The pace of integration between cryptocurrencies and traditional finance is accelerating. Major banks are launching cryptocurrency trading services, expanding stablecoin projects, and preparing for regulatory changes. In the future, tokenized assets may serve as collateral in the derivatives market.
This issue of Crypto Biz focuses on Morgan Stanley's plan to launch cryptocurrency trading through E*Trade, JPMorgan CEO Jamie Dimon's cautious remarks on stablecoins, and the U.S. Commodity Futures Trading Commission (CFTC) exploring tokenized assets as collateral. Additionally, Strategy's Executive Chairman Michael Saylor denies the end of the bull market, predicting that institutional demand will drive Bitcoin prices up in the fourth quarter.
Morgan Stanley's discount brokerage E*Trade will collaborate with infrastructure provider Zerohash to launch cryptocurrency trading services in 2026, further demonstrating that large banks are actively positioning themselves in the digital asset space.
A Morgan Stanley spokesperson confirmed to Reuters that E*Trade customers will soon be able to purchase Bitcoin, Ethereum, and Solana, corroborating previous reports about the bank's cryptocurrency strategy.
Morgan Stanley acquired E*Trade for $13 billion in 2020, at which time the platform had approximately 5.2 million users.
After entering the cryptocurrency trading space, E*Trade will directly compete with Robinhood, a well-known discount brokerage that is actively expanding its cryptocurrency business. This year, the company spent $200 million to acquire the exchange Bitstamp.
JPMorgan CEO Jamie Dimon stated in an interview with CNBC this week that he is "not particularly worried" about stablecoins, believing that blockchain tokens do not threaten the bank's core business model.
However, Dimon emphasized that bank executives "should closely monitor and deeply understand" this area, mentioning the rapid development of the industry and the recently passed GENIUS Act (a stablecoin regulatory bill). This bill may be influenced by bank lobbying to prohibit the issuance of yield-bearing stablecoins.
"There will be some people who want to hold dollars through stablecoins, whether they are 'bad actors' or 'good actors,' or certain countries where holding dollars outside the banking system may be more advantageous," Dimon pointed out.
Despite Dimon's long-standing criticism of cryptocurrencies, JPMorgan has taken steps in this field. According to Dimon, the bank has confirmed that major institutions are exploring "whether to form a consortium" to issue stablecoins.
The U.S. Commodity Futures Trading Commission is assessing whether stablecoins and other tokenized assets can be used as collateral in the derivatives market, which may further expand their role in traditional finance.
Interim Chair Caroline Pham stated that the commission will "work closely with stakeholders" to develop the relevant framework. The public comment period ends on October 20.
"The public's voice has been heard: the tokenized market has arrived and is the future. For years, I have believed that collateral management is the 'killer application' for stablecoins in the market," Pham said.
Earlier this week, Pham announced new members for the CFTC's Digital Asset Advisory Committee. New members include representatives from Uniswap Labs, Aptos Labs, BNY, Chainlink Labs, and JPMorgan.
JPMorgan CEO Jamie Dimon reiterated in a CNBC interview this week that he is "not particularly worried" about stablecoins, believing that blockchain tokens do not threaten the bank's core business model.
Despite recent volatility, the Bitcoin bull market is expected to continue into the fourth quarter. According to Strategy's Executive Chairman Michael Saylor, corporate finances and ETF inflows will drive demand, while supply remains limited.
In a CNBC interview, Saylor denied that Bitcoin has weakened recently, pointing out that "companies utilizing Bitcoin are purchasing amounts that even exceed the total output of miners." After the halving in April 2024, miners will only produce 900 Bitcoins daily.
Industry data shows that publicly traded companies collectively hold over 1.03 million Bitcoins, with Strategy being the largest holder, currently holding 639,835 Bitcoins.
Saylor noted that these companies' purchases of Bitcoin "actually optimize their capital structure."
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Original article: “Crypto Biz: Wall Street Begins a New Cycle, Banks, Stablecoins, and Asset Tokenization Progressing in Three Tracks, Development Accelerates”
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