Eight years ago, the financial mogul who called Bitcoin a “fraud” is now diving into blockchain with $4 trillion in assets. JPMorgan's recent move has played out the “true fragrance law” in a top-tier Wall Street version. When a giant managing assets equivalent to half the GDP of a small country slams down a “private feast on the chain” on Ethereum, this is not a trial run; it’s pressing the accelerator for the entire industry.
First, let me highlight for friends who are unclear: JPMorgan has created a chain-based fund called MONY, which is essentially the “Wall Street version of Yu'ebao,” but the threshold is so high that it can shock the wallets of ordinary people. Individuals need to have a $5 million asset proof to participate, and institutions require a minimum of $25 million, with even a single purchase needing to fork out $1 million. This is not wealth management; it is clearly a “blockchain club admission ticket” for super-rich investors.
From 'Chief Critic' to 'Leading Player', does Dimon feel the pain?
If we discuss the most face-slapping scenes in the crypto circle, JPMorgan CEO Jamie Dimon said second, no one dares to claim first. In 2017, he angrily called Bitcoin 'a scam, destined to crash', with a tone harsh enough to want to eliminate this emerging entity from the financial circle. Yet this May, this big shot flipped his script: 'I don't encourage smoking, but I defend your right to smoke; buying Bitcoin is the same, just go for it.'
They talked a good game, but they had already started moving behind the scenes. From considering accepting mainstream digital assets as collateral for loans, to launching the stablecoin JPMD in June, and now launching the MONY fund, JPMorgan's layout in the digital asset field has already woven a net. This is not a shift in attitude, but a well-calculated strategic pivot; the harsher the criticism back then, the steadier the landing now, the sound of Wall Street's calculations can be heard even through the screen.
The tough move of the MONY fund: bringing U.S. Treasury bonds onto the blockchain.
Don't be fooled by terms like 'tokenization' and 'Ethereum'; the core play of the MONY fund is quite practical. JPMorgan put in $100 million in seed funding, buying up stable assets like U.S. Treasury bonds, and then tokenized the rights to these assets' returns, throwing them onto the blockchain for people to subscribe.
Investors can buy with cash or USDC, and the tokens they hold are certificates of fund shares. The key here is not the form of the 'token', but that JPMorgan has forcefully pulled the most core and conservative assets of traditional finance into the blockchain world. It's like a big shot driving a sports car suddenly putting on sneakers to run; it's not a game, it's telling everyone: this track, I am sure of it.
People used to say that on-chain finance is 'a casino for speculators', but when US Treasury bonds, the 'financial ballast', went on-chain, that argument fell apart. JPMorgan has proven with real money: on-chain finance is not a wild path, but a regular army camp of future finance.
Three signals that ordinary people shouldn't miss.
The entry of giants is never an isolated event. From the actions of the MONY fund, I have uncovered three signals that can determine the investment direction for the next few years; this is more valuable than the fund itself.
First, compliant large funds are 'breaking through the door' to enter. The high threshold of the MONY fund is not meant to make things difficult, but to accurately filter 'qualified investors'. Behind this is the Trump administration's lenient regulatory attitude towards cryptocurrencies; once Washington eased up, banks dared to go all out. In the past, large funds feared 'non-compliance' when trying to enter the on-chain market, but now that JPMorgan has taken the lead, the influx of funds will only increase, like a flood finding an outlet.
Second, the RWA track is about to become a 'gold rush site'. The MONY fund is essentially RWA, tokenizing real-world assets on-chain. This move directly addresses the biggest pain point of the crypto market: excessive volatility. Institutions can finally hold stable assets like U.S. Treasury bonds while enjoying the benefits of efficient settlement and cross-chain circulation that blockchain brings. According to Galaxy Research, the scale of loans in the centralized finance sector has increased by 147% year-on-year, and RWA is the biggest driving force behind this; the RWA track will only heat up from here.
Third, stablecoins have become the 'golden bridge'. The MONY fund supports subscriptions and redemptions using USDC, and this detail hides a big story. Stablecoins are no longer the 'internal currency' of the crypto circle, but a bridge connecting traditional finance and the on-chain world. The U.S. Congress has just passed the stablecoin regulation bill, so banks are more at ease now; in the future, using stablecoins for cross-domain transactions and asset settlements will become increasingly common, and its value will only rise.
Opportunities for ordinary people: don't chase high thresholds, focus on 'infrastructure'.
Someone will surely say that the $1 million threshold has nothing to do with me, and that JPMorgan's game is not for ordinary people. This statement is partly true and partly false—while we can't directly buy MONY, we can grasp the trend behind it.
The giants are busy building 'luxury villas' (like funds such as MONY), but to build villas, you need first to have 'cement and steel' (infrastructure). Instead of focusing on unaffordable villas, ordinary people should pay attention to projects building RWA infrastructure: like technology platforms that help traditional assets go on-chain, compliance audit service agencies, and quality stablecoin ecosystems like USDC. These are the cornerstones supporting the entire track and opportunities for ordinary people to participate.
Moreover, JPMorgan is not fighting alone; BlackRock has already created an 1.8 billion tokenized fund, and Goldman Sachs and BNY Mellon are also working on digital tokens. The big shots of Wall Street have collectively jumped into the pool; this trend cannot be stopped. The future crypto market is no longer a casino for retail investors chasing highs and lows, but a new arena led by institutions where value reigns. Projects backed by real assets that can solve actual problems will attract large funds like magnets.
Finally, to be honest: financial revolutions never happen suddenly, but like tides, they first show signs from the actions of giants, and then slowly wash over everyone. This move by JPMorgan is a signal before the tide arrives.
I will keep an eye on the movements of these giants, breaking down complex financial logic into plain language that ordinary people can understand, guiding you to seize the next windfall. Follow me@Square-Creator-0a44f19a1d7d9 #加密市场观察 $BTC
