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14 minutes ago
- Yahoo
JPMorgan Boss Jamie Dimon Praises Stablecoins, Remains Bitcoin Skeptic
JP Morgan Chase CEO Jamie Dimon reaffirmed his belief in stablecoins on Thursday, but said that he still wasn't a fan of Bitcoin. Speaking with CNBC, billionaire banking boss Dimon said that stablecoins could be used in ways that fiat currency can't. "There are things that stablecoins maybe can do that your traditional cash can't," Dimon said, although he emphasized that the bank was looking to address client demand more than the bank's preferences. "It's what the customer wants," he said. "It's not what JP Morgan personally wants." Dimon's comments underscored his reservations about digital assets. Still, he expressed his belief in the potential usefulness of blockchain technology and his willingness to allow the banking giant to participate in the space. JP Morgan has introduced multiple cryptocurrency-focused initiatives in recent months. Earlier this week, JP Morgan announced a deal with America's largest crypto exchange, Coinbase, allowing customers to link their accounts to the platform and buy digital assets. Dimon has also recently praised stablecoins, a perspective he reiterated to CNBC. "I'm not against stablecoins," Dimon said. "I'm a believer in stablecoin, a believer in blockchain, not personally a believer in Bitcoin itself, but you're the customer—I don't like to tell customers what they can and can't do with their money." Stablecoins are digital tokens running on blockchains—like Ethereum or Solana—that are pegged to non-volatile assets, usually dollars. With a stable value, such cryptocurrencies were previously used by traders to enter and exit digital asset trades without the need for banks. But now, banks, major companies, including Meta and Amazon, and even U.S. states are all interested in issuing the tokens, which are supposed to accelerate payments leveraging blockchain technology. This month, U.S. President Donald Trump signed the GENIUS Act into law, establishing a framework for issuing and trading stablecoins in the U.S. JP Morgan Dives Deeper into Stablecoins Despite Jamie Dimon Doubts JP Morgan's Coinbase deal means that Chase customers will be able to directly link bank accounts to their cryptocurrency wallets from next year. The bank also said it will "seamlessly and securely convert their points into cryptocurrencies." Publicly-traded Coinbase is the biggest exchange in the U.S. and allows users to buy, sell, and bet on the future price of digital coins and tokens. It also has a deal with the U.S. government to take custody of confiscated crypto. In the past, Dimon had been unsparing in his comments on Bitcoin, calling it a "pet rock" and valuable only to criminals. The bank has used blockchain technology in its products, though. NYSE-listed JP Morgan's stock was down by a little over 1% Thursday. Coinbase—which trades on the Nasdaq—was up marginally, by less than 1%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 hours ago
- Yahoo
Jamie Dimon just gave a thumbs up to stablecoins—but still won't say anything nice about Bitcoin
The CEO of JPMorgan Chase gave a shout out on Wednesday to stablecoins, one of the buzziest sectors in the crypto. 'I'm a believer in stablecoins, believer in blockchain, not personally, a believer in Bitcoin itself,' Jamie Dimon said in an interview with CNBC. He added that his bank 'will have' a stablecoin, or cryptocurrency pegged to underlying assets like the U.S. dollar. 'There are things that stablecoins maybe can do that your traditional cash can't,' Dimon said, adding later: 'It's what the customer wants. It's not what JPMorgan personally wants.' Dimon has long drawn a distinction between the technology of blockchain, or decentralized ledgers, and Bitcoin, the world's largest cryptocurrency. His Wednesday comments with CNBC are in line with his prior thinking, but his disavowal of Bitcoin was softer than his previous takedowns. In 2017, he said that he would fire JPMorgan Chase employees who were trading Bitcoin because it was evidence that they were 'stupid.' In 2023, he said Bitcoin was 'hyped-up fraud,' compared the token to a 'pet rock,' and said that cryptocurrencies are a 'waste of time.' Still, he conceded that blockchains were useful. 'Blockchain is a technology ledger system that we use to move information. We've used it to do overnight repo, intraday repo, we've used it to move money, right? So that's a technology ledger that we think will be deployable,' he said. Dimon heads the largest bank in the U.S and his comments on stablecoins add further legitimacy to the fast-growing crypto industry, especially after the landmark passage of GENIUS Act in Congress, a bill that regulates stablecoins. JPMorgan Chase has long had its own blockchain division. The team, originally called Onyx, has rebranded to Kinexys and has started to expand beyond the bank's 'walled garden,' an industry term for blockchains that are private. In May, the bank settled its first transaction on a public blockchain. And, in June, Kinexys announced that it was piloting what it called JPMD, a stablecoin-like asset known as a tokenized deposit. The token will represent a dollar of deposits into JPMorgan Chase. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Yahoo
Applovin Corp (APP) Divests Gaming Subsidiaries in $400M Tripledot Deal
AppLovin Corporation (NASDAQ:APP) is one of the best AI stocks to buy, according to billionaire Stanley Druckenmiller. On July 1, AppLovin Corporation announced the successful sale of its mobile gaming subsidiaries to Tripledot Group Holdings and its affiliates, with the deal officially closing on June 30, 2025. A close-up shot of a businessperson typing on a mobile device, highlighting the company's mobile messaging application. The sale included $400 million in cash—paid directly after a last-minute agreement change—as well as Tripledot shares representing around 20% of its fully diluted equity. AppLovin subsidiaries Morocco, Inc. and AppLovin GmbH were part of the transaction, with Tripledot, Eton Games, and Tripledot Group Holdings listed as purchasers. The deal reinforces AppLovin's strategic shift, as the company, headquartered in Palo Alto and listed on Nasdaq under APP, continues to focus on its core software business. AppLovin Corporation (NASDAQ:APP) is a technology company that develops software to help businesses connect with their ideal customers and grow their audience. It provides solutions for mobile app marketing, monetization, and analytics. It also leverages AI to power its advertising and app monetization platform. While we acknowledge the potential of APP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and 11 Best 52-Week High Stocks to Buy Now. Disclosure: None. This article is originally published at Insider Monkey.
