In a development that could accelerate the evolution of cross-border financial infrastructure, JPMorgan’s GTreasury initiative on the XRP Ledger signals a potential turning point for global payments. JPMorgan’s move challenges long-standing assumptions about the role of banks in digital asset settlement and the increasing legitimacy of the XRP Ledger as a foundation for real-world transaction flows. What JP Morgan has done with GTreasury using the XRP Ledger will change payments forever. Crypto analyst Xfinancebull has revealed on X that when JPMorgan moves, it’s never for show. This was a direct integration into Ripple’s stack, allowing the Ledger to transition from Crypto Rails into the real-world plumbing for global banking. What This Means For XRP And The Broader Digital Asset Market This isn’t about transaction volume; it’s about signal, and the GTreasury system migrates only when the infrastructure is proven safe, fast, and scalable. Ripple didn’t chase relevance; it built infrastructure before the banks arrived. This integration reframes the altcoin to become a foundational layer, not a speculative asset reacting to market sentiment. Related Reading: How XRP’s Utility Will Drive Price Appreciation In The New Year The fundamentals of the XRP Ledger continue to grow massively without noise. An analyst known as Vet highlighted that while other ecosystems are struggling to fix their consensus and unique native approach for a multi-currency ledger, XRPL remains the best-in-class. The network continues to attract high-quality validators and deeply technical community members more than ever before. Education and accessibility have also reached a level where Tap has been well-designed for individuals with the apps and the XRPL.org site. On the protocol side, security has been taken to the next level with formal specifications and formal verification, which is bleeding-edge technology in crypto already used in military and aerospace systems. The payment engine is already specified, and the compliance features with DID, Credentials, and upcoming permissioned domains/DEX functionality are enabling Ripple payments to operate directly on XRPL DEX infrastructure. In addition, Evernorth $1 billion involvement in XRP is aimed at generating yield. Meanwhile, XRP ETFs continue to grow, with issuers reporting high long-term conviction among their investors in the altcoin. Even a quantum-proof encrypted XRPL test net already exists. This is a grind that involves patience, but the trajectory is upward, which has been up. How The XRPL Fits Institutional Portfolio Architecture According to the XRP Update on X (formerly Twitter), Franklin Templeton, a $1.53 trillion global asset manager, has publicly identified the XRP Ledger and XRP as a foundational building block for digital asset portfolios. Related Reading: $1.6 Trillion Asset Manager Goes Deep Into XRP, Shares Reason Behind The Move This move reinforces the altcoin’s role in institutional-grade infrastructure, making it highly scalable, liquid, and built for real-world financial use cases. Featured image from Getty Images, chart from Tradingview.com
The Wall Street giant's move — should it come to pass — would further legitimize crypto and increase distribution channels, said ClearStreet's Owan Lau.
JPMorgan Chase & Co. is considering offering cryptocurrency trading services to its institutional clients, based on reports from Bloomberg and Reuters. The move is reported to be in early stages and has not been confirmed by the bank. Related Reading: Bitcoin’s $126K Sprint May Be Over — Fidelity Predicts 2026 Slide Institutional Demand And Product Options Reports have disclosed that the bank is looking at a range of possible offerings, including spot trades and derivatives, as it tests whether client demand justifies a rollout. Decisions will depend on risk assessments and the regulatory environment, sources say. Banks Respond To A Shifting Market Wall Street is already moving closer to crypto. Morgan Stanley, for example, plans to make crypto trading available on its E*Trade platform by mid-2026, a step that shows firms are racing to meet investor interest. The global crypto market is estimated to be about $3.1 trillion, with Bitcoin close to $1.8 trillion of that total, according to market data cited by reporters. JPMorgan Chase reportedly plans launching crypto trading services for institutional clients. https://t.co/Ggj0bOxcUc — TheStreet (@TheStreet) December 22, 2025 Plans To Start Without Custody Several industry reports say JPMorgan may initially focus on executing trades rather than holding clients’ tokens — that is, the firm would facilitate transactions but not provide custody services at first. That approach would let the bank offer access while limiting direct exposure. Banking History And Changing Views JPMorgan’s public position on crypto has shifted over time. Its CEO was once highly critical of Bitcoin, yet the firm has been testing blockchain and tokenization projects in recent years. The broader policy climate has also turned more favorable: US President Donald Trump has taken a stance seen by some observers as supportive of crypto, and that has affected industry calculations. What This Would Mean For Clients If JPMorgan moves ahead, clients could gain access to bank-grade execution for Bitcoin and other tokens, potentially with institutional custodians or third-party safekeeping used where needed. Market makers and asset managers would likely react quickly; liquidity could increase, and trading costs might shift. Those outcomes would depend on the exact products launched and on regulatory guardrails. Collateral And Tokenization Moves Earlier This Year The bank has already taken other crypto steps. In October, Bloomberg reported that JPMorgan planned to allow institutional clients to use Bitcoin and Ether as collateral for loans by the end of the year, a sign that the firm is testing ways to bring crypto into traditional banking functions. Related Reading: Saylor Sparks Bitcoin Speculation With ‘Green Dots’ Signal Bitcoin Price Reaction Traders reacted positively to the news of JPMorgan exploring crypto trading, sending Bitcoin briefly higher into the $88,000–$90,000 range. While the price didn’t break past $90,000 decisively, the announcement added support near existing resistance levels and boosted market sentiment. Analysts note that any lasting price impact will depend on whether JPMorgan actually launches trading services and how US regulators respond, but for now, the story has reinforced optimism among institutional and retail investors alike. Featured image from Unsplash, chart from TradingView
The national banks regulator OCC released a statement signaling a shift in rules that will have significant crypto market consequences across the United States.
JPMorgan is assessing whether to offer cryptocurrency trading to institutional clients, including potential spot and derivatives services.
If you’ve ever bought a stock and assumed you “owned it” the moment you hit confirm, you’ve already met the least glamorous part of markets: settlement. Settlement is the back-end handoff where the system ensures that the buyer’s cash and the seller’s security actually swap places for good, with no take-backs and no missing pieces. […]
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The bank said stablecoin growth is still mostly driven by crypto trading, and rising payments use may boost velocity more than supply.
JPMorgan said stablecoin demand remains primarily driven by crypto trading activity, while growing use in payments may not materially increase supply.
The event marked a milestone that broadens the platform’s reach across new and traditional assets, the analysts said.
The Wall Street titan’s recent embrace of a public blockchain is a harbinger of things to come.
For years, US banks treated Bitcoin as something best observed from a distance. The asset lived on specialist exchanges and trading apps, walled off from core banking systems by capital rules, custody worries, and reputational risk. However, that posture is finally giving way. According to data from River, nearly 60% of the country’s 25 largest […]
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In a significant milestone for the evolution of on-chain finance, a new money market fund has selected Ethereum as its primary settlement layer toward blockchain-native infrastructure for traditional financial products. This decision reflects growing confidence in ETH security, scalability, ecosystem maturity, and qualities that institutional investors and asset managers increasingly demand when moving regulated financial instruments onto public blockchains. How The New On-Chain Settlement Improves Operational Efficiency The largest money whale in institutional finance just made its biggest move by launching a new money market fund on Ethereum, and it’s coming from J.P. Morgan Asset Management. According to an analyst known as Milk Road on X, the company oversees roughly $4 trillion in client assets, and seeds these funds with $100 million of its own capital before opening them up to the public. This fund is called My On-Chain Net Yield Fund (MONY), which is similar to a normal money market fund. Related Reading: Ethereum Emerges As A Dollar Settlement Powerhouse, Outpacing Traditional Payment Networks – Details It is set to hold assets designed to preserve capital and remain liquid. A key difference between the fund and others is that shares are issued and tracked on ETH using JPMorgan’s Kinexys platform. The feature allows the fund to settle faster, issue and redeem shares continuously, and transfer ownership without waiting on the traditional clearing system. Furthermore, this product is limited to large investors, individuals with at least $5 million investments, and institutions with $25 million, including a $1 million minimum to get started. The risk profile and purpose are familiar, and it’s a safe yield for investors. Meanwhile, for JPMorgan, this is a major operational upgrade offering faster cash transactions, tighter integration with treasury systems, and smoother collateral movement. Larger asset managers are starting by moving the safest, most conservative products on-chain first, because that’s where efficiency gains would show up immediately. “Adoption is accelerating,” Milk Road noted. Why Ethereum Is More Than Just Technology According to AdrianoFeria, the world’s greatest misunderstanding of Ethereum is viewing it solely as a technology. AdrianoFeria has pointed out that ETH is a network of economic actors coordinating around shared rules. It is also a social contract and a system that is designed to enable collaboration in the most adverse situations. Related Reading: Here’s Why Ethereum Emerges As The Global Capital Rails For On-Chain Finance At the core, ETH functions as a global and neutral arbitrator. Over time, it has proven itself to be the most long-standing, reliable, and trustworthy neutral arbitrator in the world. This arbitrator is the most valuable aspect of ETH, and any valuable model must account for it to have a chance of estimating realistic ETH price targets. “If you are stuck with a cash flow-centric valuation for ETH, then it is time to sit down and study the system more deeply, and if you believe cash flow explains most of ETH’s value, you haven’t dug deep enough,” the expert mentioned. Featured image from Adobe Stock, chart from Tradingview.com
JPMorgan Asset Management has introduced a tokenized money-market fund built on the Ethereum blockchain, according to company filings and industry reports. The fund, called My OnChain Net Yield Fund (MONY), issues shares as digital tokens that live on the public Ethereum network and are aimed at qualified investors through the bank’s Morgan Money platform. Related Reading: Analyst: Bitcoin’s Cycle Is Intact, Yet No Longer Purely Market-Driven JPMorgan Issues Tokenized Fund On Ethereum Based on reports, MONY holds familiar, low-risk instruments such as US Treasury securities and repurchase agreements fully backed by Treasuries. The bank says the token shares represent direct ownership of the fund and can be held at blockchain addresses, opening up on-chain settlement and recordkeeping for a product that normally sits in traditional custody systems. Seeded With $100 Million Reports have disclosed that JPMorgan seeded MONY with $100 million of its own capital at launch. The move is meant to kickstart liquidity and show institutional seriousness about putting cash management products on-chain. The tokenization work is being handled by internal teams tied to JPMorgan’s digital-assets efforts, and the bank has been testing ways to move conventional securities into token form for several years. How The Tokens Work And Who Can Use Them Investors receive tokenized fund shares that may be transferred or recorded on Ethereum. Based on reports, access is limited: the fund is offered only to qualified clients via Morgan Money, not to the general retail public. The token structure mirrors traditional fund economics — holders are exposed to the same short-term instruments that underpin money-market products — but the record of ownership is stored on a public ledger. Related Reading: Bitcoin Headed For $200 Trillion? CEO Makes Bold Prediction Qualified Investors And Access According to coverage, institutional clients with asset levels above $25 million and accredited individuals with at least $5 million are among those eligible, and the minimum initial investment sits at roughly $1 million. That narrow access aligns with regulatory guardrails for tokenized securities and with the bank’s goal of serving big, sophisticated cash managers first. Analysts say the launch is part of a broader push by big asset managers to experiment with tokenized share classes and on-chain settlement. Other firms have run pilots with similar ideas, and some have already put cash-like products on Ethereum. Based on reports, the move points to an industry desire to test whether blockchain can speed up settlement, increase transparency, or create new on-chain liquidity for institutional cash flows. Featured image from Unsplash, chart from TradingView
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The new vehicle, called MONY, is seeded with $100 million of JPMorgan capital and will open to outside investors on Tuesday.
The $4 trillion U.S. bank is the latest financial giant in rolling out tokenized MMF onchain, joining BlackRock, Franklin Templeton and Fidelity.
JPMorgan created the Solana-based USCP token to facilitate sales of short-term corporate debt, beginning with Galaxy.
The German car giant used JPMorgan’s permissioned Kinexys Digital Payments network to do the FX transaction.
Alchemy co-founder and president Joe Lau said stablecoin adoption is exploding as banks, fintechs and payment platforms push beyond the USDT/USDC exchange era.
The Bitcoin price volatility is once again drawing attention to MicroStrategy, the company whose strategy has become a major market reference point, with billions in accumulated BTC and a track record of aggressive buying during downturns. As traders search for stability in a shaky market, Strategy’s stance is being watched closely for what it might signal about the next phase of BTC’s trend. Why MicroStrategy’s Next Move Could Redirect Market Momentum Bitcoin’s recent volatility has put MicroStrategy (MSTR), the largest corporate holder of BTC, in the limelight. Walter Bloomberg has revealed on X that analysts are watching closely to see if the company could influence the cryptocurrency’s price if it sells some of its holdings. Related Reading: Will Strategy Liquidate Bitcoin Holdings? CEO Provides Concerning Clues According to JPMorgan, Strategy can avoid forced sales as long as its enterprise value-to-BTC holdings ratio stays above 1.0, which currently stands at 1.13 BTC. However, analysts continue to debunk these claims, accusing JPMorgan of spreading misinformation about market manipulation and the company. Walter stated that if the ratio remains above this level, BTC markets may stabilize and ease recent market pressure. Due to the market pressure, the firm has slowed its BTC purchases, adding 9,062 BTC last month compared to 134,480 BTC a year ago, reflecting a more cautious accumulation approach amid a broader crypto downturn. Its stock has dropped roughly 42% over the past three months. Additionally, challenges include the potential exclusion from MSCI indices, which could trigger $8.8 billion in passive fund outflows if index funds are forced to divest. However, MicroStrategy holds a $1.4 billion reserve for dividends and interest, helping it avoid selling its BTC even if the price falls further. In the meantime, there is no proof that MicroStrategy is in danger of liquidation. How Institutional Behavior Builds A Higher Floor For Bitcoin In a market speculation, Bitcoin is currently experiencing one of the most significant capital migrations in its history, fueled by institutional adoption. Analyst Matthew noted that the current BTC market cycle from 2022 to 2025 has already absorbed an unprecedented amount of new capital, surpassing all previous BTC cycles. This growth is a reflection of the market’s maturity and the ecosystem’s innovative approach to liquidity through regulated instruments. Furthermore, the network has incorporated more than $732 billion in fresh capital in the current cycle, surpassing the $388 billion that was injected during the 2018 to 2022 cycle. At that time, the surge helped push BTC market capitalization to an all-time high record of $1.1 trillion, a metric that indicates a much higher aggregate cost base for new institutional investors. Related Reading: Why Bitcoin Traders Fear A Repeat Of July 2024’s Crash Next Week Meanwhile, the total settlement volume in the decentralized BTC protocol was approximately $6.9 trillion in just 90 days. Despite this, the number of active on-chain entities dropped from 240,000 to 170,000 per day, which is a reflection of liquidity migration of capital flows into spot ETFs. Featured image from Pixabay, chart from Tradingview.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The bank’s volatility-adjusted bitcoin-to-gold model still points to a theoretical price around $170K over the next six to twelve months.
JPMorgan reiterated that its bitcoin-to-gold model still points to a theoretical price of about $170,000 in the next 6–12 months.
Bitocin treasury companies continue to accumulate a significant amount of BTC despite current market conditions and now control around 5% of the total BTC supply. These companies are led by Michael Saylor’s Strategy and Metaplanet, which have recently raised fresh capital to buy the dip. Bitcoin Treasury Companies Now Hold Over 1 Million In BTC Bitcoin Treasuries data shows that the top 100 public Bitcoin treasury companies currently hold 1,058,929 BTC, while all public companies combined hold 1,061,697. Notably, Strategy is the largest public Bitcoin holder with 650,000 BTC. Michael Saylor’s company yesterday announced another 130 BTC purchase for $11.7 million. Related Reading: Strategy’s Crash Rumors Intensify, CEO Reveals When $46 Billion In Bitcoin Will Be Sold Meanwhile, the second-largest Bitcoin treasury company is BTC miner MARA holdings, which holds 53,250 BTC. Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company complete the top 5, with 43,514, 30,823, and 30,021 BTC, respectively. Meanwhile, companies like Coinbase, Bullish, and Trump Media are among the top 10 largest BTC treasury companies. It is worth noting that these public companies account for only a part of the Bitcoin treasuries. Further data from Bitcoin Treasuries shows that there is currently 4 million BTC in treasuries as a whole, including the coins held by governments, private companies, exchanges, DeFi platforms, and ETFs. BlackRock is currently the second-largest Bitcoin holder, only behind Satoshi Nakamoto. Strategy is third on the list, while Binance and the U.S. government complete the top 5, with BTC holdings of 628,868 and 323,588, respectively. The 4 million BTC held by these treasury companies as a group accounts for 19% of the total Bitcoin supply. Bitcoin treasury companies such as Strategy and Metaplanet have raised new capital amid the recent crash to buy more BTC. Saylor’s company recently raised $836 million from its STRE offering, which it used to buy 8,178 BTC. Meanwhile, Metaplanet raised $130 million to expand its BTC treasury. More Companies Set To Adopt Bitcoin More Bitcoin treasury companies are set to emerge as $10 trillion asset manager, Vanguard, will start offering BTC ETFs from today. Notably, some companies gain BTC exposure through these ETFs rather than buying Bitcoin directly. On-chain analytics platform Arkham Intelligence revealed that the largest U.S. bank, JPMorgan, holds $300 million worth of BlackRock’s BTC ETF. Related Reading: Analyst Who Predicted Bitcoin Price Action With Chinese Astrology Shares When Prices Will Surge Meanwhile, it is worth mentioning that Bitcoin treasuries such as Strategy are coming under immense pressure amid the current market downtrend. Strategy’s CEO, Phong Le, admitted that they might have to sell Bitcoin as a last resort to fund dividend payments if their mNAV drops below 1x and they can no longer raise capital. At the time of writing, the Bitcoin price is trading at around $87,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
The average network hashrate fell 1% last month after hitting record highs in October.
ShapeShift’s Houston Morgan told The Block that JPMorgan Chase abruptly closed his business bank account last Friday.
Strategy, formerly known as MicroStrategy, the largest public holder of Bitcoin (BTC), finds itself at the center of a stormy controversy involving JPMorgan as Bitcoin prices continue to struggle. With signs of a potential bear market emerging, fresh rumors suggest that one of the world’s largest banks allegedly holds a significant short position on Strategy’s stock (MSTR), which has plunged 69% from its record high of $543 per share last year. Strategy Faces Potential MSCI Exclusion The turmoil escalated last week when JPMorgan issued a warning that Strategy might soon be removed from major equity indices, specifically the MSCI USA Index. JPMorgan’s analysts noted that the issues facing Strategy extend beyond the recent downturn in cryptocurrency prices, which have seen Bitcoin fall more than 30% from its all-time highs. As of this writing, Bitcoin is trading around $86,000, while the broader crypto market has experienced a staggering $1 trillion decline in total market capitalization over the past month. Related Reading: Why XRP Price Crash Below $2 Is Not A Problem – $20 Is Still The Target JPMorgan’s analysts indicated that MSCI is considering whether companies with over 50% of their total assets in digital currencies should qualify for inclusion in traditional equity indices. Given that Strategy’s balance sheet is heavily weighted with Bitcoin, it is at significant risk of exclusion. The analysts stated that “MicroStrategy [is] at risk of exclusion from major equity indices as the January 15th MSCI decision approaches.” They speculated that removal from the MSCI could trigger approximately $2.8 billion in outflows, and if other index providers follow MSCI’s lead, the total could reach as high as $8.8 billion. The situation is complicated by market dynamics, particularly the timing of JPMorgan’s bearish note, which coincided with Bitcoin’s weakness and MSTR’s decline, all while liquidity was thin and overall sentiment fragile. JPMorgan Faces Account Closures Surge According to analysts at the Bull Theory, JPMorgan has been noted for timing its market reports—bearing down when prices are already weak and striking a more bullish tone near market peaks. The analysts have highlighted that share lending for MSTR has reportedly increased, allowing brokers to lend shares to short sellers, which can exacerbate downward pressure on the stock price. Additionally, there are escalating reports of widespread account closures at JPMorgan, with thousands claiming to have exited due to perceived manipulation of both MSTR and Bitcoin. Related Reading: A Quiet Move In Bitcoin Options Is Starting To Raise Big Questions Amid these developments, the fear of a potential short squeeze is growing. The analysts believe that if Strategy’s stock were to rally around 40% to 50%, it could trigger a short squeeze in the bank’s position and spell major financial troubles. In response, Michael Saylor, the CEO of Strategy, has sought to clarify the company’s identity, emphasizing that it is not just a passive Bitcoin holder. He pointed out that Strategy operates as a software business with an active financial strategy, countering the narrative circulating around MSCI’s concerns. As the situation unfolds, several key points emerge. The October 10th crash appeared to align with the MSCI announcement, coinciding with an already fragile market state. JP Morgan’s strategic timing of its bearish insights has amplified existing fears, creating further uncertainty as MSCI’s final decision looms. Featured image from DALL-E, chart from TradingView.com
The Chief Executive Officer (CEO) of Teucrium Trading, Sal Gilbertie, has given a bold endorsement of Ripple and XRP, positioning the crypto payments company as a potential competitor to JPMorgan Chase. He described Ripple as a highly interconnected ecosystem that could scale globally once it acquires a banking license. As Ripple grows to challenge the largest bank in the US, it raises the question about how its rapidly expanding network could also rival legacy banking systems like SWIFT. Ripple Positioned As New JPMorgan And SWIFT Rival Crypto enthusiast and XRP advocate Diana recently shared a striking interview between Paul Barron, founder of the Paul Barron Network, and Gilbertie. In the interview, the Teucrium Trading CEO shared his perspective on Ripple, showing full support for the crypto payment company’s growth and future potential. Related Reading: Ripple CEO Predicts XRP Rush, What Does He Mean? He explained that Ripple is actively building a fully operational financial institution capable of rivaling traditional banking giants like JPMorgan. The crypto payments company has also frequently been described as a competitor to SWIFT, positioning itself as a faster and more efficient alternative for cross-border payments. Gilbertie stressed that once Ripple obtains a banking license, it would operate with the capitalization and operational discipline typically associated with top-tier banks. Notably, the crypto payments company has been seeking a US national banking charter from the Office of the Comptroller of the Currency (OCC) to establish a new national trust bank. If authorized, Ripple could become one of the first crypto-native companies to obtain a US national bank license. Moving forward, Gilbertie said during the interview that XRP lies at the heart of this growing banking ecosystem. He noted that Ripple has no intention of selling XRP, describing the cryptocurrency as a strategic asset whose value is intended to appreciate over time through its use across the XRPL ecosystem. The Teucrium Trading CEO also called Ripple a “machine,” highlighting how the company operates in a disciplined, coordinated way, with its team growing and innovating while keeping the network strong and connected. Furthermore, he boldly claimed that Ripple is at the center of the universe, underscoring its pivotal role in potentially shaping the global banking landscape. Gilbertie’s Validation Confirms XRP’s Role The interview between Gilbertie and Barron drew strong, supportive reactions from many members of the crypto community, who interpreted the Teucrium Trading CEO’s statement as validation of XRP’s evolving role in institutional finance. Observers noted that hearing a regulated TradFi CEO describe Ripple as a JPMorgan rival offered rare institutional recognition that went beyond the usual industry speculation. Related Reading: Ripple Exec Addresses Tax Issue On XRP Ledger, Where Does It Go? They also pointed out that the timing of this endorsement coincides with the upcoming full enforcement of ISO 20022 standards and rising XRP ETF inflows. Diana, the XRP advocate who shared the interview, echoed this view, emphasizing that Gilbertie’s statements signal that infrastructure, compliance, and institutional interest are all aligning. She noted that price movements typically follow institutional and infrastructure rails, suggesting that XRP may be positioned for substantial growth once these rails are fully in place. Featured image from Getty Images, chart from Tradingview.com
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The bank sees new upside for bitcoin miners as HPC partnerships reshape the sector.