JPMorgan предупреждает о рисках создания конкурентных стейблкоинов Translation: JPMorgan warns of the risks of creating competing stablecoins.

JPMorgan Chase’s Chief Financial Officer, Jeremy Barnum, cautioned about the risks associated with interest-bearing stablecoins.

«The creation of a parallel banking system that carries out all the functions of traditional banking, including something akin to interest-bearing deposits but lacking the corresponding safeguards built up over hundreds of years of banking regulation, is clearly a dangerous and undesirable scenario,» he stated during the fourth-quarter earnings call.

The issue was raised by Evercore analyst Glenn Shore, who inquired about JPMorgan’s stance on stablecoins amid lobbying efforts by the American Bankers Association and ongoing legislative discussions in the U.S. Congress.

Barnum responded that the bank’s position aligns with the Genius Act, which aims to establish clear regulations for stablecoin issuers. Nevertheless, the financial institution is «adamantly opposed» to the formation of a parallel banking system that operates outside of developing protective measures.

Lawmakers are also focusing on the Clarity Act, which seeks to delineate the authority of regulators.

According to the latest version of the bill, providers of digital asset services will be prohibited from paying interest or any income «simply for the act of holding» a stablecoin. This measure aims to prevent stablecoins from becoming unregulated equivalents of bank deposits.

However, the bill allows for rewards for active participation in the ecosystem, with exceptions made for income derived from:

In October 2025, Multicoin Capital co-founder Tushar Jain stated that the Genius Act would lead to a significant outflow of deposits from traditional banks to more lucrative stablecoins.