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JPMorgan Puts Cash on Ethereum as Visa Trains Banks for Stablecoins — Wall Street Moves Onchain

JPMorgan just launched a tokenized money market fund on Ethereum, seeded with $100 million of its own capital.
At the same time, Visa quietly rolled out a Stablecoins Advisory Practice to help banks integrate digital dollars.

This isn’t speculation.
This isn’t experimentation.
This is Wall Street moving core financial plumbing onchain — without asking for permission or attention.

And that matters far more than price.

What JPMorgan Actually Did (And Why It’s Bigger Than It Sounds)

JPMorgan’s new product — My OnChain Net Yield Fund (MONY) — is a tokenized money market fund running on Ethereum.

In simple terms:

  • It holds short-term, low-risk debt, just like a traditional MMF
  • It pays daily yield
  • Investors receive digital tokens representing ownership
  • Redemptions can be done in cash or USDC

This is cash management — rebuilt for 24/7, onchain settlement.

No waiting days.
No batch processing.
No legacy clearing delays.

Just programmable ownership, real-time visibility, and instant settlement.

And importantly: this is JPMorgan’s first tokenized MMF on a public blockchain, making it the largest systemically important bank to do so.

Why Money Market Funds Are the Trojan Horse of Tokenization

Money market funds aren’t flashy.
They don’t trend on X.
They don’t excite retail.

But they’re where trillions of dollars park idle cash.

Tokenizing them unlocks something critical:

  • Idle capital stays onchain
  • Cash can be used as collateral instantly
  • Institutions don’t have to exit crypto rails just to earn yield
  • Stablecoins stop being “dead money”

That’s why:

  • BlackRock launched BUIDL
  • Franklin Templeton launched BENJI
  • Fidelity followed
  • And now JPMorgan joins them

This isn’t competition.
It’s coordination.

Visa’s Move Confirms the Shift Is Structural

While JPMorgan handled yield, Visa handled payments.

Visa launched a Stablecoins Advisory Practice, working with:

  • Banks
  • Credit unions
  • Financial institutions

Not to sell hype — but to answer real questions:

  • How do stablecoins fit into payments?
  • How do they integrate with existing systems?
  • Where do they actually reduce costs?

Visa has already:

  • Settled transactions in USDC
  • Supported 130+ stablecoin-linked card programs
  • Tested onchain cross-border payments

Now it’s formalizing that into a playbook for banks.

That tells you something important:

Banks are no longer asking “Should we use stablecoins?”
They’re asking “How do we deploy them correctly?”

This Isn’t Crypto Adoption — It’s Financial Evolution

Notice what’s missing from all of this:

  • No memecoins
  • No token launches
  • No retail marketing
  • No “mass adoption” slogans

Instead, you get:

  • Regulated funds
  • Qualified investors
  • Stablecoins
  • Treasury management
  • Yield
  • Settlement efficiency

Crypto didn’t win by overthrowing finance.
It’s winning by becoming finance’s backend.

The Quiet Truth Most People Are Missing

Retail watches prices.
Institutions watch infrastructure.

And infrastructure is moving onchain — slowly, legally, and permanently.

By the time this feels “normal”:

  • The rails will already be set
  • Access will already be gated
  • And the upside will already be priced into balance sheets

The loud phase of crypto is ending.
The boring, powerful phase has begun.

And that’s usually when the real money commits.

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