stable coins
By Dan Saada
1 / 15
Bank of America, Wells Fargo, and Citigroup Also Surge. Bank of America posted a 27% profit jump, totaling $9.1 billion. Wells Fargo earned $6.4 billion.
2 / 15
JPMorgan's Kinexys and the Blockchain Infrastructure Fight. High trading revenues and strong risk appetite in markets tend to pull capital toward riskier…
3 / 15
Five big US banks just printed $49 billion in combined profit for the quarter. JPMorgan Chase led the pack with $21.2 billion. Goldman Sachs had its best quarter ever.
4 / 15
JPMorgan's profit jumped 41% from the same period a year ago. Stock trading revenue alone spiked 86%, hitting $6.03 billion. Investment banking fees rose 30% to $3.
5 / 15
Goldman's quarter was basically historic.
6 / 15
Net revenues came in at $20.34 billion. Net profit landed at $6.63 billion. Fees from underwriting new shares surged 130%. Fees from arranging new debt climbed 75%.
7 / 15
Bank of America posted a 27% profit jump, totaling $9.1 billion. Wells Fargo earned $6.4 billion. Citigroup moved from $4.0 billion to $5.8 billion year over year.
8 / 15
What drove it? Not traditional lending, mostly. Trading desks and dealmaking carried the quarter.
9 / 15
But there's a bigger picture forming here, and it runs straight into crypto.
10 / 15
Read also: SHIB Pulls 148.7 Billion Tokens Off Exchanges in Biggest Withdrawal Push in Months
11 / 15
JPMorgan's blockchain division, Kinexys, has processed over $4 trillion since it launched. It's now averaging more than $7 billion in daily transactions.
12 / 15
It's hard to overstate how fast the competitive landscape is shifting. A consortium of 17 major banks is building private blockchain networks to handle the transition to digital…
13 / 15
Stablecoins are part of this too. They're positioning as the next generation of payment rails, and the GENIUS Act — which brought regulatory clarity to the stablecoin space — has…
14 / 15
JPMorgan already owns a version of those pipes. Kinexys processes $7 billion a day. That's not a bet on the future — that's current volume, running now.
15 / 15
The irony isn't lost on crypto natives. The bank that Jamie Dimon famously criticized for years is now one of the largest processors of blockchain-based transactions in the world.
The Currency Analytics
Want the full story?