JPMorgan CEO Jamie Dimon says stablecoin yields should face bank-style rules, calls for ‘level playing field’

JPMorgan CEO Jamie Dimon said banks are pushing for a “level playing field” with crypto firms, warning that stablecoins offering yield should be subject to the same regulatory framework as traditional bank deposits.

Speaking in a televised CNBC interview, Dimon said that if companies want to pay rewards equivalent to interest on stablecoin balances, they should be regulated as banks.

“The banks feel strongly that rewards are the same as interest,” Dimon said. “If you’re going to be holding balances and paying interest, that’s a bank. You should be regulated like a bank.”

He suggested a compromise could allow platforms to offer rewards tied to transactions rather than balances. However, he drew a clear line at interest-like payments on idle holdings.

“If they want to be a bank, become a bank,” he said, pointing to the capital, liquidity, transparency, and reporting requirements banks must meet, along with FDIC insurance obligations, anti-money laundering rules, and community lending mandates.

Dimon emphasized that JPMorgan supports competition and blockchain innovation. The bank has developed its own deposit token and uses blockchain technology to move money and data in real time, he said. “We’re in favor of competition,” Dimon added. “But it’s got to be fair and balanced.”

Stablecoin yields

The debate centers on stablecoin yields — a key sticking point in ongoing negotiations over broader crypto market structure legislation. The GENIUS Act, signed into law in 2025, established a federal framework for payment stablecoins, requiring 100% reserve backing in high-quality liquid assets and imposing strict compliance standards. This law bars issuers from paying direct interest on stablecoins but does not explicitly prohibit third-party platforms from offering rewards.

Banks have argued that yield-bearing stablecoins could draw deposits away from traditional institutions, particularly community banks, potentially creating risks to financial stability. Crypto firms counter that activity-based rewards, such as incentives tied to transactions or liquidity provision, should remain permissible.

The issue has surfaced repeatedly in Senate Banking Committee hearings and White House-hosted meetings between bank executives and crypto firms.

Lawmakers are now negotiating the Clarity Act, a broader market structure bill that could address the treatment of stablecoin rewards and delineate oversight responsibilities between banking and securities regulators.

Regulators have also moved toward implementing the GENIUS framework. The Office of the Comptroller of the Currency last week issued a proposal outlining how it intends to supervise stablecoin issuers under the new law, opening a 60-day public comment period.

JPMorgan analysts have previously said passage of a market structure bill by mid-year could serve as a positive catalyst for tokenization and institutional adoption in the second half of 2026. For now, however, the treatment of stablecoin yields remains a major final pressure point between banks and crypto firms.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.