JPMorgan will build its own blockchain to counter crypto competition

Dimon warns JPMorgan must speed up its blockchain rollout to counter crypto rivals. Banks push to curb stablecoin rewards, while a White House analysis sees little lending benefit from a ban.

Jamie Dimon told shareholders a “whole new set of competitors” has emerged across stablecoins, smart contracts, and tokenization, and said JPMorgan needs to “roll out our own blockchain technology” to defend its position. Fortune.

He has shifted tone over the past year. He said he is “a believer in stablecoins” and that “blockchain is real.” Fortune.

JPMorgan isn’t starting from zero. It launched JPM Coin in 2019 and built out tokenization and payments via its Kinexys unit. Transactions on its blockchain products rose about 30x since 2023, according to co‑CEOs.

The bank has also tested public rails. Executives cited a 2025 US commercial paper issuance for Galaxy Digital as evidence of broader exploration on chains like Solana (SOL). NewsBTC.

US policy is shifting, and more TradFi players are piloting decentralized tech. NewsBTC.

Banks are lobbying to change the GENIUS and CLARITY bills to bar yield on stablecoins, calling it a loophole. NewsBTC.

A White House Council of Economic Advisers analysis found a ban would lift bank lending by about $2.1 billion, roughly 0.02% of total loans, while creating an estimated $800 million net welfare loss for consumers. Crypto In America.

Talks over whether to allow stablecoin yield continue. Two sources said negotiations are progressing, but outcomes remain unclear. Crypto In America.