JPMorgan views stablecoins as complementary financial tools

JPMorgan considers stablecoins to be complementary financial tools rather than systemic risks, even as over 100 regional bank leaders urge U.S. senators to address loopholes in related legislation, CoinDesk reported. A spokesperson for the bank stated that various tiers of money—including central bank, institutional, and commercial—have always been in circulation and that this dynamic is unlikely to change. The spokesperson added that deposit tokens, stablecoins, and all current payment methods will ultimately serve different yet complementary purposes.