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JPMorgan: Stablecoins Are the "Cash Infrastructure" of Crypto, Tokenized Money Market Funds' Market Share Unlikely to Exceed 10%–15%

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ME News message: On May 21 (UTC+8), JPMorgan’s latest report said that although tokenized money market funds are capable of generating yield, they still account for only about 5% of the broader “stablecoin ecosystem,” and stablecoins’ core role in the crypto ecosystem is unlikely to be replaced in the short term. The report said that stablecoins have become the default “cash instrument” for trading, collateral, settlement, cross-border payments, and liquidity management, and are widely used across centralized exchanges and DeFi protocols. Meanwhile, tokenized money market funds, constrained by their securities nature, are subject to registration, disclosure, and transfer restrictions, creating structural regulatory disadvantages. Analysts at JPMorgan led by Nikolaos Panigirtzoglou expect that, barring any major changes in the regulatory environment, the market size of tokenized money market funds will be difficult to push beyond 10%–15% of the stablecoin market as a whole. Current demand is mainly concentrated among yield-seeking crypto-native investors and institutional capital seeking to balance on-chain settlement with protection of traditional assets. The report also noted that although tokenized funds offer advantages such as near real-time settlement, 7×24 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that without regulatory easing, these products will find it difficult to challenge stablecoins’ infrastructure-level position in the crypto market. (Source: ChainCatcher)
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