JPMorgan Chase (NYSE:JPM) evaluated launching its own stablecoin as major banks shift from fighting the technology to building it, according to a Wall Street Journal report on Wednesday.
Why Banks Are Changing Their Minds
The WSJ reported that banks spent the past year lobbying against stablecoins while pushing tokenized deposits as their preferred alternative.
That position is now softening as major nonbank companies including Visa (NYSE:V), BlackRock (NYSE:BLK), Google (NASDAQ:GOOGL), and DoorDash (NASDAQ:DASH) move into a stablecoin market long dominated by Tether and Circle.
JPMorgan already operates JPM Coin, a tokenized deposit, and its own blockchain. A spokeswoman told the Journal the bank has no current plans to issue a stablecoin but added: “Depending on customer demand and the evolution of the regulatory landscape, we would of course evaluate all options in the future.”
