JPMorgan is considering launching its own stablecoin, marking a shift from its current deposit token strategy. CEO Jamie Dimon confirmed this evolution during the July 15, 2025 earnings call, emphasizing the need to stay competitive against fintech challengers. The bank already operates JPM Coin (JPMD), launched in November 2025 on Coinbase’s Base blockchain, with average daily volume exceeding $7 billion. JPMorgan has joined a consortium with Citi, Bank of America, and Wells Fargo to develop a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027. This initiative would position JPMorgan as a direct competitor to Circle (USDC) in the high-value institutional segment.
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