JPMorgan is weighing a stablecoin, and the bank that called Bitcoin a fraud ran out of reasons to wait

The Wall Street Journal reports that JPMorgan Chase is exploring a public stablecoin separate from its existing JPM Coin deposit token while 39 state banking associations form the BankChain Alliance and target a 2027 blockchain launch. The GENIUS Act gave banks the legal rails they needed. The question is no longer whether traditional finance will enter the stablecoin market. It is whether Tether and Circle can hold their ground when incumbents arrive with balance sheets 100 times larger. Summary JPMorgan Chase told the Wall Street Journal on Aug. 26 that it has no current stablecoin plan but is evaluating the option as customer demand and regulation evolve, while its Kinexys platform already processes more than $7 billion in daily tokenized deposit volume. Thirty-nine state banking associations formed the BankChain Alliance, representing 3,283 banks with $21.8 trillion in combined assets, to build a shared permissioned blockchain targeting a 2027 launch. The GENIUS Act, signed into law on July 18, 2025, created the first federal framework for payment stablecoins, but regulators missed the one-year implementation deadline and the OCC now targets November 2026 for final rules. Early...