"Scott Lucas, JPMorgan's global head of markets digital assets, outlined the bank's approach in a CNBC interview, emphasizing an "and" strategy that balances existing financial infrastructure with emerging blockchain opportunities. On trading crypto, Lucas said that, "Jamie [Dimon] was pretty clear during investor day that we were going to be involved in the trading of that, but custody is not on the table at the moment," The bank has been experimenting with deposit tokens and stablecoins, tools that enable cash-like digital assets on distributed ledgers."
"Naturally, we need custodians. So we're exploring what the right custodians for us for the business footprint of," Lucas said. Lucas highlighted JPMorgan's deposit token, JPMD, which is currently a prototype in the U.S., as a platform for potential client services and cash management solutions. Stablecoins remain a focus as well, though Lucas noted that any future issuance would likely be led by the bank's payments business, rather than its markets division."
JPMorgan will permit clients to trade Bitcoin and other cryptocurrencies while not offering custody services immediately. The bank is expanding blockchain initiatives and assessing how crypto integrates into its broader markets strategy with an "and" approach that combines existing financial infrastructure and emerging blockchain opportunities. JPMorgan is experimenting with deposit tokens and stablecoins, including prototype deposit token JPMD in the U.S., to support client services and cash management. Stablecoin issuance would likely be led by the payments division, while markets clients can use stablecoins for transactions and new workflows. The firm expects more capital markets activity on public blockchains and announced a $1.5 trillion, decade-long Security and Resiliency Initiative to bolster U.S. industries.
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