JPMorgan CEO Dimon Warns Stablecoins Could 'Blow Up' if Offering Deposit-Like Yields, May 31

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According to JPMorgan Chase CEO Jamie Dimon on May 31, allowing stablecoin issuers to provide yields similar to bank deposit interest rates could ultimately lead to failure. Under the proposed CLARITY Act, which aims to establish a U.S. regulatory framework for crypto, stablecoin firms would be permitted to offer deposit-like returns to users without equivalent regulatory safeguards applied to banks. Dimon stated: "I'm not worried about stablecoins themselves, but if this happens, I won't be part of it, and it will blow up."
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