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Doug Petno, co-president of JPMorgan, said in an X post that institutional demand for blockchain and stablecoins remains at an early stage, according to BeInCrypto. Petno said there is no clear institutional demand for stablecoins outside crypto trading, while interoperability, regulation and KYC appear to be obstacles. In response to the X post, Tether CEO Paolo Ardoino pushed back, mocking the view as similar to saying there is little demand to import ice into the Arctic.