According to online reports, the heads of several major U.S. banks, including JPMorgan Chase CEO Dimon, Bank of America CEO Moynihan, and Citigroup CEO Fraser, regard stablecoins as a potential threat to payment control in the banking industry. Veteran bankers are exploring tools such as deposit tokens and bank-issued stablecoins to defend their control of payments. Fraser said that the bank is actively exploring reserve management of stablecoins and providing custody services for crypto assets. Moynihan warned that banks must cope with the rise of stablecoins, whether by developing their own products or working with emerging payment institutions to prevent customers from turning to new partners.