JPMorgan has left open the possibility of issuing its own stablecoin in the future.

On Aug. 26, overseas media including blockchain outlet Cryptopolitan and the Wall Street Journal reported that JPMorgan said it has no current plan to issue a stablecoin, but could review related options depending on customer demand and changes in the regulatory environment.

The bank already operates the digital deposit token JPM Coin for institutional clients. It said deposit tokens differ structurally from stablecoins in that they represent digital claims on existing bank deposits. Unlike stablecoins, which circulate as separate digital payment instruments, deposit tokens are closer to the concept of moving deposits within the banking system into token form.

Moves by U.S. banks to pursue their own stablecoins are spreading. Traditional banks have long viewed stablecoins as a threat that could encroach on existing deposit and payments businesses, but a clearer trend has emerged of considering issuing stablecoins directly and joining market competition.

In a previous research report, JPMorgan assessed stablecoins as essential in terms of efficiency in moving funds. It said consumers and companies expect money to move as quickly as information, and that rapid growth in real-time payments is turning instant payment from an option into a necessity.

The market is also paying attention to U.S. banks' stablecoin plans expanding into joint projects. In June, a consortium of U.S. banks and payments companies joined an open standard to launch the OpenUSD stablecoin aimed at global payments. The plan included issuing, in sequence, stablecoins based on the currencies of seven major countries for use in commercial payments. The starting currency is the U.S. dollar.

In addition, about 12 financial institutions including Bank of America, Wells Fargo and Santander are also reported to be pursuing a global stablecoin business. That amounts to a move becoming fully fledged to incorporate stablecoins, long viewed defensively by banks, directly into payment infrastructure.

JPMorgan said it has no immediate plan to issue one, but left open the possibility its stance could change if regulatory preparations and customer demand align. With an institutional deposit token already in operation, the next point to watch is whether banks' digital dollar competition will develop along two tracks: deposit tokens and stablecoins.