JPMorgan Chase is weighing a program that would let clients borrow against their Bitcoin and Ether holdings, people familiar with the matter told the Financial Times. The bank is studying how to accept the assets as collateral—its first move beyond lending against crypto-exchange-traded funds—and could roll out the service as early as next year. Technical issues such as custody of seized collateral are still being worked through, and the plans may change. The initiative would mark a sharp turn for Chief Executive Officer Jamie Dimon, who in 2017 branded Bitcoin a “fraud” but has since moderated his stance. It also follows the U.S. House’s passage of stablecoin legislation that large banks say will ease their compliance burden, encouraging deeper engagement with digital assets. Separately, the bank struck a strategic partnership with Coinbase on 30 July. Under the agreement, Chase credit-card holders will be able to fund Coinbase accounts starting in the fall of 2025. By 2026, customers will be able to redeem credit-card reward points for the USDC stablecoin and link Chase bank accounts directly to Coinbase wallets, eliminating third-party intermediaries. Coinbase shares rose about 3% after Reuters first reported the deal. Together, the prospective crypto-backed lending program and the Coinbase tie-up signal that the $4.3 trillion banking giant is accelerating its push into digital assets, as Wall Street institutions seek new revenue streams in a cryptocurrency market that recently topped $4 trillion in value.