We discuss the key takeaways of our recently published report “Macro Corporate Spotlight: Taking stock of the evolving value proposition of stablecoins”.  Clients of J.P. Morgan can access this via the JPMM website.   Speakers: Teresa Ho – Head of U.S. Short Duration Strategy Jonny Goulden – Head of EM Fixed Income Strategy Meera Chandan – Co-head of FX Strategy Kunj Padh – FX Strategy Moderator: Luis Oganes – Head of Global Macro Research   This podcast was recorded on 22 October 2025. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5093422-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.