JPMorgan Isn’t Panicking Over Stablecoins — And That Says a Lot
As community banks warn Washington that stablecoin yields could trigger a massive drain on deposits, JPMorgan is taking a very different view. Instead of sounding the alarm, the bank is reminding everyone that the financial system has always had multiple layers of money — and stablecoins are simply another one.
A JPMorgan spokesperson says deposit tokens, stablecoins, and existing payment rails will all serve “different, but complementary” purposes. It’s a striking contrast as smaller lenders push senators to tighten the rules around stablecoin incentives.