More than 15 major banks are developing tokenized finance systems on private blockchains, and JPMorgan said this shift could pose a bigger long-term threat to Bitcoin than Strategy. According to NS3.AI, JPMorgan highlighted activity on its Kinexys platform, which has processed more than $3 trillion since inception and currently clears over $7 billion per day. Separately, DeFiLlama data showed Canton generated about $60 million in the 30 days to late June, compared with $11 million for Ethereum.