Tether CEO Paolo Ardoino mocked JPMorgan after co-president Doug Petno played down institutional demand for stablecoins, crypto tokens designed to maintain a stable value. Petno said at the Barclays Global Financial Services Conference in New York that institutional interest in blockchain and stablecoins remains nascent because of interoperability gaps, regulation and know-your-customer requirements. He said JPMorgan could launch a stablecoin quickly but sees little institutional demand outside crypto trading. JPMorgan already operates Kinexys, its blockchain payments arm, and has focused on tokenized deposit rails rather than a public stablecoin. J.P. Morgan Global Research expects the stablecoin market to reach $500 billion to $750 billion, below the $2 trillion projected by some forecasters. Tether’s USDT has a market value near $183 billion, while the overall stablecoin market totals about $311 billion. Tether has sought greater institutional scrutiny in 2026, including a first clean audit from KPMG in August, although the reserve cushion behind USDT has since thinned. Petno left open the possibility of changing course if regulation shifts, while Ardoino has continued to reject claims including the existence of a Tether blockchain. The disagreement reflects different views of demand rather than a definitive split over the market’s future.