Within three weeks, BlackRock, Morgan Stanley, and JPMorgan have successively applied for tokenized money market funds. The Wall Street tokenization race is no longer just research; it's about grabbing territory.

JPMorgan this time is quite interesting, directly targeting stablecoin issuers as their main clients. Stablecoin issuers have large reserve assets that need management.
They used to hold these in off-chain government bonds, but now JPMorgan wants to move this part onto the blockchain. Transparent reserves, real-time verifiable, lower regulatory pressure—this logic makes sense.
And it’s also linked subtly with the Clarity Act; if the bill bans stablecoin interest payments, the reserve interest stays entirely with the issuer. Managing this piece of the cake becomes even more important, and tokenized money market funds are perfectly positioned to meet this demand.
I feel the biggest difference between this round of tokenization and the last NFT summer is that this time, real demand is driving it. BlackRock BUIDL went from zero to $2.3 billion—not driven by hype, but because institutional clients are actually using it.
But I want to clarify one point: institutions choosing Ethereum as the underlying layer doesn’t mean they will buy ethereum:native spot. These two things are decoupled.
ethereum:native/$BTC falling to a 10-month low is the best proof; narratives are one thing, but capital flows are the real story.
DYOR, not investment advice.