JPMorgan CEO: Blockchain and stablecoins constitute "new competitors"

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Golden Finance reports that on April 7, JPMorgan Chase CEO Jamie Dimon said, “New technology” is intensifying competition in the financial industry, and blockchain-based players are emerging alongside traditional rivals.
In his annual shareholder letter released on Monday, Dimon noted that artificial intelligence, data, and advanced technology are “the key to the future,” signaling a shift in financial services toward a more automated, data-driven direction.
Although blockchain and digital assets are not the focus, Dimon acknowledged that, “based on blockchain, a new batch of competitors is emerging, including stablecoins, smart contracts, and other forms of tokenization.”
JPMorgan Chase continues to focus on its own blockchain plans, while Dimon emphasized that the bank’s long-term success will depend to a large extent on its ability to deploy artificial intelligence in its operations.

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