Looking Back at 2025: Major Crypto Moves by Traditional Giants like BlackRock Throughout the Year

Written by: Deng Tong, Golden Finance

By 2025, cryptocurrency industry regulation will become clearer, traditional finance will be deeply integrated, and technological iteration will accelerate. Every key milestone depends on core figures who either lead policy direction, guide institutional entry, tackle technical challenges, or stir the market.

What actions will traditional giants like BlackRock, JPMorgan Chase, Visa, and Mastercard take in the crypto space in 2025?

I. BlackRock: Promoting ETFs and Optimistic about RWA

BlackRock will push forward its strategic layout of crypto assets and tokenization throughout 2025, including expanding ETF series and researching asset tokenization.

1. Promoting ETFs

In early 2025, BlackRock will consider Bitcoin as one of its core investment themes for the year, emphasizing its “long-term investment value,” and will continue to promote the adoption of its iShares Bitcoin Trust (IBIT) ETF among institutional investors.

On February 26, BlackRock transferred approximately 1,800 Bitcoins (about $160 million) to Coinbase Prime custody. This on-chain transfer event attracted market attention.

In the first half of 2025, BlackRock’s portfolio grew by $23.91 billion, from $54.77 billion on January 1 to $78.67 billion on June 30. Of this, Bitcoin appreciation contributed $23.3 billion, and Ethereum contributed $678.9 million.

According to the “Q3 2025 Cryptocurrency Market Report” published by Finbold, driven by unprecedented inflows into Ethereum, BlackRock’s crypto portfolio surged by $22.46 billion in Q3 2025. The report notes that BlackRock accelerated its active layout of digital assets in Q3 2025. From July 1 to September 30, BlackRock’s on-chain crypto holdings increased from $79.63 billion to $102.09 billion, a quarter-over-quarter growth of 28.2%. This shift marked Ethereum’s first surpassing Bitcoin in BlackRock’s quarterly portfolio growth.

As of 2025, IBIT ranks sixth among all ETFs with over $25 billion in inflows. Among the top 25 funds by inflow, the top is Vanguard’s S&P 500 ETF (VOO) with $145 billion, and the 25th is iShares S&P 100 ETF (OEF) with $10 billion.

2. Optimistic about RWA

BlackRock executives have repeatedly publicly stated that asset tokenization is an important trend for the next financial revolution, reflecting their long-term layout of incorporating traditional assets onto the blockchain. CEO Larry Fink firmly believes that the next major transformation in global finance will come from the tokenization of traditional assets, including stocks, bonds, and real estate. BlackRock views tokenization as an opportunity to bring new investors into mainstream financial products through digital means.

For more details, see “BlackRock: How Tokenization Will Change Finance” and “BlackRock CEO’s 2025 Investor Letter: BTC Erodes Dollar Reserve Status, Tokenization Revolution in Capital Markets.”

II. JPMorgan Chase: Issuing JPMD, Entering Public Blockchains, CEO’s Attitude Reversal

JPMorgan CEO once held a strong critical stance on cryptocurrencies, mainly denying their value and criticizing illegal uses. It was only in 2025 that their attitude softened. JPMorgan itself also made significant strides toward public blockchains in 2025.

1. Issuing JPMD

In June, JPMorgan’s blockchain division Kinexys piloted the issuance of JPMD, bringing institutional finance onto the chain, marking an important step in digital currency development. JPMD is a permissioned USD deposit token used for real-time institutional payments on Base (an Ethereum Layer 2 blockchain built by Coinbase). JPMD aims to support near-instant peer-to-peer transfers between Base wallets, enabling institutional clients to transfer funds flexibly, securely, and efficiently, minimizing delays. By reducing transaction friction, clients can improve operational efficiency and support real-time financial decision-making.

2. Entering Public Blockchains

On July 30, JPMorgan announced a strategic partnership with Coinbase, the largest crypto exchange in the US. The partnership includes allowing Chase bank customers to directly link their bank accounts with Coinbase for crypto asset operations and providing easier ways to buy/trade cryptocurrencies. This is an important bridge between JPMorgan’s financial services and mainstream crypto trading platforms.

On November 12, JPMorgan began offering institutional clients a deposit token called JPM Coin, an initiative to expand its digital asset business. On December 18, JPM Coin was deployed on Coinbase’s Base blockchain, marking the firm’s first large-scale access to a public blockchain ecosystem.

On December 15, JPMorgan officially launched its first tokenized money market fund, “My OnChain Net Yield Fund” (MONY). This private fund operates on Ethereum and is open to qualified investors. JPMorgan will inject $100 million of its own funds as seed capital.

3. CEO’s Attitude Reversal

JPMorgan CEO Jamie Dimon was once a fierce critic of cryptocurrencies. In September 2017, Dimon publicly called Bitcoin a “fraud,” warning that company traders trading Bitcoin would be fired, linking it to Ponzi schemes and speculative bubbles, and calling investors foolish. However, in October this year, Dimon publicly acknowledged that crypto, blockchain, and stablecoins are “real and will be widely adopted,” and plans to allow institutional clients to use Bitcoin and Ethereum as collateral for loans (with third-party custody) before the end of 2025.

III. Visa: Seizing Stablecoin Opportunities

For Visa, 2025 is a crucial year to capitalize on stablecoin opportunities.

Cuy Sheffield, head of Visa’s crypto business, stated that he is not worried that the rise of stablecoins might pose risks to traditional payment companies. Even if stablecoins provide consumers with a new payment method without credit cards, Visa views their emergence as an opportunity. Sheffield pointed out that most stablecoin transaction volume comes from high-value transfers rather than retail transactions. He added that the main opportunities for stablecoins are in emerging markets outside the US, where demand for dollars exists but access is limited.

On May 1, Baanx partnered with Visa to launch a stablecoin payment card linked to self-custody wallets, initially supporting Circle’s USDC. The card “allows cardholders to spend USDC directly from their crypto wallets,” with real-time transfer of USDC balance to Baanx via smart contracts at authorization, which is then exchanged for fiat currency to complete the payment.

On October 28, Visa announced plans to support multiple stablecoins. CEO Ryan McInerney stated during the Q4 earnings call: “We are adding support for four stablecoins, which operate on four different blockchains and correspond to two currencies; we can accept these stablecoins and convert them into over 25 traditional fiat currencies.”

On November 12, Visa announced the launch of a stablecoin payment pilot, allowing creators, freelancers, and businesses to receive payments via Visa Direct in Circle’s USDC, enabling cross-border instant settlement. During the pilot, businesses can initiate payments in fiat in the US, and recipients can choose to receive USDC directly, with funds arriving in minutes, easing issues related to currency volatility or limited banking access.

On December 16, Visa began supporting USDC transactions for US financial institutions on Solana, with Cross River Bank and Lead Bank as the first users. As a partner of Circle’s Arc blockchain, Visa will also support the platform after its launch.

Visa believes stablecoins could drive traditional financial institutions to migrate part of the $40 trillion global credit market onto blockchain-based programmable systems, potentially transforming credit markets. Banks and financial institutions should understand how programmable money can reshape lending to seize potential opportunities.

IV. PayPal: Seizing Stablecoin Opportunities

On August 7, 2023, PayPal’s stablecoin PYUSD was officially launched. For PayPal, 2025 is the year to expand PYUSD into more application scenarios.

In early February, PayPal planned to increase the adoption of PYUSD in 2025, including launching a billing payment product enabling over 20 million small and medium-sized merchants to pay suppliers using PYUSD. Additionally, PayPal plans to add PYUSD as an option for global payments via Hyperwallet, a service that helps organizations send bulk payments to contractors, freelancers, or sellers worldwide. CEO Alex Chriss said: “We’ve been talking about blockchain for ten years — these concepts never become reality until you actually start using them. I think that’s what we’ve achieved.”

On April 24, Coinbase expanded its partnership with PayPal to accelerate the adoption, distribution, and use of PayPal’s USD stablecoin (PYUSD). Coinbase supports 1:1 redemption of PYUSD and USD through its custody and trading platform, enhancing PYUSD’s practicality and exploring new on-chain use cases.

On April 29, the US Securities and Exchange Commission (SEC) ended its investigation into PYUSD without enforcement action, removing regulatory uncertainties.

On September 19, PayPal announced that its USD stablecoin PYUSD would be extended to nine new blockchains via LayerZero cross-chain protocol: Abstract, Aptos, Avalanche, Ink, Sei, Stable, Tron, and integrated with Berachain and Flow.

On September 22, PayPal made a strategic investment in Stablechain, enabling users to conduct business and financial transactions using PYUSD on Stablechain. On December 18, PYUSD officially launched on the Stable mainnet.

V. Mastercard: Seizing Stablecoin Opportunities

2025 marks a transition for Mastercard from experimental phase to providing practical crypto solutions.

On April 9, Kraken announced a partnership with Mastercard to launch crypto debit cards. Kraken will issue physical and digital debit cards for daily transactions using cryptocurrencies and stablecoins. On April 29, Mastercard partnered with OKX to launch the “OKX Card.”

On April 29, Mastercard promoted enabling consumers to spend stablecoins and merchants to accept stablecoin payments. “Mastercard is providing a comprehensive 360-degree solution that makes it easy for consumers and businesses to use stablecoins as easily as using money in bank accounts.”

On October 19, Mastercard filed a “Virtual Asset Payment Processing” trademark application.

On November 5, Mastercard partnered with Ripple and Gemini to explore using RLUSD stablecoin on the XRPL blockchain for card settlement. This is one of the first cases where a regulated US bank uses a public blockchain and regulated stablecoin for traditional card settlement.

On December 16, Mastercard allied with Abu Dhabi’s ADI Foundation to promote stablecoin settlement, stablecoin payment cards, and asset tokenization in the Middle East, with NEO PAY (UAE) and INFINIOS (Bahrain) joining its stablecoin settlement plans.

VI. Goldman Sachs: Focusing on Stablecoins and ETFs

On April 30, Goldman Sachs’ head of digital assets, Mathew McDermott, stated that clear regulation would make it easier for large institutions to deploy capital in crypto, promoting its scale. Goldman Sachs will expand digital asset trading, explore crypto lending, and heavily bet on tokenization. Increasingly, Goldman clients are eager to participate more actively in digital asset trading, and Goldman will focus on business implementation and seek various regulatory approvals.

1. Layout of Stablecoins

On October 10, Reuters reported that multiple global banks are planning joint stablecoin initiatives, including Santander, Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG, TD Bank, and UBS.

On October 11, a group of banks including Bank of America, Goldman Sachs, Deutsche Bank, and Citi explored issuing stablecoins pegged to major G7 currencies (USD, EUR, JPY, etc.). The project aims to issue 1:1 reserve-backed digital currencies providing stable payment assets on public blockchains, complying with regulations and best risk management practices. The goal is to explore competitive advantages brought by digital assets.

2. Expanding ETFs

On December 2, Goldman Sachs agreed to acquire Innovator Capital Management for about $2 billion, bringing its “Defined Income” ETF issuer into its asset management portfolio, including a structured Bitcoin ETF. The deal is expected to close in Q2 2026, adding approximately $28 billion in regulated assets under management.

VII. Citibank: Building Stablecoins and Exploring Crypto Custody

Citibank’s 2025 digital assets report states that by 2030, tokenized assets could reach $4–5 trillion, with stablecoins and tokenized deposits being core drivers. Citibank sees blockchain not as a replacement for banks but as a new “settlement layer.”

1. Building Stablecoins

On July 16, CEO Jane Fraser said Citibank is exploring issuing stablecoins.

On October 11, Citibank joined a European banking group developing the euro stablecoin.

On October 27, Citigroup and Coinbase announced a partnership to explore stablecoin payment solutions for institutional clients. The collaboration aims to leverage stablecoins to enhance cross-border and enterprise payments, improving transaction efficiency.

2. Exploring Crypto Custody

In February, Bloomberg reported that Citibank is exploring crypto custody services.

On October 14, reports indicated Citibank plans to launch crypto custody services in 2026, with a senior executive stating that the bank has been developing crypto custody for the past two to three years and has made substantial progress. “We are exploring multiple avenues. We hope to launch a trusted custody solution in the coming quarters for our asset management and institutional clients,” said Biswarup Chatterjee, head of global services, innovation, and partnerships.

VIII. Google: Blockchain as AI Foundation and Enhancing Stablecoin Compatibility

AI + blockchain and traditional payments + stablecoins are Google’s two major focuses in crypto in 2025.

1. Blockchain as the Foundation for AI Agents

On August 31, Ethereum and Google developers jointly proposed a new standard to make blockchain the foundation of AI agent economies. Tech giants like Google and Amazon are betting on AI agents, while Ethereum developers believe their blockchain has unique advantages in supporting this new machine economy. Core Ethereum developer Davide Crapis proposed ERC-8004, aiming to enable discovery, verification, and trading among AI agents. Supporters say Ethereum’s payment channels, digital identity tools, and scalable multi-layer architecture make it the most efficient infrastructure for an AI-driven economy.

2. Enhancing Stablecoin Compatibility

On September 16, Google released a new open-source payment protocol designed to make it easier for different AI applications to send and receive funds. It supports traditional payment methods like credit and debit cards, as well as stablecoins. To improve compatibility with stablecoins, Google partnered with Coinbase, which has built its own AI and crypto payment solutions. Google also collaborated with other crypto firms including the Ethereum Foundation, and consulted over 60 organizations including Salesforce, American Express, and Etsy to develop the new payment protocol.

IX. SBI: Entering Stablecoins and Tokenized Stocks

1. Entering Stablecoins

On March 4, SBI VC Trade announced the completion of Japan’s first stablecoin registration. After approval, it began handling USDC transactions on March 12. The company can offer buy/sell and deposit/withdrawal services for USDC to individual and corporate clients, requiring collateral of US dollars exceeding the USDC deposited. SBI Group’s new trust bank will handle trust custody.

On August 22, Ripple and SBI Group announced plans to launch RLUSD stablecoin in Japan in Q1 2026.

On December 16, Japanese blockchain infrastructure firm Startale Group and SBI Holdings announced a plan to launch a fully regulated, JPY-pegged stablecoin supporting global settlement before Q2 2026, based on a new cooperation agreement.

2. Tokenized Stocks

On August 22, SBI announced a strategic partnership with Startale Group to jointly launch an on-chain tokenized stock trading platform. The platform will combine SBI’s financial ecosystem with Startale’s blockchain infrastructure, supporting 24/7 trading of tokenized stocks, faster cross-border settlement, and fractional ownership. It will also integrate DeFi protocols, with features like account abstraction, institutional custody, and real-time compliance monitoring.

X. Samsung: Terminal Crypto Services

On October 3, Samsung partnered with Coinbase to provide Coinbase One service access to 75 million Galaxy devices in the US, marking Coinbase’s largest consumer deployment and Samsung’s biggest move in crypto. Users can access Coinbase directly via Samsung Wallet, enjoying zero trading fees and higher staking rewards without additional app downloads or fund transfers. Samsung Pay will also integrate with Coinbase accounts to support payments with crypto assets. The plan will expand internationally in the future.