Jamie Dimon Says AI And Blockchain Are Rewriting Finance

JPMorgan is talking about AI and building blockchain at the same time. In his annual shareholder letter, Jamie Dimon said new technology is reshaping finance and bringing in fresh rivals, including firms built around stablecoins, smart contracts, and tokenization.

Good to Know

• Dimon said “new technologies” are making competition across finance more intense.
• He said “a whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization.”
• JPMorgan is scaling Kinexys toward $10 billion in daily volume and recently added Mitsubishi Corporation.

JPMorgan Builds In The Same Area It Warns About

Dimon did not put blockchain at the center of the letter, but one line stood out. He wrote that “a whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization.” At the same time, he called artificial intelligence, data, and technology “key to the future,” showing where JPMorgan thinks the next banking fight will happen.

That warning lands a bit differently because JPMorgan is already deep in the same field. Kinexys, the bank blockchain network once known as Onyx, is built for near-instant transfers without the usual chain of intermediaries. Recent reporting said the system handles about $7 billion a day and is aiming for $10 billion. Mitsubishi Corporation has joined, while Qatar National Bank, Siemens, and BlackRock are also among users tied to the network.

The bigger play goes beyond payments. JPMorgan is also using Kinexys as a tokenization platform, with work tied to areas such as private credit and real estate. So even while Dimon warns that blockchain-native groups are coming after finance, his bank is building more of the rails itself.