Yield-bearing stablecoins risk 'dangerous' parallel banking system: JPMorgan CFO
JPMorgan's CFO has warned that yield-bearing stablecoins could create a "dangerous" parallel banking system, potentially undermining traditional financial institutions. He expressed concerns that these stablecoins might attract deposits away from banks, leading to increased risks in the financial system. The CFO emphasized the need for regulatory oversight to manage these emerging financial products effectively. He highlighted the importance of ensuring that stablecoins do not operate outside the established banking framework, which could pose systemic risks.
Read the full article: Coin Telegraph