Bank Debate Interview: Umar Farooq and Shahmir Khaliq

Summary

Bloomberg's Emily Mason interviews JPMorgan's Umar Farooq and Citi's Shahmir Khaliq on stablecoins and deposit tokens. They discuss their banks' digital asset platforms, adoption metrics, regulatory concerns, and future investments in blockchain and AI. The conversation highlights the evolving landscape of B2B payments and tokenization.

• Introduction to stablecoins and deposit tokens as digital assets.
• JPMorgan's Can Access platform and Citi's token services for real-time payments.
• Adoption stats: JPMorgan moving high single-digit billions on blockchain, Citi moving billions daily.
• Regulatory debate: banks argue stablecoin issuers should have bank charters.
• Risks to smaller banks from deposit flight to stablecoins.
• Both banks invest heavily in blockchain and AI technologies.
• Future goals include interoperability, programmability, and tokenizing assets.
• Client demand drives product development and partnerships with stablecoin companies.