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JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

According to Jinshi reports, JPMorgan Chase (JPM.N) reversed its previous upward trend, falling 2.9% in pre-market trading.

According to Cointelegraph, JPMorgan Chase will expand JPM Coin to the Canton Network this year through Kinexys, which currently processes over $350 billion in U.S. Treasury repurchase settlements daily.

Since late October last year, the total trading volume of the Japanese compliant stablecoin JPYC has reached 137 million USD, with Polygon dominating at 66% with 90.4 million USD, followed by Avalanche and Ethereum at 26.4 million and 19.7 million USD, respectively.The founder of Polygon confirmed that Japanese physical stores have supported offline payments with JPYC on the Polygon network.

According to CoinDesk, JPMorgan released a report stating that the total inflow of digital assets in the first quarter of 2026 is approximately $11 billion, annualized at about $44 billion, which is about one-third of the same period in 2025.Analysts Nikolaos Panigirtzoglou and others pointed out that the inflow of funds from retail and institutional investors is low or even negative, with the inflow in the first quarter mainly coming from Bitcoin purchases by Strategy and concentrated crypto venture capital financing.The overall cryptocurrency market declined in the first quarter, with the total market capitalization dropping by about 20%, Bitcoin falling by about 23%, and ETH declining by over 30%. The sell-off was driven by macroeconomic and geopolitical pressures, with altcoins experiencing even larger declines. Prices stabilized towards the end of the quarter, with Bitcoin consolidating around $70,000.The report noted that CME futures positions for Bitcoin and ETH weakened compared to 2024 and 2025, with net outflows for spot Bitcoin and ETH ETFs occurring in the first quarter, mainly concentrated in January, while inflows for Bitcoin ETFs rebounded in March.Strategy remains the main buyer, primarily providing funding for Bitcoin purchases through equity issuance, while other corporate holders are relatively conservative, with some selling Bitcoin for buybacks. Bitcoin miners were net sellers in this quarter. The annualized pace of crypto venture capital funding is higher than in the previous two years, but it is concentrated in a few large transactions, with funds continuing to flow into infrastructure, stablecoins, payments, and tokenization.

According to Jinshi News, U.S. bank stocks rose broadly before the market opened, with JPMorgan rising 2.6%, Bank of America rising 2.3%, Wells Fargo rising 2.6%, Citigroup soaring 3.7%, Goldman Sachs rising 3.8%, and Morgan Stanley rising 3.7%.

Some banks in Argentina have begun testing JPM Coin, a deposit token designed by JPMorgan specifically for institutional users. Currently, Banco CMF is one of the confirmed participants, and this financial institution expects to use JPM Coin for backend settlement workflows to improve settlement speed and efficiency.

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.

According to Alex Data, the total trading volume of the Japanese stablecoin JPYC has reached 136 million USD, of which 90 million USD was processed through the Polygon network. JPYC has a wide range of use cases on Polygon, primarily for payment services on platforms such as Tria, Daimo, and CurrencyCompetition.

Simon Gerovich, CEO of the Japanese Bitcoin listed company Metaplanet, posted on the X platform in response to the Japan Exchange Group (JPX) announcing the postponement of including companies with major assets in cryptocurrency into the index, stating that he respects the relevant procedures and will actively participate, which will not affect the advancement of Bitcoin strategy and ecological layout.He added that Metaplanet was established to provide Japanese investors with a compliant channel to access Bitcoin through companies listed on the Tokyo Stock Exchange, but the company's strategy goes beyond asset allocation and will promote the development of the Japanese Bitcoin ecosystem through "Project Nova," including the layout of operational businesses and investment in industry partners. So far, more than 216,000 Japanese shareholders have participated in this strategy, and Metaplanet will continue to maintain constructive communication with all parties, including JPX, to enhance the market's understanding of Bitcoin and the company's role in the Japanese financial system.

JPMorgan analysis indicates that the capital flow of digital assets in the first quarter of 2026 is approximately $11 billion, only about one-third of the same period last year, showing a significant slowdown in market momentum.At the current annualized pace, the total capital flow for the year may be around $44 billion, far below the historical peak of about $130 billion in 2025. In terms of capital structure, the main sources of inflow this quarter are corporate balance sheet allocations (especially companies like Strategy continuously buying Bitcoin) and crypto venture capital, while participation from traditional investors (including institutions and retail investors) has significantly declined. Additionally, CME Bitcoin futures positions have weakened, reflecting a negative shift in institutional demand; spot Bitcoin and Ethereum ETFs experienced capital outflows in January, and although there was some inflow in March, the overall trend remains weak. The analysis suggests that the current market exhibits a structure characterized by "a few large funds dominating," rather than a broad capital return.

According to Jinshi News, JPMorgan has lowered its target for the S&P 500 index to 7,200 points, down from the previous target of 7,500 points, mainly due to the increased risk of economic recession.

According to CBS News, JPMorgan Chase CEO Jamie Dimon revealed that the bank is considering offering prediction market services to clients.Dimon stated that JPMorgan may launch prediction market services similar to Kalshi and Polymarket in the future, but clearly indicated that it will not venture into sports and politics and will strictly adhere to regulations related to insider information.When asked about the attributes of prediction markets, Dimon believes they also have investment characteristics in specific areas—participants use deep expertise to judge that their predictions about a certain outcome are superior to those of their opponents.

According to CoinDesk, Japanese industrial company MHI Group announced the adoption of JPMorgan's blockchain technology to achieve cross-border instant transfers, becoming the first company in Japan to use this service.

According to Nikkei Asia, Mitsubishi Corporation plans to soon start using JPMorgan's blockchain technology for global fund transfers, enabling instant remittances through this service. JPMorgan is also taking this opportunity to promote its blockchain payment products to more Japanese companies.

According to Nikkei Asia, Mitsubishi Corporation plans to connect to JPMorgan's blockchain payment platform soon, becoming the first Japanese company to use the service.The service supports instant international money transfers, and JPMorgan is also taking this opportunity to promote its blockchain payment products to more Japanese companies. Against this backdrop, Japanese financial institutions are accelerating their layout in blockchain and stablecoins, with major banks like MUFG and Mizuho testing yen stablecoins, and Japanese regulators are also considering approving the listing of cryptocurrency ETFs as early as 2028.

According to Cointelegraph, Mitsubishi Corporation of Japan will adopt the blockchain-based payment system Kinexys developed by JPMorgan for its global business fund transfers, achieving near-instantaneous fund transfers, reducing reliance on traditional banks, and providing 24/7 service.JPMorgan is seeking to expand the platform's daily transaction volume from the current $7 billion to $10 billion, with a cumulative transaction amount exceeding $30 trillion since its launch in 2020.

According to The Block, JPMorgan analysts stated that during the Iran war, Bitcoin outperformed gold and silver, showing signs of inflows and increased activity, while precious metals faced significant outflows and position liquidations.Analysts pointed out that gold ETFs saw outflows of nearly $11 billion, and silver ETFs have completely reversed the inflows since last summer, while Bitcoin showed net inflows during the same period, indicating its strong performance relative to traditional safe-haven assets. The analysts noted that following the outbreak of war, cryptocurrency activity in Iran surged, with local residents transferring funds from domestic exchanges to self-custody wallets and international platforms. Bitcoin's borderless nature, self-custody capability, and 24/7 trading make it the preferred tool for capital movement during times of economic instability, currency pressure, and capital controls.In terms of institutional holdings, gold and silver futures positions have significantly decreased since January, while Bitcoin futures positions have remained relatively stable. The liquidity situation has also reversed, with Bitcoin's market breadth surpassing that of gold.

JPMorgan stated that in the recent context of the Iran conflict, Bitcoin has exhibited characteristics similar to safe-haven assets, showing greater resilience compared to gold and silver. Data shows that gold prices have fallen by about 15%, while gold ETFs have seen nearly $11 billion in outflows, and the inflows previously accumulated in silver ETFs have essentially been completely reversed. In contrast, Bitcoin has experienced net inflows during the same period, indicating relative strength.Analysis points out that gold and silver were previously at high levels, and with rising interest rates and a strengthening dollar, the market has seen profit-taking and position reductions. Meanwhile, Bitcoin has attracted inflows during this phase, demonstrating a different funding behavior compared to traditional safe-haven assets. Additionally, on-chain data shows that cryptocurrency activity in the Iran region has significantly increased during the conflict, with users transferring funds to self-custody wallets and overseas platforms. JPMorgan believes that Bitcoin's characteristics of strong cross-border liquidity, support for self-custody, and 24/7 trading make it an important tool for capital transfer in environments of economic instability and capital controls.

JPMorgan stated that under the backdrop of ETF fund outflows, deteriorating liquidity, and institutional deleveraging, gold and silver are under pressure, while Bitcoin shows greater resilience and relatively stable capital inflows.Gold ETFs recorded nearly $11 billion in net outflows in the three weeks leading up to March, and there was also a significant withdrawal of funds related to silver. Coupled with rising interest rates and a strengthening dollar, this has pushed precious metal prices lower. Meanwhile, Bitcoin funds continue to maintain net inflows, and market momentum is gradually improving. In terms of price performance, Bitcoin initially fell to the $60,000 range alongside risk assets at the onset of geopolitical conflicts but quickly stabilized thereafter, currently oscillating between $68,000 and $70,000, indicating that long-term capital is re-entering the market to support prices after the panic. Additionally, position and momentum data have also diverged, with institutional positions in gold and silver futures significantly declining since the beginning of the year, while Bitcoin futures positions have remained stable overall. Trend-following funds have shifted from "overbought" in precious metals to below neutral levels, exacerbating their downward pressure; Bitcoin, on the other hand, has rebounded from the oversold range, with selling pressure easing. Liquidity indicators show that the breadth of the gold market has fallen below that of Bitcoin, and silver liquidity has further weakened. JPMorgan believes that this change highlights Bitcoin's gradually emerging performance characteristics that differ from traditional safe-haven assets in the current macro and geopolitical environment.