Banks, Stablecoins and ETFs Collide in Crypto’s Next Phase

A significant tension is emerging in the digital asset space between crypto innovations that resemble regulated financial institutions and traditional banking concerns. JPMorgan's CFO, Jeremy Barnum, warned that yield-bearing stablecoins risk creating a parallel banking system with deposit-like features but lacking centuries of established prudential safeguards. Concurrently, institutional adoption is accelerating, evidenced by Morgan Stanley's filings for Bitcoin and Solana ETFs, which Binance Research suggests will pressure competitors like Goldman Sachs and JPMorgan to advance their own crypto strategies. Furthermore, crypto-native firms are expanding into regulated areas: World Liberty Financial is launching a lending platform using its USD1 stablecoin, and Figure Technology Solutions introduced its On-Chain Public Equity Network (OPEN) to enable direct, on-chain stock lending tied to real equity, bypassing traditional intermediaries.

(Source：Cointelegraph)