JPMorgan CFO calls stablecoin yield payout 'obviously dangerous and undesirable'

Stablecoin issuers and distributors offering customers access to stablecoin yield may essentially be creating their own parallel ecosystem to bank operations, global bank JPMorgan's chief financial officer said Tuesday. "The creation of a parallel banking system that is sort of — has all the features of banking, including something that looks a lot like a deposit that pays interest, without sort of the associated prudential safeguards that have been developed over hundreds of years of bank regulation, is ...