JPMorgan Chase stands as a pivotal force in the global financial system, acting as a gatekeeper to the U.S. dollar network and a key player in cross-border payments and compliance. The bank's influence extends to the cryptocurrency sector, where its partnership with Coinbase since 2020 has provided the exchange with crucial access to U.S. dollar channels, enhancing its legitimacy in traditional finance. Despite this, JPMorgan's CEO Jamie Dimon remains a vocal critic of Bitcoin, labeling it a "fraud" and opposing its decentralized nature. JPMorgan's dominance in the U.S. dollar clearing network underscores its role as an enforcer of dollar hegemony, processing trillions in daily transactions and setting compliance standards. However, the rise of stablecoins like Tether's USDT presents a challenge to this dominance, offering a blockchain-based alternative for cross-border dollar transfers without traditional banking channels. While JPMorgan explores digital dollar solutions like JPM Coin, Tether operates outside regulatory frameworks, positioning itself as a "shadow competitor" to JPMorgan's financial infrastructure.