During the interview, Dimon made it clear that JPMorgan’s increasing involvement in the crypto space—like plans for a deposit coin, a stablecoin expansion, and a new partnership with Coinbase—is driven by customer demand rather than personal enthusiasm. This evolving outlook is very similar to industry trends, with Visa also deepening its stablecoin integration. Visa now supports more stablecoins like USDG, PYUSD, and EURC, and new blockchains like Stellar and Avalanche. The company hopes that this will help it modernize global payments. Both companies’ moves suggest that there is growing institutional interest, clearer US regulation, and a recognition that stablecoins may redefine the future of finance. JPMorgan CEO Softens Crypto Stance Jamie Dimon, the longtime CEO of JPMorgan, suggested that he made a huge shift in his stance toward digital assets during a CNBC interview on Tuesday. He openly expressed support for stablecoins and acknowledged the value of blockchain technology. While still maintaining a cautious tone, Dimon explained that the bank’s expanding crypto strategy is primarily a response to customer demand rather than personal conviction. He said, “It’s what the customer wants, not what JPMorgan wants.” He also placed emphasis on the fact that financial innovation inevitably comes with risk, and “there’s never been a new financial product that didn’t entail risk.” This moderated tone is a major departure from Dimon’s comments over the years . In 2017, he famously called Bitcoin a “fraud” and dismissed it as worse than the speculative tulip bubble of the 17th century. He even threatened to fire any trader at JPMorgan who engaged with the asset. Over time, while maintaining skepticism about Bitcoin’s use cases, particularly its role in illicit activity, Dimon increasingly acknowledged the potential of blockchain. As recently as January 2025, he reiterated concerns over Bitcoin being used for criminal activity but continued to support blockchain innovations. JPMorgan’s actions reflect this evolving outlook. In July, Dimon confirmed that the bank plans to issue a deposit coin and broader stablecoin offerings as part of its plan to better understand and compete in the digital asset space. On Wednesday, JPMorgan also announced a new partnership with Coinbase , which will allow Chase credit card holders to purchase digital assets through the platform starting this fall. Additionally, users will be able to redeem Chase Ultimate Rewards points for the USDC stablecoin. The bank is also reportedly exploring offering direct loans backed by Bitcoin as collateral, with a potential launch as early as 2026. Overall, Dimon’s gradual softening may be a combination of market realities and strategic adaptation. Visa Expands Stablecoin Support JP Morgan is not the only company taking note of the growth in stablecoins. Visa took another major step toward integrating blockchain technology into mainstream finance by expanding its stablecoin settlement platform. The payments giant announced support for three new stablecoins—Global Dollar (USDG), PayPal USD (PYUSD), and Euro Coin (EURC)—along with the integration of two additional blockchain networks, Stellar and Avalanche. This development will make it possible for users to send and receive stablecoin payments or convert them into traditional fiat currencies across a broader range of networks. It also forms part of Visa’s main goal of modernizing its financial infrastructure. Visa press release Previously, Visa supported only Circle’s USD Coin (USDC) on Ethereum and Solana. With the addition of Stellar and Avalanche, Visa is widening its scope to offer faster and more efficient cross-border payments and settlements, a feature that appeals to institutions and international businesses. Additionally, tThe move aligns with the rising institutional interest in stablecoins, which was spurred on even more by the recent passing of the GENIUS stablecoin bill in the United States. This legislation provides clearer regulatory guidelines, which prompted banks, tech companies, and retailers to explore stablecoin use cases more seriously. Visa’s expansion is also happening at a time of intensifying competition in the stablecoin sector. Mastercard, its closest rival, already tokenized 30% of its transactions and is working with crypto companies to integrate stablecoin and digital asset payment rails. Meanwhile, JPMorgan’s recent partnership with Coinbase allows Chase users to convert rewards points into USDC, which serves as great proof that traditional banking and digital assets are converging. Big-name retailers like Amazon and Walmart are also reportedly investigating the launch of proprietary stablecoins to facilitate lower-cost, instant international payments. Bank of America even teased similar ambitions, and stablecoin infrastructure is being recognized as a disruptive force in the legacy payments industry. According to Alchemy's head of engineering Noam Hurwitz , on-chain stablecoin transaction volumes have already surpassed those of Visa and Mastercard, which could potentially position stablecoins as the internet’s new default settlement layer. Visa’s latest integration suggests that the company is preparing for a future where blockchain-based assets play a central role in the global financial system.
