JPMorgan launched MONY, a tokenized money-market fund on Ethereum, seeded with $100M. The fund offers on-chain yield for qualified investors via USDC or cash, following new US stablecoin regulation. It competes with BlackRock's $1.8B tokenized fund.

Token Terminal data shows Ethereum's stablecoin onchain value reached $180B, a 60% market share. Analysts see this fueling a long-term bull cycle driven by tokenized assets, while JPMorgan and BlackRock launch Ethereum-based funds.

The U.S. settlement backbone DTCC has received an SEC staff no-action letter to pilot a tokenization service that will represent DTC-held positions as tokens on approved blockchains, with DTC retaining the official record. The pilot, expected to launch in H2 2026, focuses on highly liquid assets like Russell 1000 stocks, ETFs, and Treasuries, and includes a controversial reversibility mechanism that allows DTCC to undo erroneous transfers, lost tokens, or malfeasance. Concurrently, JPMorgan has launched MONY, a tokenized money-market fund on Ethereum offering Treasury-backed yield for KYC'd institutional capital. Together, they outline a regulated path for tokenized securities and on-chain cash to interact within compliance guardrails. This article delves into the details of both initiatives, their asset scope, timeline, and the implications for institutional vs. retail adoption, while addressing the debate over the 'undo' button that challenges crypto's immutability narrative.