During JP Morgan Hunt's Q4 2020 earnings telephone call, CEO Jamie Dimon and CFO Jennifer Piepszak weighed in on the OCC'southward contempo approval of banks using stablecoins for payments, as well equally whether or not the approval will have whatever impact on the development of JPM Coin.

During the question-and-answers portion of the phone call, Portales Partners analyst Charles Peabody asked about the approval from the OCC for banks to utilize public blockchain networks for payments.

"That guidance enables an offering of stable going on a public blockchain. So that doesn't impact JPM coin. JPM coin, you should retrieve most as the tokenization of our customer deposits," responded JPM CFO Jennifer Piepszak, according to a transcript of the call.

However, she did not dominion out the possibility of a JPM-backed stablecoin if customers showed interest.

"Then, information technology'south obviously very early. We will appraise use cases and -- and customers demand. But -- only it's yet too early on to see where this goes for united states of america."

JPM CEO Jamie Dimon was also quick to jump in and mention that the bank is "using blockchain for sharing information with banks already and and then nosotros are at the forefront of that which is good."

Debuted in October of 2020, JPM Money is largely used on the backend of JPM's payments systems, helping to settle nearly $half-dozen trillion in payments on a daily basis. On the call, Piepszak besides described the JPM Coin projection equally "tokenizing deposits to make payments easier for client."

Ultimately, Dimon seemed to imply to crypto payments settlement won't greatly change how JPM operates.

"At that place is this talk well-nigh several banks having digital currencies and stuff like that, correct?" Dimon concluded. "[...] Then I -- I exercise expect that stuff is coming and it may not alter our world that much"

Dimon may be underestimating the touch on crypto volition have on the payments landscape, however.

Paypal, one of the Fintech giants that Dimon mentioned by name equally a payments competitor, confirmed that crypto payments will be available starting in 2021. The CEO — a former noted skeptic of cryptocurrencies — made it clear that payments will become an increasingly crowded and cutthroat field over the next decade:

I expect information technology to be very, very tough contest in the side by side 10 years. I expect to win. Then help me God.