JPMorgan Chase CEO Jamie Dimon stated in the annual shareholder letter that new competitors based on blockchain are emerging, including stablecoins, smart contracts, and various tokenized products. These technologies could fundamentally change traditional banking core businesses such as payments, transactions, and asset management. Dimon pointed out that faster on-chain settlement and direct asset transfer capabilities may compress banks' fee income from payments and transactions, and stablecoins could also pose substitution pressure on traditional bank deposits. He emphasized that JPMorgan needs to accelerate its blockchain strategy, including the Kinexys platform and JPM Coin, to address the structural changes brought by tokenized financial infrastructure. (CoinDesk)