JPMorgan: Stablecoins are the "cash infrastructure" of cryptocurrency, and the market share of tokenized money market funds is unlikely to exceed 10%-15%
JPMorgan's latest report points out that although tokenized money market funds have revenue potential, they still only account for about 5% of the broader "stablecoin system," and the core position of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term.
The report states that stablecoins have become the default "cash tool" for trading, collateral, settlement, cross-border payments, and liquidity management, widely used in centralized exchanges and DeFi protocols, while tokenized money market funds are constrained by their securities characteristics, subject to registration, disclosure, and transfer restrictions, resulting in structural regulatory disadvantages.
Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, expect that without significant changes in the regulatory environment, the market size of tokenized money market funds is unlikely to exceed 10% to 15% of the overall stablecoin market. Current demand is mainly concentrated among crypto-native investors seeking yield and institutional funds looking to balance on-chain settlement with traditional asset protection.
The report also notes that although tokenized funds have advantages such as near real-time settlement, 24/7 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that in the absence of regulatory easing, these products will struggle to challenge the infrastructure-level position of stablecoins in the crypto market.
You may also like

Interview with macro master Raoul Pal: The AI competition is giving rise to an "economic singularity," don't easily give up your chips in the next four years

Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times his investment in storage stocks? (Six) - The Trap of Homogeneous Products

"Trapped in the cryptocurrency world: Don't let the anxiety of missing out force you onto the most dangerous last train."

BIS's latest research: The future of stablecoins and the global monetary landscape

Morning News | Michael Saylor releases Bitcoin Tracker information; Aave releases post-attack investigation on Kelp rsETH bridge; Gravity Bridge announces service suspension after being attacked

Three years later: Looking back at my judgment of ChatGPT in 2023

From Casino Tools to Global Pricing Machines: The NYSE Leader's Perspective on Hyperliquid

A Detailed Analysis of "Stock God Serenity" Investment Methodology

Sharplink CEO: The future of Ethereum is unfolding

Morning Report | Korea Investment & Securities and OKX plan to jointly acquire 40% of Coinone; Polymarket denies implementing KYC comprehensively; Grayscale delays U.S. stock IPO plans

Bit Digital CEO: Why I Bought More ETH

A Decade of Three Waves of Stock Tokenization from Bitget's Reality: An Unfinished Financial Exploration

"Hu Run Baifu" Dialogue with Sun Yuchen: A New Paradigm of Value Circulation in the Web3 Transformation Cycle

Is it hackers and regulation that ruined DeFi?

Chris Lee: From crypto OG to heavy investments in the three storage giants, predictions on AI bull market corrections, Web4, and opportunities for the younger generation

Ready for a Walk on the Wilder Side of Proof of Talk 2026? Join WEEX Labs in Paris

Gold vs Bitcoin in 2026: Which Market Is Giving Traders Better Opportunities?

