JP Morgan launches first-ever tokenized MMF on Ethereum

J.P. Morgan Asset Management went live with its first tokenized money market fund “My OnChain Net Yield Fund (MONY)” on public chain - Ethereum. The bank will seed the fund with $100 million of its own capital.

It is available only to qualified investors. That includes individuals with at least $5 million in investable assets and institutions with a minimum of $25 million. The minimum investment is set at $1 million.

J.P. Morgan is the largest systemically important bank to launch a tokenized MMF. That’s not a pilot, that’s a statement.

JPM Coin Migrates to Base

J.P. Morgan moved its tokenized deposit product, JPM Coin (JPMD), from its internal Kinexys blockchain to Coinbase’s Ethereum L2, Base.

Why the shift? Institutional clients want payments, collateral, and margin settlement on public chains and stablecoins alone don’t cut it for everyone. A bank deposit product fills the gap.

On Base, JPM Coin can be used to hold collateral or make margin payments for crypto transactions. The bank is meeting clients where they’re headed.

BlackRock, Mastercard, and Franklin Templeton Announce Collaboration with the ADI Foundation Signaling Institutional Adoption

The ADI Foundation (the MENA region’s first institutional L2) locked in partnerships with three heavyweights: BlackRock, Mastercard, and Franklin Templeton.

BlackRock signed an MoU to explore tokenized asset structures and regulatory frameworks in Abu Dhabi. Mastercard is focused on stablecoin settlement and cross-border payments across the Middle East. Franklin Templeton is building compliant infrastructure for tokenized product launches within ADGM.

The foundation also announced a UAE expansion on December 10. Institutional blockchain adoption in the region is accelerating and the big names are coming onchain.

SEC Clarifies Custody Framework for Tokenized Securities

The SEC’s Trading and Markets Division spelled out how broker-dealers can custody tokenized stocks and bonds under existing customer protection rules.

The key signal: blockchain-based securities aren’t getting a new regulatory category. They’re being slotted into traditional safeguards as long as firms meet operational, security, and governance conditions.

It’s not a formal rule, but it’s a clear message. Tokenized securities will live inside existing frameworks, even when they settle on-chain.

SoFi unveils the first bank-issued stablecoin for enterprise payments

SoFi unveiled SoFiUSD - a dollar stablecoin backed 1:1 by cash held at the Federal Reserve and issued by its FDIC-insured national bank.

It runs on Ethereum with instant, low-cost settlement and opens the door to white-labeled stablecoin services for fintechs, banks, and enterprises.

For now, it’s internal-only. But expect a rollout to SoFi members in the coming months as part of a broader payments push.

Crypto as a self-contained industry dissolves. The sharp line between “crypto” and “fintech,” “AI infra,” “payments,” “markets,” and “casino” blurs.

📊 The world is moving ONCHAIN, and we are just getting started!

→ Enterprise Relationship Lead (APAC and US Roles) - Ethereum Foundation

→ Managing Director, Head of Research, Digital Assets - BlackRock

→ Head of Risk (Crypto) - Revolut

→ Director, Engineering Manager- Digital Asset Management- Blockchain, DeFi - Fidelity

→ Institutional Growth Lead (USA) - Lido

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Until next week,

James Smith & David Walsh