Jamie Dimon Reaffirms Belief in Stablecoins but Not Bitcoin

JP Morgan Chase CEO Jamie Dimon reaffirmed his belief in stablecoins on Thursday, stating that he still isn’t a fan of Bitcoin.

In an interview with CNBC, Dimon mentioned that stablecoins could be utilized in ways that traditional fiat currency cannot. “There are things that stablecoins maybe can do that your traditional cash can’t,” he said, emphasizing that the bank aims to address client demand more than its own preferences. “It’s what the customer wants,” Dimon stated. “It’s not what JP Morgan personally wants.”

His comments highlighted his reservations about digital assets, but he acknowledged the potential usefulness of blockchain technology and showed willingness for the banking giant to engage in the space.

Recently, JP Morgan launched multiple cryptocurrency initiatives. Earlier this week, the bank announced a collaboration with America’s largest crypto exchange, Coinbase, which will allow customers to link their accounts to the platform and buy digital assets.

Dimon reiterated his appreciation for stablecoins, declaring, “I’m not against stablecoins. I’m a believer in stablecoin, a believer in blockchain, not personally a believer in Bitcoin itself, but you’re the customer—I don’t like to tell customers what they can and can’t do with their money.”

Stablecoins are digital tokens running on blockchains like Ethereum or Solana, pegged to non-volatile assets, usually dollars. Their stable value allows traders to enter and exit digital asset trades without requiring banks.

However, now banks, major companies like Meta and Amazon, and even U.S. states are showing interest in issuing such tokens to expedite payments using blockchain technology.

This month, U.S. President Donald Trump signed the GENIUS Act into law, creating a framework for issuing and trading stablecoins in the U.S.

JP Morgan’s deal with Coinbase means Chase customers will be able to directly link bank accounts to their cryptocurrency wallets starting next year. The bank also plans to enable customers to “seamlessly and securely convert their points into cryptocurrencies.”

Publicly traded Coinbase is the largest exchange in the U.S., permitting users to buy, sell, and speculate on the future prices of digital coins and tokens. The company also has an agreement with the U.S. government to take custody of confiscated crypto assets.

Despite previously being critical of Bitcoin, referring to it as a “pet rock” only valuable to criminals, JP Morgan has incorporated blockchain technology in its products. On Thursday, JP Morgan’s stock fell slightly by over 1%, while Coinbase saw a modest increase of less than 1%.