Major banks are shifting from viewing cryptocurrency as a risk to actively integrating it into their services. JPMorgan is extending its US dollar deposit token onto new blockchain infrastructure, while Morgan Stanley plans to offer exposure to Bitcoin and Solana through ETFs. Barclays has made its first investment in stablecoin infrastructure, and Bank of America is allowing advisers to recommend spot Bitcoin ETFs. These moves show the banking sector’s increasing engagement with crypto.
JPMorgan is issuing its US dollar-denominated deposit token, JPM Coin, natively on the Canton Network, marking progress towards production-ready blockchain infrastructure. This collaboration with Digital Asset will enable regulated digital cash to move across interoperable networks, providing faster and more secure transactions on public blockchains.
Morgan Stanley is entering the cryptocurrency ETF market with proposed products offering exposure to Bitcoin and Solana. If approved, these funds could be made available to over 19 million clients within the bank’s wealth management division. Spot Bitcoin ETFs have attracted substantial inflows, with 12 US Bitcoin ETFs amassing over 1.3 million BTC valued at nearly $120 billion.
Barclays has made its first investment in stablecoin infrastructure by backing Ubyx, a stablecoin clearing platform connecting regulated issuers with financial institutions. The move signals traditional finance’s growing interest in digital dollar infrastructure. Ubyx has raised $10 million in seed funding and was founded by a former Citibank executive.
Bank of America’s wealth advisers are now cleared to recommend Bitcoin ETFs to clients, with the chief investment office approving coverage of four US spot Bitcoin ETFs. This move follows the bank advising wealth management clients to allocate 1% to 4% of their portfolios to digital assets. The bank is integrating Bitcoin into traditional finance, reflecting the growing acceptance of cryptocurrency in the industry.
Read more at Cointelegraph: Wall Street Moves Onchain as Banks Embrace Digital Assets