How Big Tech Is About to Become Your Bank
Robert Ross|June 24, 2025
Last week, JPMorgan quietly filed a trademark application for a new product called “JPMD” – a stablecoin.
It barely made a ripple in the news cycle.
But, in my view, this might be one of the most important signals yet that Wall Street, and the largest corporations in the world, are preparing for a stablecoin-driven financial future.
And they’re moving fast.
Now if you’re not familiar with the term stablecoin, let me back up.
A stablecoin is a type of cryptocurrency designed to track the value of a stable asset, most often the U.S. dollar.
Think of it like digital cash: you send it instantly over the internet, like email, but it always holds a value of $1.
With most trusted stablecoins, each token is backed one-for-one by dollars or short-term U.S. Treasury securities.
You get the speed and flexibility of crypto with the price stability of cash.
Stablecoins began as tools for traders in crypto markets. But now, they’re on the verge of transforming the entire financial system.
And some of Wall Street and Big Tech’s biggest players want in.
Big Banks Smell Money
The JPMorgan foray into the space comes on the heels of major regulatory momentum.
The GENIUS Act and STABLE Act are both advancing in Congress, and both would give legal clarity for stablecoin issuers in the U.S.
With that clarity in sight, JPMorgan is making its move.
This isn’t JPMorgan’s first rodeo in blockchain either. It already runs a permissioned blockchain called Onyx, has processed over $1 billion in digital deposits internally, and has major clients using tokenized money for settlement.
But JPMD isn’t just internal plumbing; it’s a retail-facing stablecoin.
A direct competitor to USDC, PayPal USD, and any other digital dollar that hopes to power the next generation of payments and remittances.
And JPMorgan isn’t alone.
Amazon and Walmart Are Building Their Own Rails
According to recent reports, Amazon (AMZN) and Walmart (WMT) are also considering issuing their own stablecoins – designed to bypass legacy payment systems like Visa and Mastercard.
This is a huge deal.
Right now, merchants pay 2.5-3% every time a transaction runs through traditional payment rails. Stablecoins, on the other hand, cost less than 0.1% to send across most public blockchains.
By launching their own stablecoins, Amazon and Walmart could:
- Cut payment fees
- Speed up settlements
- Control customer data
- Create closed-loop loyalty ecosystems
And most importantly… they become the bank.
That’s the real play here: control the rails, and you control the money. It’s the same strategy Apple and Google are exploring with their own stablecoin wallet integrations. Whoever owns the wallet owns the customer – and that’s where value accrues.
Why This Matters for Investors
This shift from speculative crypto trading to real-world stablecoin adoption is a massive inflection point.
And just like the early days of the internet, the real winners won’t be the flashy front-end apps. They’ll be the boring infrastructure companies behind the scenes.
That’s why Circle (CRCL) – the issuer of USDC – is one of my highest conviction ideas right now.
Unlike offshore competitors like Tether, Circle is a U.S.-based company, fully audited, and partners with prominent names such as BlackRock (BLK), Visa (V), and BNY Mellon (BK).
They make money every time someone mints USDC. And they earn interest on the reserves backing those tokens – most of which sit in short-term Treasuries. In other words, Circle is a modern-day PayPal for crypto, except with far more scalability and a much bigger addressable market.
With over $32 billion in USDC in circulation and short-term rates still elevated, the company is generating serious revenue – even as the rest of the crypto space continues to burn cash.
The Endgame Is Obvious
Wall Street wants to issue stablecoins.
Big Tech wants to issue stablecoins.
Retail giants want to issue stablecoins.
And the government is finally getting serious about regulating them.
This isn’t just a niche crypto trend anymore. It’s a new digital financial system being built from the ground up. And now that Circle is public, you can own a piece of it.
JPMorgan’s move just confirmed what I’ve been saying for months: Stablecoins are the future of money movement.
And the digital dollar race is no longer theoretical – it’s happening in real time.
Robert Ross
Robert Ross’s unique style of clear and direct stock research helped him build a massive following in the investment research industry, starting his career at investment research company Mauldin Economics and quickly rising through the ranks to become one of the youngest chief analysts in the industry. Today, over a million investors turn to Ross every month for his take on investing, economics, and personal finance. He now shares his unique insights in Total Wealth and Manward Money Report.
