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.
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