Jamie Dimon Wants To Kill Stablecoins — Key Takeaways
JP Morgan's Jamie Diamond is lobbying against yield-paying stablecoins while simultaneously launching his own deposit token (JPMD) on Coinbase's Base blockchain, exposing the fight as margin protection — not systemic risk management.
Key takeaways
JP Morgan launched its own tokenized dollar on Coinbase's blockchain while lobbying to ban yield-bearing stablecoins
JP Morgan launched its own tokenized dollar on Coinbase's blockchain while lobbying to ban yield-bearing stablecoins
- JPMD went live November 2025 on Base — the blockchain built by Coinbase, the company Diamond publicly called 'full of shit'
- Diamond's April 2026 shareholder letter called stablecoins an 'existential threat' and told investors JP Morgan must race to compete
White House analysis: banning stablecoin yield protects banks by 0.02% while costing consumers $800M
White House analysis: banning stablecoin yield protects banks by 0.02% while costing consumers $800M
- White House CEA found banning yield raises bank lending by just $2.1B — a rounding error on total credit
- The Genius Act already forbids stablecoin issuers from lending reserves, collapsing the 'shadow banking' systemic risk argument
OpenUSD consortium — Visa, Mastercard, BlackRock, Google, Coinbase — launched June 30, 2026 with yield-sharing model
OpenUSD consortium — Visa, Mastercard, BlackRock, Google, Coinbase — launched June 30, 2026 with yield-sharing model
- Unlike Tether/Circle, OpenUSD distributes nearly all reserve yield back to businesses using it — the exact model Diamond is fighting
- Stablecoin volume hit $1.79T in June 2026, up 125% YoY, with Base (Coinbase's chain) capturing 31% of that market
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In this video
- 1mIntroduction: Diamond vs. Armstrong and the Stakes
- 2mDiamond's Public Attack and Coinbase's Response
- 4mJP Morgan's Shadow Banking Argument and Deposit Flight Claims
- 6mThe White House Rebuttal: Why the Systemic Risk Argument Collapses
- 8mThe Real Motive: Margin Protection and JP Morgan's Hypocrisy
- 10mThe Clarity Act: Blockers, Compromises, and the August 7th Deadline
- 12mOpenUSD and the Market Moving Regardless of Washington
“No one's going to bow down to this guy or that company.”
— Jamie Dimon
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