Jamie Dimon, CEO of Jam Morgan Chase, in the Q4 2020 revenue call, and CFO Jennifer Piepszak, weighed in on the OCC’s recent approval of banks that use stable coins for payments, as well as whether the approval any will affect the development of JPM Coin.
During the question-and-answer section of the call, Portales Partners analyst Charles Peabody asks about the OCC’s approval for banks to use public blockchain networks for payments.
‘Those guidelines offer a range of stables offered in a public blockchain. It therefore has no effect on JPM currency. JPM currency, you have to think about tokenizing our customer deposits, ”JPM CFO Jennifer Piepszak replied, according to a transcript of the call.
However, she does not rule out the possibility of a JPM-backed stable currency if customers show interest.
‘It’s very early, of course. We will assess use cases and – and customer demand. But – but it’s still too early to see where it’s going for us. ”
Jamie Dimon, CEO of JPM, also jumped in quickly, saying that the bank uses ‘blockchain’ to share data with banks already, which is why we are at the forefront of the good. ‘
JPM Coin, launched in October 2020, is largely used at the back of JPM’s payment systems, helping to settle nearly $ 6 trillion in payments daily. On the call, Piepszak also described the JPM Coin project as ‘deposits to make payments easier for the customer’.
Ultimately, it seemed Dimon was implying that settling crypto payments would not change the way JPM works much.
“There’s talk of several banks having digital currencies and stuff like that, right?” Dimon shut down. ‘[…] So I – I expect things to happen and it may not change our world that much ”
Dimon may underestimate the impact that crypto will have on the payment landscape.
Paypal, one of the Fintech giants that named Dimon by name as a payment competitor, has confirmed that crypto payments will be available from 2021. The CEO – a former skeptic about cryptocurrencies – has made it clear that payments will become an increasing pressure and diameter. field during the next decade:
I expect it to be a very, very tough competition in the next ten years. I expect to win. So help me God.