JPMorgan Chase Chief Executive Officer Jamie Dimon signalled on the bank’s second-quarter earnings call Tuesday that the boom in private credit may be cresting. “You may have seen peak private credit,” he told analysts, pointing to tight loan spreads, rapid balance-sheet growth and lofty valuations. While the $1.7 trillion direct-lending industry continues to expand, Dimon said JPMorgan prefers to build its own platform rather than pay up for an acquisition, though he would consider a purchase at the “right price.” The comments contrast with the bank’s earlier pledge to deploy roughly $50 billion to the asset class and with rivals such as Blue Owl Capital, which remain bullish. Dimon’s caution underscores the competitive tension between regulated banks and non-bank lenders that have captured a growing share of corporate financing since the global financial crisis. He noted that low credit spreads leave limited room for error, adding that some parts of the market remind him of previous cycles that ended badly for late entrants. The CEO also reiterated his scepticism about consumer demand for stablecoins, saying he “doesn’t get the appeal,” yet confirmed that JPMorgan will move ahead with tokenised-deposit projects and will participate in selected stablecoin ventures to remain competitive with fintech firms. The bank’s JPMorgan Deposit Coin, now in pilot use among institutional clients, is part of a broader effort by major U.S. lenders—including Bank of America and Citigroup—to test blockchain-based payment rails as lawmakers advance stablecoin legislation.