Big Banks Jump into Crypto: JPMorgan and PNC Team Up with Coinbase

• JPMorgan partners with Coinbase for crypto purchases
• Crypto market hits $4 trillion valuation, Stablecoins set for rapid growth
• PNC collaborates with Coinbase for crypto trading
• Coinbase’s shares surge 50%, joins the S&P 500
• Jamie Dimon still criticises Bitcoin, but remains a believer in Stablecoins and Blockchain technology

JPMorgan (JPM.N) has partnered with Coinbase (COIN.O) to enable customers to fund their cryptocurrency wallets using Chase credit cards, allowing them to purchase crypto on the exchange starting in fall 2025.

The digital assets industry has gained significant traction among consumers and investors, shifting its perception from wariness to acceptance among traditional financial institutions, with large banks now entering the space.

Financial giants are now offering crypto-related products, such as custody services and card-linked purchases, and exploring new use cases for tokens, demonstrating the significant maturation of the once-nascent cryptocurrency market.

The cryptocurrency market has reached a valuation of $4 trillion and is anticipated to continue growing, driven by increasing regulatory clarity in key markets like the United States, which is expected to boost broader adoption.

Beginning in 2026, Chase customers will be able to redeem their credit card reward points for USDC, a US dollar-pegged stablecoin, and link their bank accounts to Coinbase to fund cryptocurrency purchases. Following the partnership announcement, Coinbase’s shares rose 3% in morning trading.

Stablecoins are tokens designed to minimize price volatility, serving as a bridge between traditional finance and digital assets, thereby providing a more stable store of value and medium of exchange in the crypto space.

Stablecoins are set for rapid growth as demand for low-cost, instant transactions increases, with expanding adoption across payments, trading, and emerging financial platforms.

BCA Research said, “Crypto adoption is set to accelerate following the passage of the GENIUS Act,” and added that companies across the crypto ecosystem are well-positioned to benefit from digital asset growth and price appreciation.

PNC (PNC.N) recently announced its collaboration with Coinbase to offer crypto trading to its customers. Coinbase’s shares have surged around 50% this year, giving the crypto exchange a market value of approximately $95 billion. The company has also achieved a milestone by securing a spot in the S&P 500 index.

It is worth noting that Jamie Dimon, CEO of JPMorgan for years, made headlines by declaring cryptocurrencies, especially Bitcoin, to be worthless or fraudulent. He warned that governments should shut crypto down, comparing it to smoking and calling Bitcoin a “fraud” and even a “Ponzi scheme.” He threatened to fire any employee trading it, and reiterated during Senate hearings that its primary use case lay in illicit activity.

By partnering with Coinbase, JPMorgan now allows more than 80 million Chase customers to access crypto in new ways. Starting in fall 2025, users can fund Coinbase purchases directly using Chase credit cards. From 2026 onwards, they’ll also be able to convert Chase Ultimate Rewards points into USDC stablecoins and link Chase bank accounts directly to Coinbase wallets via JPMorgan’s secure API. This marks the first major credit‑card‑rewards integration into crypto and a powerful signal of traditional‑bank endorsement of crypto accessibility.

In 2018, Jamie Dimon called Bitcoin “useless as a pet rock’ – he now describes himself as a “believer” in stablecoins and blockchain technology. He repeatedly highlighted that JPMorgan’s actions are driven by customer demand, not personal conviction. “I’m a believer in stablecoins, believer in blockchain, not personally, a believer in Bitcoin itself,” said Jamie Dimon in a statement to CNBC on Wednesday.

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