Volumes on J.P. Morgan Blockchain Platforms Grow Thirtyfold

What has made us successful so far, however, will not necessarily make us successful in the future. Today, the CIB faces a radically shifting landscape. Competition is intensifying on all fronts. Traditional banking rivals are investing heavily to reclaim share; nonbanks — payments players, market infrastructure providers and fintech platforms — as well as nonconventional entrants, are scaling into areas once considered the preserve of universal banks; and specialist boutiques are broadening their reach, stitching together advisory, execution and distribution. In many of our businesses, there are now multiple challengers lining up at every step in the value chain.

In parallel, the pace of technological innovation has accelerated dramatically. Breakthroughs in private markets, digital assets and blockchain are reshaping capital flows. The AI boom is triggering unprecedented capital needs, turning banks into ecosystem builders, and making chips and rare earth minerals the new strategic assets. Meanwhile, geopolitical tensions have intensified, making energy, infrastructure and defense central to political strategies, reflecting a realignment of the world order.

For the CIB, these forces raise the bar and give us an opportunity to lead. We are not standing still: We are on offense, with major technology priorities in flight and identified ownership for delivery. The integrated CIB gives us clear structural advantages — scale, deep client relationships, balance sheet capacity, global reach, AI capabilities and a vast data set. Our task now is to convert those strengths into simpler, more seamless client experiences and higher return growth.

Here’s how we’re positioning to stay ahead:

Igniting growth through our integration

The integration of our businesses has created a powerful “combustion effect” — igniting growth and unlocking new opportunities across our expanded organization. Uniting our teams has amplified our collective impact, making the whole greater than the sum of its parts.

For example, in Global Banking, by combining our leading U.S. Commercial and Specialized Industries franchise with the deep sector expertise of our investment bankers, we are supporting clients with high-value opportunities, including sell-side mandates and capital raising. This drives deeper client engagement and expands our share of wallet.

Our industry coverage is also complemented by a targeted focus on high-growth subsectors, such as enterprise and cloud, applied technology, biotech and healthcare services, where our bankers’ expertise delivers differentiated value and positions us to capture outsized growth.

At the same time, our larger business footprint creates more scope to broaden client engagement with macro solutions, especially foreign exchange. While we have long been strong in the U.S. dollar and other major currencies, the integrated platform is accelerating our expansion into new markets, offering clients a more comprehensive suite of solutions and deepening our relationships.

Powering private markets

Despite increased scrutiny of private credit in recent months, we believe private markets will remain an important part of the financial system over the long term.

Today, private companies far outnumber public ones, with many choosing to remain private longer due to the high costs and complexities of public listings. Simultaneously, surging investor appetite for private assets is reshaping capital flows and creating new opportunities for growth. Assets under management in private markets have grown at an annual rate of 14% since 2013⁵ and are projected to nearly double — from around $17 trillion in 2024 to $32 trillion in 2030.⁶

Clients in these markets are increasingly interconnected, forming a network where limited partners, general partners and portfolio companies collaborate and influence each other’s banking, financing and advisory needs.

To best serve this ecosystem, the CIB has launched several initiatives. We have reorganized our coverage model to serve the private capital markets in a more integrated way, creating a joint venture between the CIB and the Private Bank to deliver seamless solutions — from frictionless access to liquidity to creative monetization strategies — at every stage of the private capital life cycle. Meanwhile, our new Private Capital Advisory & Solutions team provides clients with comprehensive advice across the private capital spectrum, connecting investors and companies well before any IPO or sale.

On the financing side, we remain a reliable provider of credit to well-established direct lenders. In addition, last year, we launched the Strategic Financing Solutions group, combining Global Banking and Markets structuring expertise to offer clients a comprehensive suite of financing options — from direct lending to syndicated loans and high yield. Our direct lending platform has expanded as well, with $14 billion total exposure⁷ from our $50 billion commitment to private credit, alongside over $25 billion of partner capital available.

Finally, in an industry first, we introduced private company sell-side research last year, providing in-depth analysis on influential companies such as OpenAI, Anthropic and Stripe — businesses driving innovation in their sectors.

Expanding in international markets

Today, nearly 40% of the CIB’s revenue originates from outside the United States with broad-based growth across Asia Pacific, EMEA and Latin America. Our scale, deep local expertise and ability to navigate complex regulatory and geopolitical landscapes have enabled us to deliver effective solutions to clients worldwide.

The opportunity ahead is significant: International markets are poised to outpace domestic growth, fueled by economic diversification, rising cross-border trade and a new wave of investment — particularly in the Middle East, North Africa and Turkey. Amid evolving regional dynamics, we are advancing with a measured, phased approach designed to protect continuity of service and client outcomes.

To capture this regional growth, we are investing in our capabilities in Bahrain, Saudi Arabia and the United Arab Emirates, as well as expanding our franchise in Turkey. In addition, we’re increasing critical infrastructure in Africa, including a new onshore presence on the Ivory Coast and Kenya. Our focus extends beyond serving large multinationals to include international mid-cap and institutional clients, as well as subsidiaries of U.S.-based firms.

A key driver of our expansion is extending our Payments solutions in new geographies. Today, the firm processes around 65 million transactions daily and moves nearly $12 trillion across 120 currencies. But the ambition is broader — to expand coverage and products across venture capital, the Innovation Economy and mid-cap corporates while deepening our offerings in equities and fixed income.

Building an AI-powered business

Across the CIB, we’re rewiring our business to embed AI in every process, maintain modern data architecture and drive measurable business outcomes.

AI is already creating material efficiency gains. In transaction screening, AI has enabled us to review more than double the volume while halving the number of manual operator checks. That means quicker turnaround for clients and fewer delays. AI is also elevating how we work — cutting manual tasks, accelerating innovation and improving client outcomes. Over 90% of our engineers now use AI code assistants, and more than 65,000 CIB colleagues actively use LLM Suite, our generative AI platform.

We’re deploying AI proactively for clients, too — corporate treasury clients now have a cash-flow-forecasting tool that supports smarter liquidity management. In Markets, Prime Finance applies AI to manage our inventory of securities, sharpen pricing, strengthen risk management and optimize capital efficiency.

Rather than a one-size-fits-all approach, each of our businesses has its own AI strategy aligned to the end-to-end client journey, ensuring AI is applied where it creates the most value — all underpinned by a large, well-organized data estate.

Leading the way in digital assets

Once a niche innovation, digital assets have developed into a significant ecosystem, changing how value is stored, transferred and accessed. Crypto assets, formerly on the fringe, have also experienced notable growth, and stablecoins are increasingly being used for transactions. As adoption expands among corporations and financial institutions, tokenized assets — digital tokens representing real-world assets — are expected to see continued growth, with some projections estimating the market could reach $13 trillion by 2030, highlighting the ongoing evolution of digital finance.

The CIB has been at the forefront of this shift with its Kinexys platform, launched in 2019, which enables businesses to make fast, secure payments using blockchain technology. We have also developed new blockchain-based products, such as deposit tokens and tokenized money market funds, that deliver faster settlement, greater transparency and improved efficiency compared with traditional banking. Since 2023, the number of transactions on these platforms has grown thirtyfold. By investing early in digital payments, financing and crypto solutions, we are well-positioned to compete with emerging digital-native financial firms while capitalizing on the trust and reliability that J.P. Morgan is known for.

2025 marked the first U.S. commercial paper issuance on the Solana public blockchain for Galaxy Digital Holdings, settled using stablecoin and digital custody. This milestone demonstrates that public blockchains can support institutional-grade transactions, offering lower costs and access to new sources of liquidity.

Broader adoption hinges on regulatory clarity. Ultimately, the firm supports regulation that encourages innovation but also includes clear frameworks and safeguards so that tokenized assets are treated consistently with traditional ones.

Source: J.P. Morgan