The battle for on chain financial infrastructure
Blockchain technology is becoming a new cornerstone of global financial infrastructure. Traditional financial institutions and native crypto companies are fiercely competing for leadership in the next generation of financial systems. JPMorgan Chase improves efficiency by integrating blockchain technology into traditional financial systems, while Circle is committed to building a new financial infrastructure entirely based on blockchain as an alternative to traditional structures.
This model is similar to the competition between fintech and tech finance driven by large tech companies in the past. However, the current competitive landscape is vastly different. In the past, competition mainly focused on improving user experience and providing limited financial services, but now competition has penetrated into the core infrastructure level, covering asset issuance, fund flow, transaction settlement, and asset custody.
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This competition is not only about technological advantages, but also about who will design and operate the future financial ecosystem. Traditional financial institutions attempt to gradually transform within existing regulatory and systemic frameworks, while native crypto companies focus on technological efficiency and scalability, building a new order. This report will explore the on chain finance strategies of JPMorgan Chase and Circle, analyze the development direction of on chain finance infrastructure, and how each participant shapes the new global financial order.