JPMorgan Chase is exploring a plan to let select clients borrow cash against their Bitcoin and Ethereum holdings, a move that would mark a major turn for the world’s biggest bank and its long‑skeptical CEO, Jamie Dimon. The effort comes as U.S. rules around crypto are starting to clear up and client demand grows louder.
The bank already lets some wealthy customers borrow against crypto exchange‑traded funds; tapping actual coins could be next.
The question now, how soon, and under what guardrails?
According to people familiar with internal discussions, JPMorgan is studying how to extend secured loans where BTC or ETH held by the client serves as collateral, possibly launching as early as next year. Plans could still change, but the direction is clear: clients want to unlock liquidity without selling their crypto.
Years ago, CEO Jamie Dimon called Bitcoin a “fraud” and even said he’d fire any trader who dared to touch crypto. Now, his change in tone has surprised many, he recently admitted that stablecoins are “real” and confirmed that JPMorgan will work with deposit tokens and regulated digital assets.
Some insiders say the plan could roll out as soon as next year, but much depends on regulatory green lights.
The bank already took a first step. In June, it began letting certain high‑net‑worth clients borrow against crypto ETFs starting with BlackRock’s iShares Bitcoin Trust, and expects to add more funds. Lending against spot Bitcoin and Ether would go further.
That means solving big nuts‑and‑bolts questions: How is collateral valued in fast markets? Who controls the keys? What happens if a borrower defaults and the bank must seize and liquidate crypto it never custodied?
Momentum picked up after the GENIUS Act, new U.S. stablecoin rules, cleared Congress and were signed into law. With cleaner guardrails, legacy firms like JPMorgan feel safer building real products.
Other giants are circling. Morgan Stanley is weighing crypto trading through E*Trade. Institutional surveys show most big investors plan to increase digital‑asset exposure this year, not just in Bitcoin and Ether but also leading altcoins and regulated stablecoins.
Still, JPMorgan is keeping its feet on the ground. It predicts the stablecoin market will reach $500 billion by 2028 but dismisses trillion-dollar estimates as wishful thinking.
Client demand and clearer U.S. crypto regulations are prompting JPMorgan to consider crypto-backed loans.
The plan could roll out as early as next year, depending on regulatory approvals and internal preparations.
Risks include collateral valuation in volatile markets, custody issues, and managing defaults with crypto assets.
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