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Opinion: Tokenized money market funds face "structural regulatory disadvantages," making it difficult to surpass 15% of the stablecoin market size
BlockBeats News, May 22 — JPMorgan analysts pointed out in a report that although tokenized money market funds can offer returns to investors, they currently account for only about 5% of the total stablecoin market capitalization. Stablecoins dominate the crypto ecosystem and are widely used for trading, collateral management, clearing, cross-border payments, and daily liquidity tools, while tokenized funds face "structural regulatory disadvantages" — they are typically classified as securities, subject to registration, disclosure, reporting, and transfer restrictions, making free circulation on-chain difficult.
Analysts expect tokenized money market funds to continue growing, but under the current regulatory framework, it will be difficult for them to surpass 10%-15% of the stablecoin market. Unless regulatory policies are adjusted to mitigate the adverse effects of securities classification, their main users will remain crypto-native investors seeking returns on idle funds and institutional investors looking to leverage the advantages of tokenized operations. Current regulatory improvements are only marginal and cannot fundamentally change the landscape of both.