JPMorgan's Chief Financial Officer recently made a statement, criticizing interest-earning stablecoins as "obviously dangerous and unappealing." At first glance, this seems to be a warning about risks, but upon closer inspection, it becomes clear—the issue isn't how dangerous the coins themselves are, but how much threat these products pose to traditional banking business.

Looking at it from another perspective: if users can hold stablecoins on-chain and earn substantial interest, why would they keep their money in banks for that meager savings account interest? This directly hits the core of banks' deposit-raising strategies. The combination of stablecoins and DeFi interest models is eroding the capital pools of traditional financial institutions.

Financial giants publicly declare that something is "dangerous," but it's often not because they genuinely worry about the danger; rather, it's because that thing is threatening their business. JPMorgan's remarks actually reflect the fierce competition over existing funds between crypto assets and traditional financial institutions.

This is a signal: the growth of BTC, ETH, and various stablecoins is not just a technological evolution but also a manifestation of the restructuring of financial power. What the big players say isn't as important as what they are doing and why they are saying these things.