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. The bank that once dismissed Bitcoin as a fraud is now studying how to issue the very type of digital dollar it spent years criticizing. JPMorgan Chase, which already runs the largest blockchain payment network in traditional finance through its Kinexys platform, is weighing a public stablecoin that would sit alongside its existing JPM Coin deposit token.
The disclosure came not from a press release or a keynote speech but from a Wall Street Journal report published on Aug. 26, 2026, that mapped a much broader shift across American banking JPMorgan is not alone. More than a dozen global banks are reportedly developing a multicurrency stablecoin venture beginning with dollars. Thirty-nine state banking associations have formed BankChain Alliance to build shared blockchain infrastructure. Early Warning Services, the Zelle operator owned by seven of the nation’s largest financial institutions, has already launched a dollar-backed stablecoin called ZLUSD.
