“Speaking on his Bank’s Second Quarter Earnings Call, The Famus Crypto Skeptic Acknowledged that Stablecoins Are “Real.””, – WRITE: www.coindesk.com
“We’re going to be involved in a bot, jpmorgan depositcoin and stablecoins to understand it, to be good at it,” Dimon Said Durying the Bank’s Tuesday Earns Call. “I Think They’re Real, But I DON’T KNOW WHY YOU’D WANT A STABLECOIN as Opped to Just Payment.”
His comments came as stablecoins, A Subset of Cryptocurrencies with Prices Tied to Predominantly to Fiat Money Like the Us Dollar, Are Having A BreakthROUGHTUSHTER IN THE BROVADER IN THE BROVADER INTERMENT IN THE BRAVER. They are increasy being used as a cheaper, faster alternative for Cross-Border Payments, Especialy in Emerging Countries. Looming US Regulation Provides Another Tailherwind for the Sector, with The Senate Already Having Passed the Genius Act and the House Aiming to Pote on the Proposal Theis Week.
Read More: House Gears Up for Crypto Market Structure Vote on Wednesday, Stablecoins Thursday
Dimon has been a long-time skeptic of Cryptocurrencies. Despite that, the Bank Has Been An Early Leader in Tokenization with Its Private Blockchain Network Kinexys, Formerly Known As Onyx. The Bank Now Settles $ 2 Billion in Transactions Daily Using JPM Coin. It Also Pilothened Last Month a Deposit Token, Jpmd, On the Base Network, A Blockchain Built by Coinbase That Runs on Ethereum.
Dimon Also Suggested that Financial Technology Firms, Fintechs in Short, ARE USING STABLECOins and Blockchain Tools to Edge Into Traditional Banking. “THESE GUYS Are Very Smart,” He Said During the Call. “They’re Trying to Figure Out A Way to Create Bank Accounts and Get Into Payment Systems and Rewards Programs.”
“We have to be cognizant of that,” He Said. “Way to be Cognizant is to be Involved.”
For Example, Crypto-Powered Banking Startup Dakota Offers Cross-Border US Dollar Payments Using Stablecoins in the Backet and Has Raissed $ 12.5 Million to Expand ITSCES, CERVICES TO Over.
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