After reading the article about JPMorgan Chase vs. Trump+stablecoin, I found it funny, but I thought of three interesting things, including the legendary history of JPMorgan Chase, why it is a temple level bank, a swordsman in the US dollar system, why it is hostile to the cryptocurrency industry, why Coinbase can succeed, and why Tether is a shadow Morgan. 1 SG's compliance OTC friend said that the top institution is to open a bank account with JPMorgan Chase The founder of Coinbase said that the biggest key to success is banking partners, and JPMorgan Chase is a core partner of CB The CEO of JPMorgan Chase is still a critic of Bitcoin, saying that he would never buy Bitcoin and did not go against the tide like the CEO of BlackRock The following is the discussion with GPT: Why do Singaporean institutions say that JPMorgan Chase bank accounts are the top tier configuration? Because it holds an irreplaceable position as NO.1 in global dollar, cross-border payments, and institutional finance. JPMorgan Chase is the "number one gateway" for global dollar clearing. JPMorgan Chase has the strictest risk control measures and is the global 'compliance gold standard'. Being able to obtain JPM means' you have been recognized by the world's strictest bank '. If payment institutions can obtain JPM accounts, it means they can directly enter the global USD clearing network (Correspondent Banking). JPMorgan Chase is the largest global USD clearing network, and you can directly access ACH/Fedwire/SWIFT, with fast clearing speed, low cost, and extremely strong stability. For cross-border payments, this is almost an upgrade that increases combat effectiveness by dozens of times. Many methods include currency channels, acquiring, and exchanging OTC、 The institutions that deposit funds on exchanges all need to solve a core problem: how to handle US dollars in a stable and secure manner? JPM essentially allows payment institutions to: hold large amounts of customer funds, quickly clear them, not be affected by small bank risks, and not be affected by the US sanctions chain. Especially for institutions involved in crypto, USDT, and USDC, obtaining JPM is simply a 'miracle level resource'. There is even a saying within the Singapore community: 'MPI is worth 10 million, JPM account is worth 100 million US dollars.'. ”MPI is the official "licensing king" of Singapore's payment industry, capable of conducting large-scale business JPM generally directly refuses to open accounts for payment institutions, virtual assets, and cross-border fund related businesses. So if MPI can obtain JPM: it indicates business scale, compliance KYC、 The financial background far exceeds the industry average. Only by obtaining JPM can one enter the core circle of the global payment system and engage in large-scale, cross-border USD payment business. Otherwise, it's just outer circle players. JPMorgan Chase only collaborates with highly regulated, audit compliant, and clean client structured crypto institutions. Coinbase has been led by JPM as its primary banking partner since 2020. The same 2020 report: Gemini obtains JPM banking relationship. And Circle's US business does not use JPM because it heavily relies on BNY Mellon. History of JPMorgan Chase: The protagonist John Pierpont Morgan (J.P. Morgan) was born in 1837 and is the second generation of the banker family. In 1871, he began to organize the American railway system, unifying and restructuring the bankrupt railways. Ultimately, one-third of the US railway system was controlled by Morgan Capital. He became the de facto 'Railway Tsar'. From 1893 to 1895, a severe economic crisis occurred in the United States. The US Treasury Department's gold reserves are running low, and the country may go bankrupt. The government failed to seek additional bond issuance from Congress. At this point, Morgan appeared with private capital and borrowed $65 million in gold from the US government to save the country. The US government was rescued by private banks. There is a popular saying on Wall Street: 'If America were a business, Morgan would be its CEO.'. ” In 1901, Steel King Carnegie wanted to retire. Morgan seized the opportunity and bought Carnegie Steel for $480 million, merging it with several steel companies to establish the first "billion dollar enterprise" in human history. In 1907, the American system faced another collapse. The wave of bank failures in New York is beginning to spread. Morgan called all the bankers to his mansion, locked them in the library for a 14 hour meeting, and then forced all the big banks to come out with money to rescue the market. This incident directly led to congressional reflection: the United States can no longer rely on Morgan to rescue the market. We need a central bank. Seven years later, the United States established the Federal Reserve. It can be said that Morgan forced the US central bank out. Today, JPMorgan Chase is the world's largest commercial bank with assets exceeding $3 trillion and the world's largest dollar clearing network. It is the most powerful bank in the world. The largest institutional bank (not retail). The main dealer of US treasury bond bonds, the key liquidity provider of the Federal Reserve system. The global dollar system consists of the Federal Reserve (system) and JPMorgan Chase (execution). For example, JPMorgan=national level infrastructure (such as power grid+water main valve). BlackRock=World Asset Management System (similar to iOS system). Blackstone is the world's largest real estate and alternative asset group (such as Real Estate Empire). Goldman Sachs=the world's strongest investment banking team (like special forces). Its power exceeds that of most central banks in countries. JPMorgan Chase is one of the core architectures that cannot be separated from the US financial system and the US dollar system. It is the executor, amplifier, and infrastructure provider of the global influence of the US dollar. It is the 'muscle of the US dollar' and the 'execution structure of American financial power'. Teda is a 'Shadow JPMorgan'. JPMorgan Chase has two core businesses: global USD correspondent banking and cross-border payments (on the order of hundreds of trillions of dollars per year). Stablecoins are essentially a "USD alternative clearing tool" that bypasses the banking system and SWIFT, while Tether is a "shadow JPMorgan Chase" that bypasses the banking system. Although the scale is still very far apart, their functions are similar. Until today, Jamie Damon, CEO of JPMorgan Chase, has stated: "I don't know what Bitcoin itself is used for, but I will defend your right to smoke, and I will also defend your right to buy Bitcoin. I personally will never purchase Bitcoin. Damon has long criticized Bitcoin, believing that many of its practical uses are illegal activities such as sex trading, fraud, and terrorism. After reading the above, you can also understand why he is so disgusted with Bitcoin. Because the entire traditional financial and dollar system was established and maintained by JPMorgan Chase, and it is precisely this system that Bitcoin and cryptocurrency want to break, and the two sides are genetically hostile.