<p>摩根大通首席执行官杰米·戴蒙在他最新的年度信中警告投资者，银行必须加快在区块链技术方面的努力，以应对来自加密行业日益增长的竞争。</p>
<p>戴蒙告诉股东，围绕基于区块链的产品——包括稳定币、智能合约和更广泛的代币化——出现了一整套 “全新的竞争者”，银行需要 “推出我们自己的区块链技术” 以捍卫其市场地位。</p>
<p><strong>摩根大通加大对加密货币的投入</strong></p>
<p>这一行动呼吁正值美国加密货币监管环境发生显著变化之际，传统金融机构越来越多地采用去中心化技术。</p>
<p>摩根大通并不是从零开始：该公司在 2019 年推出了基于许可区块链的 JPM Coin，并通过其专注于代币化和支付的 Kinexys 区块链部门持续构建能力。</p>
<p>该银行还参与了在无许可链上的实验；摩根大通商业和投资银行部门的高管最近指出，该银行在 2025 年为 Galaxy Digital Holdings 在 Solana (SOL) 上发行商业票据的角色，标志着更广泛的探索。</p>
<p>戴蒙对加密货币的态度在过去一年中明显演变。曾经是公开的怀疑者，他去年公开承认自己已成为 “稳定币的信徒”，并随后重申 “区块链是真实的”，预测它将取代传统金融系统的某些元素。</p>
<p>摩根大通已经加大了其内部加密活动。在一份单独的投资者报告中，该银行商业和投资银行部门的联合首席执行官报告称，自 2023 年以来，摩根大通基于区块链的产品的交易量大约增长了三十倍。</p>
<p>与此同时，摩根大通和其他主要银行在塑造监管结果方面也积极行动。银行业一直在推动修改 GENIUS 法案和预期中的 CLARITY 法案的条款，试图防止他们所称的可能允许稳定币发行者提供收益的监管 “漏洞”。</p>
<p><strong>银行推动禁止稳定币收益</strong></p>
<p>银行认为，带收益的稳定币可能作为存款账户的替代品，给他们的存款基础带来风险，并可能导致贷款不稳定。</p>
<p>然而，白宫经济顾问委员会周三发布的一项新分析对这些担忧提出了质疑。该报告使用了一个根据当前市场条件校准的模型，发现禁止稳定币收益对银行存款流失的影响微乎其微。</p>
<p>具体而言，它估计，消除稳定币收益将使银行贷款增加约 21 亿美元——约占总贷款的 0.02%——同时对消费者造成约 8 亿美元的净福利损失，表明成本可能超过任何系统性利益。</p>
<p>该研究还测试了一个最坏情况，即稳定币对贷款构成更大威胁，但该结果需要假设——例如零超额准备金和美联储政策的重大转变——这些假设并不反映当前的条件。</p>
<p>尚不清楚白宫的分析是否会改变银行与加密行业之间关于是否应允许稳定币收益和奖励的谈判。</p>
<p>参与谈判的各方在国会复活节休会期间大多保持沉默。然而，两位熟悉讨论的消息人士告诉《Crypto In America》，他们对谈判的进展持谨慎乐观态度。</p>
<p>封面图片来自 OpenArt，图表来自 TradingView.com</p>

摩根大通

ETHE

BKKT

<p>摩根大通首席执行官杰米·戴蒙强调，银行需要开发自己的区块链技术，以便在不断增长的加密行业中保持竞争力。他指出，基于区块链的产品中出现了新的竞争者，并强调了摩根大通现有的举措，包括 JPM Coin 和参与代币化。戴蒙对加密货币的看法发生了变化，承认稳定币和区块链的潜力。同时，银行正在积极参与关于稳定币收益的监管讨论，最近的白宫分析表明，禁止此类收益可能对银行存款的影响微乎其微</p>

<p>JPMorgan CEO, Jamie Dimon, warned investors in his latest annual letter that the bank must accelerate its efforts in blockchain technology to meet mounting competition from the crypto sector.</p>
<div class="lb-trans"><p>摩根大通首席执行官杰米·戴蒙在他最新的年度信中警告投资者，银行必须加快在区块链技术方面的努力，以应对来自加密行业日益增长的竞争。</p>
</div><p>Dimon told shareholders that a “whole new set of competitors” has emerged around blockchain-based products — including stablecoins, smart contracts, and broader tokenization — and that the bank needs to “roll out our own blockchain technology” to defend its market position.</p>
<div class="lb-trans"><p>戴蒙告诉股东，围绕基于区块链的产品——包括稳定币、智能合约和更广泛的代币化——出现了一整套 “全新的竞争者”，银行需要 “推出我们自己的区块链技术” 以捍卫其市场地位。</p>
</div><p><strong>JPMorgan Doubles Down On Crypto</strong></p>
<div class="lb-trans"><p><strong>摩根大通加大对加密货币的投入</strong></p>
</div><p>The call to action comes as the US regulatory landscape for crypto undergoes notable shifts and traditional financial institutions increasingly adopt decentralized technology.</p>
<div class="lb-trans"><p>这一行动呼吁正值美国加密货币监管环境发生显著变化之际，传统金融机构越来越多地采用去中心化技术。</p>
</div><p>JPMorgan is not starting from scratch: the firm introduced JPM Coin on a permissioned blockchain in 2019 and has continued to build capabilities through its Kinexys blockchain unit, which focuses on tokenization and payments.</p>
<div class="lb-trans"><p>摩根大通并不是从零开始：该公司在 2019 年推出了基于许可区块链的 JPM Coin，并通过其专注于代币化和支付的 Kinexys 区块链部门持续构建能力。</p>
</div><p>The bank has also been involved in experiments on permissionless chains; executives from JPMorgan’s Commercial and Investment Banking units recently pointed to the bank’s role in a 2025 US commercial paper issuance on Solana (SOL) for Galaxy Digital Holdings as a sign of broader exploration.</p>
<div class="lb-trans"><p>该银行还参与了在无许可链上的实验；摩根大通商业和投资银行部门的高管最近指出，该银行在 2025 年为 Galaxy Digital Holdings 在 Solana (SOL) 上发行商业票据的角色，标志着更广泛的探索。</p>
</div><p>Dimon’s stance toward crypto has evolved visibly over the past year. Once a vocal skeptic, he publicly acknowledged last year that he has become “a believer in stablecoins,” and later reiterated that “blockchain is real,” predicting it would displace elements of the traditional financial system.</p>
<div class="lb-trans"><p>戴蒙对加密货币的态度在过去一年中明显演变。曾经是公开的怀疑者，他去年公开承认自己已成为 “稳定币的信徒”，并随后重申 “区块链是真实的”，预测它将取代传统金融系统的某些元素。</p>
</div><p>JPMorgan has already ramped up its internal crypto activity. In a separate investor note, the co‑CEOs of the bank’s Commercial and Investment Banking division reported that transactions on JPMorgan’s blockchain-based products have expanded roughly thirtyfold since 2023.</p>
<div class="lb-trans"><p>摩根大通已经加大了其内部加密活动。在一份单独的投资者报告中，该银行商业和投资银行部门的联合首席执行官报告称，自 2023 年以来，摩根大通基于区块链的产品的交易量大约增长了三十倍。</p>
</div><p>At the same time, JPMorgan and other major banks have been active in shaping regulatory outcomes. The banking industry has pressed to alter provisions of the GENIUS Act and the anticipated CLARITY Act, seeking to prevent what they call a regulatory “loophole” that might allow stablecoin issuers to offer yield.</p>
<div class="lb-trans"><p>与此同时，摩根大通和其他主要银行在塑造监管结果方面也积极行动。银行业一直在推动修改 GENIUS 法案和预期中的 CLARITY 法案的条款，试图防止他们所称的可能允许稳定币发行者提供收益的监管 “漏洞”。</p>
</div><p><strong>Banks’ Push To Bar Stablecoin Rewards</strong></p>
<div class="lb-trans"><p><strong>银行推动禁止稳定币收益</strong></p>
</div><p>Banks argue that yield-bearing stablecoins could serve as substitutes for deposit accounts, posing a risk to their deposit bases and potentially destabilizing lending.</p>
<div class="lb-trans"><p>银行认为，带收益的稳定币可能作为存款账户的替代品，给他们的存款基础带来风险，并可能导致贷款不稳定。</p>
</div><p>Yet, those concerns were challenged on Wednesday by a new analysis from the White House Council of Economic Advisers. Using a model calibrated to current market conditions, the report found that banning stablecoin yields would have only a marginal effect on deposit flight from banks.</p>
<div class="lb-trans"><p>然而，白宫经济顾问委员会周三发布的一项新分析对这些担忧提出了质疑。该报告使用了一个根据当前市场条件校准的模型，发现禁止稳定币收益对银行存款流失的影响微乎其微。</p>
</div><p>Specifically, it estimated that eliminating stablecoin yield would raise bank lending by roughly $2.1 billion — about 0.02% of total loans — while imposing an estimated $800 million net welfare loss on consumers, suggesting the costs could outweigh any systemic benefits.</p>
<div class="lb-trans"><p>具体而言，它估计，消除稳定币收益将使银行贷款增加约 21 亿美元——约占总贷款的 0.02%——同时对消费者造成约 8 亿美元的净福利损失，表明成本可能超过任何系统性利益。</p>
</div><p>The study also tested a worst‑case scenario in which stablecoins pose a much larger threat to lending, but that outcome required assumptions — such as zero excess reserves and a major shift in Federal Reserve policy — that do not reflect present conditions.</p>
<div class="lb-trans"><p>该研究还测试了一个最坏情况，即稳定币对贷款构成更大威胁，但该结果需要假设——例如零超额准备金和美联储政策的重大转变——这些假设并不反映当前的条件。</p>
</div><p>It remains uncertain whether the White House analysis will shift negotiations between banks and the crypto industry over whether yield and rewards should be permitted on stablecoins.</p>
<div class="lb-trans"><p>尚不清楚白宫的分析是否会改变银行与加密行业之间关于是否应允许稳定币收益和奖励的谈判。</p>
</div><p>Those involved in the talks have largely remained silent over the past two weeks amid Congress’s Easter recess. However, two sources familiar with the discussions told Crypto In America that they remain cautiously optimistic that the talks are progressing.</p>
<div class="lb-trans"><p>参与谈判的各方在国会复活节休会期间大多保持沉默。然而，两位熟悉讨论的消息人士告诉《Crypto In America》，他们对谈判的进展持谨慎乐观态度。</p>
</div><p>Featured image from OpenArt, chart from TradingView.com</p>
<div class="lb-trans"><p>封面图片来自 OpenArt，图表来自 TradingView.com</p>
</div>

JPMorgan CEO Says Bank Must Build Its Own Blockchain To Counter Crypto Threats

- 摩根大通首席执行官杰米·戴蒙在年信中警告，需加速发展区块链技术以应对竞争。  
- 该行自 2019 年推出 JPM Coin 以来已在区块链领域不断扩展能力，与传统金融机构转型趋势接轨。  
- 白宫经济顾问委员会的分析称，禁止稳定币收益对银行存款流失影响有限，可能损害消费者福利。

NewsBTC

Grayscale Ethereum Staking ETF

Bakkt

Circle

Solana

Grayscale Bitcoin Trust BTC - ETF

Hut 8 Mining

Galaxy Digital

CleanSpark

American Bitcoin

Marathon Digital

Coinbase

Riot Platforms

Bitfarms Canada

Bitdeer Tech

Core Scientific, Inc.

Block

Grayscale Litecoin Trust (LTC)

CoinShares Bitcoin ETF

Invesco Galaxy Bitcoin ETF

Franklin Bitcoin ETF

区块链 ETF - Amplify

Defiance Daily Target 2X Long JPM ETF

WisdomTree Bitcoin Fund

Grayscale Ethereum Mini Staking ETF

ProShares Ultra CRCL ETF

ProShares Bitcoin Strategy ETF

Grayscale Solana Staking ETF

ARK 21Shares Bitcoin ETF

VanEck Bitcoin ETF

iShares Bitcoin Trust ETF

Bitwise Solana Staking ETF

Fidelity Wise Origin Bitcoin Fund - ETF

摩根大通首席执行官称，银行必须构建自己的区块链来应对加密货币带来的威胁