Senior executives at JPMorgan have raised concerns that stablecoins offering interest or yield to holders could evolve into a form of shadow banking, potentially bypassing the strict oversight that governs traditional bank deposits. The warning, issued by Umar Farooq, Co-Head of Global Payments, and Peter Muriungi, CEO of Digital Assets and Blockchain Solutions, comes as regulators worldwide grapple with how to classify and supervise the rapidly growing stablecoin market.