Key Highlights
- According to the latest Bloomberg report, JPMorgan is in early-stage discussions to offer direct spot and derivatives cryptocurrency trading services to its institutional clients
- This report comes at a time when many financial institutions and banks are planning to integrate cryptocurrency trading services
- The banking giant’s Kinexys platform is attracting many tokenization projects, including the launch of a tokenized money market fund (MONY) on Ethereum
As institutional adoption of crypto in 2025 reached new heights, the leading financial giant, JPMorgan, is reportedly exploring ways to integrate crypto trading into its existing financial infrastructure.
(Source: Matthew Sigel on X)
This report comes when numerous financial institutions and banks are preparing to offer crypto-based services in the next year.
JPMorgan Prepares Bullish Around Crypto
It’s been a long time since JPMorgan assessed the potential impact of crypto services on its operations.
According to sources related to the matter, the bank is testing the expansion of its market business to include spot cryptocurrency trading as well as derivatives.
However, this exploration is still in its early stages, and any final decision to launch these services will depend on clear demand from banks’ clients for certain products. While JPMorgan has chosen not to comment publicly on these plans, this news has sparked euphoria in the crypto community.
Historically, the bank has been very careful in its planning for its approach to the crypto sector. However, JPMorgan is already taking many actions in this direction in 2025, such as accepting Bitcoin and Ether exchange-traded funds (ETFs) as collateral for loans and later allowing direct holdings of Bitcoin and Ether to back institutional loans.
Some big banks are working to meet the growing demand from large investment firms for exposure to digital assets. This report comes at a time when the regulatory environment for crypto in the U.S. has become more favorable. Some competitors like Goldman Sachs and Morgan Stanley have already found impressive results by generating hundreds of millions in sales from crypto-linked investment products for their clients.
JPMorgan Sees Growth in JPM Coin and Stablecoin Efforts
Ahead of its plan for crypto trading, JPMorgan has been heavily developing its own digital currency for institutional use. JPM Coin was launched on the bank’s private blockchain. It is a type of stablecoin, meaning each digital token is backed 1:1 by U.S. dollars held by the bank.
In 2025, the bank started rolling out a new version of this as a “deposit token” to clients through its dedicated blockchain platform, now called Kinexys.
After witnessing initial success, JPMorgan is also planning to extend JPM Coin onto public blockchains, starting with Coinbase’s Base network, which is built on Ethereum. This allows for faster, around-the-clock settlements and can even offer interest to holders.
The main purpose is to provide clients with an efficient, regulated digital dollar for payments that does not rely on existing stablecoins like USDT or USDC.
According to the own analyst of JPMorgan, the total stablecoin market could grow substantially and reach between $500 and $600 billion by 2028.
“The vast majority of stablecoin demand stems from their use as cash or collateral in the crypto ecosystem to facilitate crypto trading including derivatives trading, DeFi lending and borrowing,” stated analysts led by Nikolaos Panigirtzoglou, in the Wednesday report.
Kinexys Platform Attracts Blockchain-Based Innovation
All of JPMorgan’s blockchain work is connected to its Kinexys platform. The business unit, which was formerly known as Onyx, has already processed more than $1.5 trillion in value. It works on tokenization, which means converting traditional assets into digital tokens that can move on a blockchain.
This allows new applications like programmable payments and automatic cross-border settlements for corporate clients like BMW.
A major achievement for Kinexys came in December 2025 with the launch of the My OnChain Net Yield Fund, known as MONY. This is JPMorgan’s first tokenized money market fund, built on the Ethereum blockchain.
“We are excited to be a first mover with the launch of MONY, and we expect other GSIB banks to follow our lead in providing clients with greater optionality in how they invest in money market funds,” John Donohue, Head of Global Liquidity at J.P. Morgan Asset Management stated in the press release. “With Morgan Money, tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products. This marks a significant step forward in how assets will be traded in the future, and we’re excited about the opportunities this creates for our clients and for the whole industry.”
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