The Wall Street Journal, citing sources familiar with the matter, reported that JPMorgan Chase is considering issuing its own stablecoin. Talks remain at an early stage, and the bank isn't preparing a specific product yet.
The bank's deliberations come as major non-financial players enter the stablecoin market and the wider banking industry pivots toward a tool it once rejected.
What Is Known About JPMorgan's Plans
The country's largest bank already operates a tokenized deposit, JPM Coin, along with its own blockchain. Launching a separate stablecoin would take the bank a step beyond its existing infrastructure.
At the same time, JPMorgan said it does not plan to issue a stablecoin but will evaluate all options depending on client demand and how regulation evolves.
How and Why Banks Are Shifting Their Position
Visa, BlackRock, Google, and DoorDash are now entering the stablecoin market, long dominated by Tether and Circle. This expansion has pushed some bankers to reconsider their earlier skepticism and view their own coins as a defensive tool against competitors.
Previously, the banking community lobbied against crypto firms pushing for the right to pay yield to stablecoin holders: banks feared deposit outflows and fought to defend their position during the Clarity Act debate. Instead of stablecoins, banks rallied around a network of tokenized deposits that preserves the credit profile, regulatory requirements, and accounting treatment of ordinary bank deposits.
A group of more than a dozen financial institutions, including Bank of America, Wells Fargo, and Santander, is already advancing a joint stablecoin for international settlements, starting with the dollar and later extending to the euro and other G7 currencies. Some banks are doing both — participating in these consortiums while also weighing their own coin launches.
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