Dimon (JPMorgan) and Fraser (Citigroup) Consider Stablecoins as Wall Street Embraces Crypto Pivot

Author: David Hollerith (Senior Reporter)
Updated: Wednesday, July 16, 2025, 04:51 GMT+2

Introduction

JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser both said on Tuesday that they are exploring stablecoins, signaling Wall Street's continued pivot toward digital assets even as U.S. lawmakers debate crypto-friendly legislation.

Citigroup’s Plans

“We’re considering issuing a Citi stablecoin,” Fraser told analysts on Tuesday.
“We really welcome the administration’s willingness to make it easier for banks to participate in the digital assets market,” she added.

Citigroup's move underscores the growing willingness among big banks to position themselves for a more regulated, mainstream role in crypto markets.

Legislative Roadblocks in Congress

Efforts to advance crypto legislation in Congress—nicknamed “Crypto Week” by some Republicans—hit a snag on Tuesday.

Thirteen Republicans joined Democrats in blocking a procedural motion that would have paved the way for votes in the House of Representatives.

According to Politico, some GOP members want the entire package of bills considered as a single measure instead of separate votes.

Details of Proposed Legislation

Three Republican-backed bills in the House aimed to:

Establish sweeping federal regulation for all crypto assets.

Ban the creation of a U.S. central bank digital currency (CBDC).

Create the first formal federal framework for stablecoins.

Despite Tuesday’s setback, banks are preparing for what they hope will be a clear green light from Washington for broad stablecoin use.

JPMorgan’s Position

Longtime crypto skeptic Jamie Dimon said JPMorgan needed to embrace stablecoins to keep pace with competitors in payments.

Last month, JPMorgan unveiled plans for a deposit token, called JPMD, which functions similarly to a stablecoin but is limited to institutional clients.

“We’re going to be involved in both JPMorgan deposit tokens and stablecoins so we can understand it and excel at it,” Dimon said.

Despite the shift, he maintained some skepticism:

“I think they’re real, but I don’t know why you’d want to use a stablecoin instead of just making a payment.”

Bank of America’s Position

Brian Moynihan, CEO of Bank of America, also indicated his bank will review stablecoin use after the passage of key crypto legislation.

“We’re working with the industry individually. We understand it fairly well… but the issue was that banking regulation didn’t allow us to do it, and there was a lot of mystery about it,” Moynihan said last month.

Regulatory Context

A stablecoin bill already passed by the U.S. Senate outlines how American companies can issue and manage dollar-backed stablecoins for payments.

This proposed federal framework would grant these digital assets major legitimacy, likely encouraging broader adoption.

Conclusion

As Congress grapples with crypto legislation, Wall Street’s biggest banks are laying the groundwork to embrace stablecoins.

Citigroup’s and JPMorgan’s public moves suggest they are positioning themselves to capitalize on a regulatory shift that could make stablecoins a standard part of the payments ecosystem.