Dimon Praises Revolut’s Pace, Vows Fight Over Stablecoin Yields

JPMorgan Chase CEO Jamie Dimon this week praised Revolut’s rapid growth and vowed to oppose sections of the CLARITY Act that would allow stablecoin issuers to pay deposit-like yields without bank capital, liquidity or consumer protections. He made the remarks while discussing Chase’s UK operations and in a separate interview.

While discussing Chase’s UK business, Dimon remarked, “I’m jealous, damn it. You watch these people. They move.” In a later interview he warned, “It will be fought. Don’t bow down to this guy or company.”

Revolut reported revenue of $6 billion for 2025, up 46% year over year, and pretax profit of $2.3 billion, up 57%. The firm now serves more than 75 million customers and added about 1 million users every 17 days last year. Company filings show crypto and stablecoin volumes contributed to the annual profit. Revolut’s wealth unit, which includes crypto, posted $876 million in revenue, a 31% increase.

Revolut operates crypto services through entities separate from its core banking unit. The company has introduced a physical crypto card and expanded crypto wealth products. Eleven product lines each generated more than $135 million, while card fees and interest income remain substantial revenue sources. The firm has said it plans an eventual IPO that some market estimates value at up to $200 billion.

Dimon’s objection targets the CLARITY Act’s yield language. He argues stablecoin issuers should not offer returns that resemble bank deposits without meeting the same capital, liquidity and consumer-protection standards required of banks. Banking groups have pushed to tighten the draft language and have stalled the bill’s advance over those yield terms.

The Senate is expected to consider the bill, where lawmakers will weigh revisions to yield provisions and consumer protections before any final vote.