JPMorgan Chase JPM CEO and longtime Bitcoin BTC/USD critic Jamie Dimon has acknowledged that crypto, blockchain, and stablecoins are "real."
This marks a notable shift in tone as his bank prepares to let institutional clients use Bitcoin and Ethereum ETH/USD as loan collateral by the end of 2025.
What Happened: Speaking at Saudi Arabia's Mega Investment Summit in a discussion between Goldman, JPMorgan, BlackRock, Dimon said, "Crypto is real. Blockchain is real. Stablecoins are real."
He added that JPMorgan already operates a deposit coin and uses smart contracts to improve transaction efficiency and customer service, noting, "It will be used by all of us."
JPMorgan recently launched a pilot for its Deposit Token, a blockchain-based payment instrument representing real customer deposits.
Unlike traditional stablecoins, these tokens are interest-bearing and fully backed by bank liabilities, running on Coinbase's Base network.
Also Read: Bitcoin, Ethereum Slide Another 3%: Is US Demand Disappearing?
Why It Matters: Dimon clarified at a recent Fortune Most Powerful Women Summit in Washington, D.C. that JPMorgan's blockchain is private, allowing the bank full control over permissions and governance, unlike decentralized chains such as Bitcoin or Ethereum that have complete control of who uses the chain.
The bank's upcoming collateralization program, expected to go live by late 2025, will let institutional clients pledge BTC and ETH for secured loans, marking one of Wall Street's most direct integrations of digital assets into traditional finance.
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