Traditional financial institutions such as JPMorgan and Citibank show interest in stablecoins
Summary
- It was reported that major U.S. traditional financial institutions, such as JPMorgan and Citibank, are seeking to enter the stablecoin sector.
- JPMorgan announced plans to skillfully utilize both stablecoins and deposit coins, while Citi revealed its focus on stablecoin issuance and tokenized deposits.
- It was also noted for investors that JPMorgan, Bank of America, Citigroup, Wells Fargo, and others are reviewing joint stablecoin issuance.
Traditional financial institutions, including major U.S. commercial banks such as JPMorgan Chase and Citibank, are reportedly seeking to enter the stablecoin sector.
According to a Cointelegraph report on the 16th (local time), Jamie Dimon, CEO of JPMorgan Chase, stated during an earnings call, "JPMorgan plans to enter the stablecoin sector in the future. We will skillfully utilize both deposit coins and stablecoins."
Jane Fraser, CEO of Citigroup, also said during the conference call, "We are considering issuing a Citi stablecoin, but the most important area is tokenized deposits. This will serve as a good opportunity for us."
A Wall Street Journal report in May revealed that major U.S. banks, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are reviewing joint stablecoin issuance.
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