JPMorgan Chase has frozen the accounts of several stablecoin startups operating in high-risk countries.

According to Foresight News , citing The Information, JPMorgan Chase has frozen the accounts of at least two rapidly growing stablecoin startups operating in high-risk countries such as Venezuela. These include Blindpay and Kontigo, both backed by venture capital firm Y Combinator and primarily focused on the Latin American market. Both companies connected with JPMorgan Chase through digital payments company Checkbook. JPMorgan Chase stated that the freezing of these stablecoin companies' accounts was not due to the nature of their business. "This has nothing to do with stablecoin companies. We provide banking services to stablecoin issuers and businesses related to stablecoins, and we recently facilitated the IPO of a stablecoin issuer."