JPMorgan Chase is reportedly assessing the possibility of issuing loans backed by cryptocurrencies—a move that could reflect a broader shift in how traditional U.S. banks interact with digital assets.
According to a report by the Financial Times on Tuesday, unnamed sources revealed that the banking giant is exploring lending products secured by crypto holdings such as Bitcoin and Ether. The initiative, while still in the exploratory stage, could materialize as early as 2026, though timelines may change.
This development comes shortly after JPMorgan signaled a growing interest in stablecoins. During the bank’s Q2 earnings call on July 15, CEO Jamie Dimon stated that JPMorgan intends to be active in the stablecoin space, saying the bank wants to “understand it” and “excel at it.”
Dimon’s remarks coincided with similar ambitions from competitor Citigroup. In a separate earnings call, Citi CEO Jane Fraser confirmed that her institution is also considering launching a stablecoin focused on streamlining payments.
Dimon’s Changing Tune on Crypto
Jamie Dimon’s latest stance marks a significant departure from his earlier views on digital assets. Back in 2017, he famously labeled Bitcoin a “fraud” and warned he would fire any JPMorgan trader caught dealing in it.
In 2018, he reiterated his criticism, calling the crypto sector a “scam” and expressing no personal interest. By 2022, Dimon described cryptocurrencies as “decentralized Ponzi schemes,” although he expressed support for blockchain technology, DeFi innovations, smart contracts, and utility-driven tokens.
The Financial Times noted that Dimon’s strong anti-crypto rhetoric may have alienated certain high-net-worth clients, particularly those who gained wealth through digital asset investments.
Recently, however, Dimon appears to have softened his views. In May, he acknowledged the right of individuals to invest in Bitcoin, likening it to personal freedom: “I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin.”
While JPMorgan is allowing clients to gain exposure to BTC, the bank made it clear it won’t hold the cryptocurrency directly.
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