long-held skepticism towards digital belongings in a CNBC interview Tuesday morning, saying he’s now “a believer in stablecoins” and sees worth in blockchain expertise.

During the interview, Dimon prompt JPMorgan’s shift towards crypto is being pushed by buyer demand, not conviction. “We’re going to accommodate… It’s what the customer wants, not what JPMorgan wants,” he mentioned, including that every one new monetary merchandise include danger: “There’s never been a new financial product that didn’t entail risk.”

JPMorgan has been sharply increasing its footprint in crypto. Dimon confirmed in mid‑July that the financial institution plans to take part within the area with its deposit coin and broader stablecoin issuance to “understand it and be good at it.”

A short historical past of Jamie Dimon on crypto

Dimon’s feedback mark the most recent flip in a years-long evolution that has seen him go from one among crypto’s harshest critics to a cautious supporter of some blockchain-based applied sciences.

In 2017, he known as Bitcoin a “fraud” and mentioned, “you can’t have a business where people can invent a currency out of thin air.”

He mentioned he thought Bitcoin was “worse than tulip bulbs,” (a reference to the crash of the speculative Dutch tulip market within the seventeenth century), and said he would hearth any JPMorgan dealer shopping for or promoting crypto.

In 2018, he described Bitcoin as “useless as a pet rock,” criticized its use in illicit actions however acknowledged that blockchain expertise may have worth.

At the World Economic Forum in January 2024, Dimon mentioned, “Bitcoin does nothing” and has “no intrinsic value.”

As lately as January 2025, Dimon repeated issues about Bitcoin being utilized by “sex traffickers, money launderers, ransomware,” whereas reaffirming the potential of blockchain functions.

Related: SEC explores Ethereum token normal for compliant securities

JPMorgan groups up with Coinbase

Dimon’s evolving stance might increase eyebrows, however the financial institution’s rising involvement in crypto suggests the shift was solely a matter of time.

On Wednesday, JPMorgan introduced a partnership with Coinbase to increase crypto integrations for its prospects. Beginning this fall, Chase bank card holders can buy digital belongings immediately by way of Coinbase. In addition, prospects can redeem Chase Ultimate Rewards factors for USDC (USDC).

Earlier this month, the Financial Times, citing an nameless supply, reported that JPMorgan is exploring providing direct loans backed by Bitcoin as collateral, with a possible rollout as early as 2026.

Magazine: How crypto legal guidelines are altering internationally in 2025

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