“Indeed, Garlinghouse, whose company has been courting financial institutions to use its distributed ledger technology (DLT) for payments – including products that utilize the cryptocurrency XRP – promptly cast doubt on the prospects for the recently announced JPM Coin. At another conference last week, Garlinghouse recalled, “This guy from Morgan Stanley was interviewing me, I said ‘So, is Morgan Stanley going to use the JPM Coin?’ And he said ‘probably not.’ So, well is Citi going to use the JPM Coin? Is BBVA? Is PNC? And the answer is no.” Hence, he suggested, a bank creating its own stablecoin risks recreating the very problems that DLT is supposed to solve.”