JPMorgan Stablecoin Skepticism Sparks Tether Retort
JPMorgan's top executive has poured cold water on the idea that institutions are clamoring for stablecoins, but Tether's CEO isn't having it.
Doug Petno, co-president at JPMorganChase and head of its Commercial and Investment Bank, downplayed institutional interest in blockchain and stablecoins during a recent conference, citing interoperability gaps, regulation, and know-your-customer rules as major hurdles.
Petno even suggested that the bank could launch a stablecoin quickly, but sees little real demand for it outside of crypto trading. This stance has been met with skepticism by Tether's CEO Paolo Ardoino, who responded with a tongue-in-cheek remark, likening JPMorgan's situation to the North Pole wanting imported ice.
Tether's USDT token carries a market value near $183 billion, while all stablecoins together total about $311 billion. This is at odds with Petno's assertion that institutions don't want stablecoins yet.