During an interview at the fourth annual DC Blockchain Summit, Ripple CEO Brad Garlinghouse discussed the newly announced JPM dollar-pegged stablecoin. While he said it’s great for blockchain and the crypto industry to see adoption by companies like JPMorgan, he criticised JPM Coin itself.
According to Garlinghouse, JPM Coin is not a competitor to Ripple’s XRP since it lacks utility. The coin will be used just by JPMorgan, while other banks are likely to introduce their own stablecoins. Therefore, “we’re going to have all these different coins, and we’re back to where we are: there’s a lack of interoperability,” says Garlinghouse. Moreover, Garlinghouse questions the sense of introducing JPM Coin in the first place, saying institutional clients can simply stick to the dollar.