No matter how good the returns are, if registration and disclosure are required, how can free circulation be maintained?

JPMorgan analysts point out that tokenized money market funds offer yields but account for only about 5% of the stablecoin market, well below the dominance of stablecoins. They face regulatory disadvantages related to securitization, requiring registration and disclosures, making on-chain free circulation difficult. It is expected that under the current framework, they will struggle to break through the 10%-15% share of the stablecoin market unless regulatory adjustments ease the securities classification impact. Current improvements are only marginal, with the main users still being crypto-native investors and institutional investors.