JPMorgan CEO: Public will pay the price if crypto firms offer stablecoin yield

JPMorgan CEO Jamie Dimon criticized demands for yield on stablecoins in an interview with CNBC, emphasizing that the public would pay the price. He warned that it could be a disaster for the U.S. economy if crypto companies offering returns on stablecoin holdings are not regulated while banks are. Dimon argued that the public would ultimately be harmed and the situation would worsen. He added that if crypto firms like Coinbase want to offer stablecoin rewards, they should become banks, after which they could do whatever they want.