Jamie Dimon warns of growing crypto competition in annual letter: ‘We need to roll out our own blockchain technology’

JPMorgan CEO Jamie Dimon acknowledged in his annual shareholder letter that blockchain-based competitors—stablecoins, smart contracts, and tokenized assets—pose strategic threats. After years dismissing crypto as fraud, Dimon has publicly backed stablecoins and pledged the bank will deploy its own blockchain technology. The bank has operationalized this through JPM Coin (2019), the Kinexys unit, and recent Solana-based commercial paper issuance.