Crypto Exchanges Are Becoming Banks, and Banks Are Becoming Crypto Exchanges—An Analysis of Market Trends

03.09.2026    12:29

The line between traditional banks and the crypto industry is rapidly blurring. In March 2026, Kraken Financial obtained a master account with the Federal Reserve, becoming the first digital bank with direct access to the U.S. payment infrastructure.

Kraken already operates as a special-purpose bank in the state of Wyoming and simultaneously holds more than 100 active regulatory licenses in over 30 countries.

On the other hand, traditional banks are exploring their own stablecoins and tokenized deposits. JPMorgan is studying the issuance of a stablecoin, and similar projects are being discussed by Bank of America, Wells Fargo, and other banks.

Even crypto companies are beginning to obtain federal banking licenses: in August, the U.S. OCC granted World Liberty Financial preliminary approval to establish a national trust bank to handle stablecoins and custody.

As a result, in a few years, the distinction between a “bank” and a “crypto exchange” may no longer be defined by the range of services offered.

Both sides aim to provide asset custody, payments, stablecoins, trading, tokenized securities, credit products, and international settlements.

The main battle will center on who can keep customers within their own financial infrastructure—JPMorgan, Coinbase, Kraken, or the new digital banks.

 

 

Теги:   Kraken Bank stablecoin crypto exchange finance Переглядів:   73