JPM Coin is a dollar-backed stablecoin announced by JPMorgan Chase in February 2019, positioned as an institution-to-institution (B2B) payment tool, based on JPMorgan's self-developed Quorum consortium blockchain, operating on its developed Interbank Information Network (IIN).

According to JPMorgan's 2024 data, its platform Kinexys has processed over $1.5 trillion in transaction volume, averaging over $2 billion in transactions per day. JPMC has become the first traditional bank to achieve large-scale application of a stablecoin, setting a benchmark for financial institutions embracing blockchain technology.

JPMorgan CEO Jamie Dimon has expressed a contradictory attitude towards cryptocurrencies, criticizing the speculative nature of cryptocurrencies like Bitcoin while stating, "These Fintechs are smart, and we must participate." This seemingly contradictory statement actually reveals the strategic considerations of traditional financial giants in the face of technological change — if they do not proactively engage in stablecoins, core businesses such as payments and accounts may be disrupted by emerging tech companies.

The Scale and Growth Logic of the Stablecoin Market

The current stablecoin market has reached a scale of $225 billion, accounting for about 7% of the global crypto ecosystem (which is approximately $3 trillion), and has achieved positive market value growth for seven consecutive months, demonstrating strong industry resilience.

J.P. Morgan analyst Kenneth Worthington pointed out that stablecoins "may be a better form than fiat currency," as their digital-native and on-chain traceable characteristics make them easy to self-custody and facilitate instant transactions, especially advantageous in cross-border capital flows — compared to the traditional SWIFT system (which usually requires three days for settlement), stablecoins can achieve instant arrival and lower costs, highlighting the alternative value of "digital fiat currency."

Regarding future growth potential, there is significant cognitive divergence in the market: JPMorgan predicts the scale may reach $500–750 billion in the next few years, while optimistic expectations suggest it could reach $2 trillion by the end of 2028. Considering that the ecosystem is still in its early stages, the infrastructure construction cycle, and investors' conservative attitudes, actual growth may be slower than optimistic expectations, reflecting the complexity and uncertainty of industry development.

The Stablecoin Layout of Traditional Banking

The layout of stablecoins in traditional banking is essentially a defensive innovation practice, with its core motivation presenting duality: on one hand, it aims to resist the continuous erosion of traditional payment businesses by Fintech platforms like PayPal and Block’s Cash App; on the other hand, it seeks to seize the key entry point for institutional-level digital financial services through first-mover advantages.

This strategic choice reflects the banking industry's adaptive adjustments to emerging technologies and reveals its deep considerations for maintaining market dominance. Different institutions have formed differentiated paths based on resource endowments: JPMorgan's JPM Coin focuses on real-time payment scenarios between institutions, Citibank emphasizes tokenized deposits and crypto asset custody services, while Bank of America builds ecological synergy capabilities by participating in stablecoin-related businesses.

The formation of this differentiated competitive landscape not only avoids homogenized internal competition but also enables the banking industry to achieve multi-point coverage in the digital asset field.

The Impact of Restructured Regulatory Framework

The signing of the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) into law marks the formal establishment of the U.S. stablecoin regulatory framework. This bill directly addresses market concerns exposed by the 2022 TerraUSD run on the basis of a "legal identity certification + strict reserve mechanism" dual design, laying the institutional foundation for the mainstreaming of stablecoins.

Core regulatory provisions:

• Prohibits issuers from paying interest on stablecoins, clarifying their "non-yielding digital cash" attribute;
• Requires 1:1 reserve support, with assets limited to U.S. dollars, short-term government bonds, and high-quality liquid assets;
• Allows non-bank institutions, insured depository institutions (IDIs) subsidiaries, and state-chartered entities to act as issuers.

The "prohibition of interest" clause has a critical impact: on one hand, it weakens the direct competition between stablecoins and bank deposits or money market funds; on the other hand, it strengthens their functional positioning as payment tools.

However, we must recognize the uncertainty regarding whether non-bank issuers can access the Federal Reserve's balance sheet, which may expose them to liquidity risks similar to traditional shadow banking — making it difficult to respond quickly to redemption pressures in extreme cases.

The core competitive advantage of bank-issued stablecoins lies in their compliance endorsement. For example, deposit tokens rely on the mature liquidity management framework and regulatory compliance system of traditional banks, providing a higher credit foundation and risk controllability compared to non-bank issued stablecoins.

The Multidimensional Impact of Stablecoins on Traditional Financial Markets

The impact of stablecoins on traditional financial markets is reflected in three dimensions: the reconstruction of payment efficiency, innovation in capital market settlement, and systemic risk transmission, with their integration with financial technology reshaping the underlying logic of traditional financial infrastructure.

In terms of payments, the instant settlement feature of stablecoins achieves a leap in efficiency compared to traditional ACH and SWIFT systems (which take several days), while JPMorgan's combination of AI technology with stablecoins further amplifies this advantage.

The trading anomaly detection system developed by the institution is 300 times faster than traditional methods, promoting the transformation of cross-border payments and settlements from a "T+N" model to a "T+0" real-time model through real-time risk monitoring and instant value transfer, redefining the efficiency boundaries of financial infrastructure.

In the capital markets, stablecoins are exploring deep integration with AI-driven assets. JPMorgan currently manages a scale of $1.2 trillion in AI-related bonds, accounting for 14% of the U.S. investment-grade bond market, and the dynamic valuation characteristics of these assets have created a demand for real-time settlement tools.

Stablecoins can be applied in real-time collateral adjustment scenarios for AI bonds, such as achieving instant settlement of collateral value fluctuations during algorithm-driven portfolio rebalancing, reducing counterparty risk exposure caused by traditional settlement delays.

In terms of risk transmission, we need to be cautious of the cross-market spillover effects of "run risk." The 2022 TerraUSD collapse event demonstrated that the redemption risk of algorithmic stablecoins could trigger a chain reaction;

Although bank-issued stablecoins reduce endogenous risks based on the 1:1 fiat reserve mechanism, large-scale concentrated redemptions could still transmit through financial markets to the traditional system.

For example, concentrated selling of short-term government bonds in the reserve asset pool could trigger a liquidity crisis in the bond market, subsequently affecting the stability of traditional banks' balance sheets holding similar assets, forming a transmission chain of "stablecoin run — reserve asset sell-off — traditional financial market volatility."

Stablecoins serve as a key bridge connecting traditional finance and web3, and their core value has been fully demonstrated through enhanced payment efficiency and optimized cross-border flows. Under the dual drive of the GENIUS Act regulatory framework and AI technology integration, the mainstreaming process has become irreversible.

The role of traditional banks has profoundly transformed, evolving from skeptics of cryptocurrencies to active participants, defending against Fintech competition and seizing digital financial entry points through the issuance of stablecoins (such as JPM Coin) and exploring tokenized deposits.

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