Speaking at the Fortune Most Powerful Women Summit in Washington, D.C., Dimon argued that stablecoins and his bank’s own deposit token will have real-world use cases, but that the decentralized nature of blockchains makes it a challenge to get parties to agree on permissions and rules. Dimon said this is why JPMorgan’s version of blockchain is private, as opposed to Bitcoin or Ethereum, meaning it has total control of who uses the chain and how.

“It’s going to replace certain systems that we all use that are clunky or late or not 24/7,” Dimon said, citing the short-term loans known as intraday repos as an example. But the noted crypto curmudgeon—who famously said in 2017 he’d “fire in a second” any JPMor