Dimon Identifies Tokenization as Competitive Threat to JPMorgan

• Dimon says tokenization is reshaping competition in financial services.
• A whole new set of blockchain and stablecoin competitors is emerging fast.
• Dimon commits to rolling out JPMorgan blockchain technology to stay ahead of new rivals.

Jamie Dimon, CEO of JPMorgan Chase, described tokenization as a force reshaping competition in financial services in his annual shareholder letter. In outlining the competitive landscape, he pointed to a new category of rivals emerging around blockchain infrastructure, alongside traditional banks and fintech firms.

“A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts, and other forms of tokenization,” he said. He added that the bank needs to develop its own blockchain technology while staying closely aligned with customer needs.

JPMorgan generates $185 billion in revenue an…

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