Jimmy Damon says that JPMorgan Chase will participate in Stablecoins

Jpmorgan Chase CEO Jimmy Damon He says he does not get Stablecoins, but he also cannot stay on the sidelines.

It is the message that Damon presented on Tuesday when asked during Profits A phone call about whether his company, the largest and most influential American bank, was exploring the payment technology.

Stablecoins, as the name suggests, is a type of cryptocurrency designed to maintain a fixed value that is usually linked to Fiat’s currency like the US dollar. Last month, Jpmorgan Declare It will launch a limited version of Stablecoin that only works with JPMorgan customers; Stablecoin is supposed to be real worldly acceptable.

“We will participate in both the deposit currency JPMorgan and Stablecoin to understand it, to be good in that,” Damon said. “I think it’s real, but I don’t know why you want to (use) Stablecoin instead of just pay.”

Dimon, 69, is one of the most vocal Opponents From some cryptocurrencies such as bitcoin. But its bank is the tyrant in the global payment industry, which helps to transfer approximately 10 trillion dollars per day, and therefore it makes sense to explore Stablecoins at a time when the organization is range For technology opened.

Damon said on Tuesday that the failure to do so could give up the Fintech players looking to re -create elements of the organized financial ecosystem.

“You know, these men are very smart,” said Damon. “They are trying to discover a way to create bank accounts, to enter the payment systems and reward programs, and we must realize this. The way we must realize the participation.”

Citigroup Executive officials said on Tuesday that the bank was “looking at the City Stoplaken” version of several ways to play in space. They said that the biggest opportunity about distinguished deposits and in providing coding custody.

Bank of America CEO Brian Moinhan also has He said His company will participate in Stablecoins.

It can be one of the ways for traditional banks to cooperate through the subscription early warning services. This will be similar to the way they gathered together to provide Zelle to the immediate peer payments as a means of defending the grass against PayPal and roadblock’S Cash app.

When he was asked on Tuesday about a possible cooperation between banks, Damon refused to provide a specific answer.

“This is a great question, and we will let it remain as questions,” Damon said. “You can assume that we think about all of this.”

– With reports from Jesse Pound from CNBC.