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JPMorgan CFO: Yield-bearing stablecoins could create a "dangerous parallel banking system"

JPMorgan CFO: Yield-bearing stablecoins could create a "dangerous parallel banking system"

Odaily星球日报Odaily星球日报2026/01/14 02:02
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According to Odaily, JPMorgan Chase Chief Financial Officer Jeremy Barnum stated during the company's fourth-quarter earnings call that JPMorgan supports blockchain technology and financial innovation, but holds a clear cautious stance toward certain yield-bearing stablecoin designs. He believes these may replicate traditional banking functions without appropriate prudential regulation, thereby creating a "dangerous and unwelcome parallel banking system."

Barnum pointed out that the bank's position aligns with the regulatory intent set by the GENIUS Act, which is to establish clear boundaries for stablecoin issuance. He emphasized that if stablecoins possess features similar to "interest-bearing deposits" but do not assume the capital, risk control, and compliance requirements that have gradually formed over centuries of banking regulation, they will pose risks to the existing regulated financial system. While JPMorgan welcomes competition and innovation, it does not support "shadow banking" structures that circumvent established regulatory frameworks.

At the legislative level, the issue of stablecoin "yields" has become one of the core points of contention in the U.S. Congress's review of the Digital Asset Market Structure Clarity Act. The latest revised draft shows that lawmakers tend to prohibit digital asset service providers from paying users interest or yields solely for holding stablecoins, in order to prevent their functions from becoming equivalent to bank deposits. At the same time, the draft still leaves room for incentive mechanisms related to network activities such as liquidity provision, governance participation, and staking. (Cointelegraph)

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