JPMorgan CEO Jamie Dimon says stablecoin yields should face bank-style rules, calls for ‘level playing field’

JPMorgan CEO Jamie Dimon stated that stablecoins offering rewards equivalent to interest on balances should be regulated like banks to ensure a "level playing field" with traditional financial institutions. He argued that if crypto firms want to pay interest-like rewards, they must comply with the capital, liquidity, transparency, and reporting requirements that banks face, including FDIC insurance obligations. Dimon suggested a compromise where rewards might be tied to transactions rather than idle balances. This debate is central to ongoing negotiations over crypto market structure legislation, such as the Clarity Act, as banks fear yield-bearing stablecoins could drain deposits, while crypto firms argue for permissible activity-based rewards. JPMorgan supports blockchain innovation but demands fair competition.

(Source：The Block)