JP Morgan Chase CEO Jamie Dimon reaffirmed his belief in stablecoins on Thursday, but said that he still wasn’t a fan of Bitcoin.
Speaking with CNBC, billionaire banking boss Dimon said that stablecoins could be used in ways that fiat currency can’t.
“There are things that stablecoins maybe can do that your traditional cash can’t,” Dimon said, although he emphasized that the bank was looking to address client demand more than the bank’s preferences.
“It’s what the customer wants,” he said. “It’s not what JP Morgan personally wants.”
Dimon’s comments underscored his reservations about digital assets.
Still, he expressed his belief in the potential usefulness of blockchain technology and his willingness to allow the banking giant to participate in the space.
JP Morgan has introduced multiple cryptocurrency-focused initiatives in recent months.
Earlier this week, JP Morgan announced a deal with America’s largest crypto exchange, Coinbase, allowing customers to link their accounts to the platform and buy digital assets. Dimon has also recently praised stablecoins, a perspective he reiterated to CNBC.
“I’m not against stablecoins,” Dimon said. “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—that are pegged to non-volatile assets, usually dollars. With a stable value, such cryptocurrencies were previously used by traders to enter and exit digital asset trades without the need for banks.
But now, banks, major companies, including Meta and Amazon, and even U.S. states are all interested in issuing the tokens, which are supposed to accelerate payments leveraging blockchain technology.
This month, U.S. President Donald Trump signed the GENIUS Act into law, establishing a framework for issuing and trading stablecoins in the U.S.
JP Morgan’s Coinbase deal means that Chase customers will be able to directly link bank accounts to their cryptocurrency wallets from next year.
The bank also said it will “seamlessly and securely convert their points into cryptocurrencies.”
Publicly-traded Coinbase is the biggest exchange in the U.S. and allows users to buy, sell, and bet on the future price of digital coins and tokens. It also has a deal with the U.S. government to take custody of confiscated crypto.
In the past, Dimon had been unsparing in his comments on Bitcoin, calling it a “pet rock” and valuable only to criminals. The bank has used blockchain technology in its products, though.
NYSE-listed JP Morgan’s stock was down by a little over 1% Thursday. Coinbase—which trades on the Nasdaq—was up marginally, by less than 1%.