JP Morgan launched a stablecoin on Base blockchain for institutional investors only. The speaker connects this to unverified rumors that JP Morgan triggered the 1902 banking panic, which led to the Federal Reserve's creation. He worries the bank-backed, restricted token could become a new control mechanism in crypto.
JP Morgan just launched a stablecoin on Base Chain. Now, JP Morgan—they were involved in the 1902 panic, the bank panic—that led to the creation of the Federal Reserve. There's rumors; nobody knows for sure. This is in Times Magazine. This is reporting. It's not fact. We don't know. But there's a lot of rumors saying JP Morgan himself exacerbated the bank run in 1902. And this led to the creation of the Federal Reserve because basically there was like a big, a big problem that he called the Panic of 1902. All the banks went bankrupt and then JP Morgan himself bailed all the banks out. And then he was like, hey, like we need to make a bank of all banks. And then they used that as fuel to create the bank of all banks, which is the Federal Reserve, which is the biggest power in the world right now. So JP Morgan himself just made a stablecoin and guess what? It's on-chain. Now the interesting part about it, it's on-chain, but it's only for institutional investors. This is where it's getting weird. It's getting really weird.
