JPMorgan CEO warns of the rise of new forces in cryptocurrency, accelerating the company's blockchain strategy

In the annual shareholder letter released on April 6, JPMorgan CEO Jamie Dimon explicitly views blockchain technologies such as smart contracts, stablecoins, and tokenization as a new competitive group, warning that they could disrupt core banking operations such as payments, trading, and asset management.

JPMorgan's institutional-level blockchain platform Kinexys aims for a daily trading volume of $10 billion, with clients including Mitsubishi Corporation, Qatar National Bank, Siemens, and BlackRock. The bank has deployed its deposit-based token JPM Coin (JPMD) to the Coinbase-supported Base network in November 2025 and will expand to the Canton Network in January 2026.

Although Dimon has previously held a critical stance towards cryptocurrencies, he admits that competition is intensifying while expressing confidence in maintaining a leading position. The bank is set to achieve its highest revenue for the eighth consecutive year in 2025, with revenue of $185.6 billion and net income of $57 billion.