ChainCatcher 消息，摩根大通 CFO Jeremy Barnum 在财报电话会上表示，若监管规则未与传统银行存款保持一致，稳定币可能演变为“监管套利”工具。他指出部分稳定币模式已具备类存款特征，如提供类似收益的激励，但却未受到资本、流动性及消费者保护等银行监管要求约束，可能形成不公平竞争环境。“如果相同产品未被同等监管，就会打开套利空间，”Barnum 表示。
当前，美国立法层面正推动包括《Clarity Act》在内的加密监管框架，以明确 U.S. Securities and Exchange Commission 与 Commodity Futures Trading Commission 的监管分工，并规范稳定币市场发展。此外，是否允许稳定币向用户分配储备收益成为争议焦点。包括 Coinbase 在内的加密企业支持“付息稳定币”，而银行则认为此举将使其更接近存款产品，却缺乏相应监管约束。摩根大通表示支持监管清晰化，但强调“监管一致性”优先于速度。同时，该行正通过区块链部门 Kinexys 推进包括 JPM Coin 与代币化存款在内的产品布局，以实现支付系统现代化。
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