At the end of each year, the editorial staff at American Banker predicts who will have the biggest impact on the banking industry in the year ahead. For 2025, we chose 25 bankers, regulators, politicians, and execs in fintech, big tech, and payments — plus one pop superstar — and explained why we thought they would make a difference, positive or negative. Below, we examine whether we were right or wrong in each case. Processing ContentSee who we chose this year: 26 people who will change banking in 2026.  ...

base processes 452.9m transactions monthly with $4.48b tvl and 55% of all l2 addresses. jp morgan launched jpmd there, rlusd deployed $1.3b, cbbtc crossed $1b borrowed. zero native token means coinbase keeps all sequencer fees and builder code revenue. aerodrome captures the actual value with $200b annual volume and lp fees flowing to stakers ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 22 年 月 日 区块链 存款代币：平衡"天才法案"与银行利益 "天才法案"推出后，美国银行家协会公开呼吁修改"天才法案"，认为 "天才法案"框架下挂钩法币的代币会对美国现存的金融系统构成威胁， 银行业担忧代币快速发展可能导致巨额存款外流，推高银行资金成本，削 弱信贷能力，并抬高企业和家庭贷款利率。在此背景下，摩根大通推出存 款代币，在银行流动性管理和代币业务之间做了微妙的平衡。 "天才法案"框架下，会造成银行业的存款流失，甚至"金融脱媒"。某种 程度上，挂钩法币的代币与存款具有类似"法币"的相同特点，但两者的 区别同样明显，这些区别可能对银行业产生一些深远影响。例如，代币对 银行传统信贷业务带来一定冲击，传统银行信贷业务靠息差的盈利模式在 代币发行过程中并不存在，代币发行方获得储备资产的低风险资产收益， 而用户并不会获得任何利息。因此，代币看似避开了信贷风险，但银行发 行代币势必也会失去信贷业务。进而导致的结果是，若将存款转换为代币 的资产储备，将抽走银行体系的存款；若企业长期持有或应用代币，银行 体系也将失去相应的存款（同时失去金融 ...

Despite uncertainty, banks worldwide are designing stablecoins and tokenized-deposit systems, signaling incumbents’ push to shape the next generation of payments rails.Banks spent 2025 preparing major blockchain products for 2026, but U.S. regulatory movement — including still-unimplemented stablecoin rules under the GENIUS Act — has left institutions in a holding pattern.Global lenders are racing to commercialize digital-asset custody, viewing it as foundational infrastructure for tokenized securities, on- ...

JPMorgan (JPM) CEO Jamie Dimon famously called Bitcoin (BTCUSD) a “fraud” in 2017 and spent years comparing it to pet rocks, suggesting that its primary purpose is to serve scammers and money launderers. At times, his comments have sunk the Bitcoin price, with many on Wall Street looking to Dimon as a “guru” on all things finance. More News from Barchart Now though, his company’s under-the-radar moves show that not only has Dimon changed his tune – but that JPMorgan is betting the current selloff in cry ...

Core Viewpoint - Alibaba's global business-to-business platform is transitioning to streamline cross-border payments using tokenized currencies, indicating a significant shift towards blockchain-based settlement in global commerce [1]. Group 1: Tokenized Currency Implementation - Alibaba.com plans to utilize tokenized deposits backed by fiat currencies like the U.S. dollar and euro, in collaboration with JPMorgan, to enhance transaction speed and reduce intermediaries in international payments [2]. - The current cross-border trade process involves multiple banks and currency conversions, which increases time and costs; tokenized currency aims to simplify this by enabling direct transfers over a blockchain system [3]. Group 2: Blockchain Infrastructure - The platform will leverage JPMorgan's blockchain-based JPMD infrastructure to facilitate the movement of tokenized deposits among institutional clients, ensuring a more efficient payment process [4]. - Unlike stablecoins, which are typically issued by non-banks, tokenized deposits will be maintained on a regulated bank's balance sheet, providing regulatory and operational clarity [4].

Core Insights - Cryptocurrencies are experiencing a downturn, with Bitcoin falling to around $11,000, Ether below $3,400, and XRP down by 2.34% [1][2] Regulatory Developments - The Senate Agriculture Committee has released a draft of a crypto market structure bill, providing clearer regulatory guidance for cryptocurrencies, classifying Bitcoin and Ether as digital commodities regulated by the CFTC [3][4] - The bill aims to empower the CFTC in the digital asset space, addressing the ongoing debate over whether specific tokens are securities or commodities [4] - The draft includes provisions for crypto firms to separate various affiliated businesses, reflecting the industry's anticipation for regulatory clarity amid growing institutional interest [5] Company Updates - Circle's stock dropped by 11% following its Q3 earnings report, despite profits exceeding estimates, due to an increase in expected operating expenses for 2025 [2] - JP Morgan has launched its deposit token, JPMD, on Coinbase's Ethereum layer 2 blockchain, allowing institutional clients to settle transactions 24/7 [6] Visa's Stablecoin Initiatives - Visa has introduced a pilot program enabling businesses to send payouts directly to stablecoin wallets, facilitating faster and easier money movement for freelancers and creators [9][10] - The pilot leverages Visa Direct, allowing users to receive payments in USD-backed stablecoins like USDC, enhancing real-time access to funds [11][18] - The pilot is currently available in the US, with plans for expansion to other countries in the latter half of 2026 [17] Market Trends and Future Outlook - Visa's research indicates that 57% of digital content creators prefer digital payment methods for instant access to funds, driving the company's interest in stablecoins [18][20] - The regulatory framework established by recent legislation, such as the Genius Act, is crucial for Visa's deeper engagement in the stablecoin space, allowing for compliant deployment of this technology [22][24] - Visa aims to address the needs of the underbanked population by enabling access to the digital economy through stablecoin wallets [20][21]

Core Viewpoint - JP Morgan is beginning to allow clients to use Bitcoin and Ether as collateral for loans, although this service is currently limited to its trading business and is still in early stages [1][2][4]. Group 1: Service Expansion - The firm has been accepting IBID, an ETF, as collateral for a few months, which is considered less volatile than the underlying cryptocurrencies [2]. - There is increasing demand from hedge fund managers and asset managers for more crypto-related services, indicating a potential market shift [2][5]. - JP Morgan's approach is customer-driven, with the firm willing to explore crypto services if regulations permit [5]. Group 2: Risk Management - Bitcoin and Ether are recognized as more volatile than traditional collateral, necessitating a risk management strategy that includes a "haircut" on the collateral value [5][6]. - The firm is currently assessing how much additional collateral is required to accommodate the volatility of these cryptocurrencies [6]. Group 3: Market Implications - The entry of JP Morgan into the crypto collateral space may influence other financial institutions and crypto banks, as clients often seek similar services across different banks [4]. - The firm's evolving stance on cryptocurrencies reflects a broader trend in the financial services industry, where traditional banks are increasingly engaging with digital assets [3][4].

Core Viewpoint - JPMorgan Chase & Co. plans to allow institutional clients to use Bitcoin and Ethereum as collateral for loans by the end of 2025, marking a significant step in integrating cryptocurrencies into traditional banking services [1][3]. Group 1: Loan Program Details - The program will enable clients to borrow against their Bitcoin (BTC) and Ethereum (ETH) holdings, with a third-party custodian securing the pledged tokens [1]. - This initiative follows a previous announcement where JPMorgan intended to test crypto collateral loans with BlackRock's iShares Bitcoin Trust (IBIT) [2]. - The new program allows clients to pledge cryptocurrencies directly rather than ETF shares, enhancing the flexibility of collateral options [4]. Group 2: Integration of Crypto in Banking - JPMorgan has begun integrating cryptocurrencies into its core lending operations, including the use of its Kinexys Digital Payments network for commercial real estate loan servicing [3]. - The Kinexys system improves payment workflows, reducing processing times from two days to minutes [4]. - Additionally, JPMorgan launched its digital deposit token, "JPMD," which is fully backed by U.S. dollars and available exclusively to institutional clients [5]. Group 3: Regulatory Environment - Recent regulatory changes have enabled firms like BlackRock to accept Bitcoin and swap it for ETF shares, indicating a shift towards broader acceptance of crypto assets in financial markets [6]. - The U.S. Commodity Futures Trading Commission (CFTC) has initiated a program to allow stablecoins like USDT and USDC to serve as tokenized collateral in derivatives markets [6]. - Acting CFTC chair Caroline Pham emphasized the importance of adopting non-cash collateral to modernize markets [7].

Market Trends & Growth - Tokenized Real World Asset (RWA) value increased by 105% [1] - Stablecoin value increased by almost 5% reaching approximately $294 billion [1] - RWA value on public networks increased by over 12% in the last 30 days [1] - RWA 30-day transfer volume increased by almost 38% to approximately $1096 billion [2] - Stablecoin 30-day transfer volume increased by nearly 14% to $359 trillion [2] - Monthly stablecoin transfer volume is almost over $37 trillion [4] - ROUSD adoption is rapidly increasing, with over $839 million tied to it, up over 15% in the last 30 days, and monthly transfer volume up almost 64% at almost $6 billion [8] Stablecoin Adoption & Usage - Stablecoins are experiencing significant growth, especially on public networks [7] - USDC is up over 24% in the last 30 days [8] - Transfer volume is a crucial indicator of stablecoin market activity [6] Institutional Involvement & Tokenization - Major banks are announcing significant stablecoin initiatives, embracing both stablecoins and public networks [9] - Every major bank is expected to tokenize their reserves, with JP Morgan already making moves with JPMD [10][11] - Tokenization is expanding to various assets, including stocks, institutional funds, commodities, and bonds [13] - US Treasury Secretary encourages community banks to embrace blockchain and stablecoins to compete with larger institutions [15][16] - Major US banks are increasingly involved in crypto and digital assets due to favorable regulations [22] - Big banks are exploring launching a stablecoin linked to G7 currencies [23] Ripple's Role & Influence - Ripple has a significant presence and influence in the stablecoin and blockchain space [29] - Some major banks exploring stablecoins are already confirmed partners of Ripple [24] - Ripple is involved in discussions and initiatives related to digital assets in both the US and the UK [25][26][27]