article 🏦🚀 Wall Street’s Crypto “Debate” Is Done: Banks Are Shipping BTC ETFs, Stablecoin Rails & Tokenized Cash

For years, big banks mostly talked about crypto as something to limit, monitor, or avoid. That era is fading fast. The tone today isn’t “Is crypto real?” — it’s “Which parts do we build, and how do we plug them into regulated finance?”

This week’s moves from major institutions point in one direction: Wall Street is quietly going onchain — not with memes, but with tokenized cash, ETF wrappers, and stablecoin settlement infrastructure.

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What changed (and why it matters)

Instead of treating crypto as a temporary trend, large banks are increasingly:

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  Packaging exposure through regulated investment products (like spot Bitcoin ETFs)

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  Testing tokenized deposits that behave like digital cash inside bank-grade systems

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  Backing stablecoin rails that connect issuers and financial institutions

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  Allowing advisers to discuss or recommend crypto-linked products to clients

In plain terms: the biggest players aren’t spectating anymore — they’re building the plumbing.

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JPMorgan takes its deposit token to the Canton Network

JPMorgan is expanding its U.S. dollar deposit token — commonly referred to as JPM Coin / JPMD — by making it available natively on the Canton Network.

The bigger story here isn’t branding, it’s infrastructure: Canton is positioned as a privacy-focused, regulated-friendly network designed for institutions that need interoperability without exposing everything to the public.

The goal is straightforward: regulated digital cash that can move quickly across compatible networks, while still fitting inside compliance and institutional workflows.

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Morgan Stanley pushes deeper into crypto ETFs (BTC + SOL)

Morgan Stanley is positioning itself to offer ETF-style exposure to crypto — specifically Bitcoin and Solana — through proposed trust products.

If approved, it could open the door for a huge audience: Morgan Stanley’s wealth platform serves millions of clients, and ETF wrappers are one of the easiest ways for traditional investors to get exposure without handling wallets or private keys.

Why that’s a big deal:

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  ETFs fit into existing brokerage and advisory systems

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  They’re familiar to traditional investors

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  They can broaden access dramatically (especially through wealth management)

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Barclays makes its first move into stablecoin settlement rails

Barclays has reportedly made an investment into Ubyx, a stablecoin clearing/settlement platform that aims to connect regulated stablecoin issuers with financial institutions for smoother interoperability.

That’s notable because stablecoins are increasingly viewed as digital dollar infrastructure — especially for cross-border movement, settlement, and always-on payments.

Even if banks don’t issue stablecoins directly, investing in the “rails” is a strong signal that they expect stablecoins (or stablecoin-like instruments) to play a lasting role in finance.

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Bank of America loosens the gate: advisers cleared to recommend spot Bitcoin ETFs

One of the clearest signs of mainstream normalization: Bank of America’s advisory channels are increasingly treating spot Bitcoin ETFs as recommendable products — rather than something clients must request on their own.

The article notes approval coverage for multiple U.S. spot Bitcoin ETF products and references a suggested allocation range that’s small but meaningful.

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My take: what to watch next (and what this unlocks)

This “banks go onchain” phase usually evolves in steps:

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Phase 1: Regulated wrappers

Spot ETFs, trusts, and structured products become the standard on-ramp for traditional portfolios.

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Phase 2: Tokenized cash + settlement

Deposit tokens and tokenized money market instruments start reducing settlement friction (especially for institutions).

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Phase 3: Stablecoin rails + interoperability

More banks support rails that connect stablecoin issuers, custodians, and regulated counterparties.

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The trade-offs

Even with adoption, real risks remain:

• compliance and jurisdiction differences

• counterparty/custody concentration

• smart contract and operational security risk

• liquidity fragmentation across chains

Still, the direction is clear: the conversation is no longer “if,” but “how.

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Conclusion

When JPMorgan expands tokenized deposits, Morgan Stanley lines up crypto ETF access, Barclays backs stablecoin settlement rails, and Bank of America green-lights ETF recommendations, it paints one picture:

The next chapter won’t be driven by hype. It’ll be driven by infrastructure, compliance, and distribution — and banks are now actively competing on all three.