The big players on Wall Street are quietly laying out a new track.

In December this year, JPMorgan, which manages $4 trillion in assets, announced a seemingly low-key but significant move – investing $100 million of its own funds to launch the tokenized money market fund MONY on Ethereum. This product has a minimum investment threshold of $1 million and is specifically aimed at qualified investors with assets exceeding $5 million.

The background of this action is worth noting. Previously, BlackRock lost $5.9 billion in pension fund mandates due to climate issues, while JPMorgan's new fund is targeting a completely different direction. Last year, JPMorgan launched the tokenization platform Kinexys, which is now used to host the private equity fund MONY. Investors can subscribe through the Morgan Money platform, accepting cash or stablecoin payments, with the on-chain tokens held directly linked to the returns. This logic is identical to that of a leading asset management firm's $1.8 billion BUIDL fund, which also chose Ethereum as the underlying.

The real turning point was the introduction of the U.S. "Genius Act." This stablecoin regulatory framework has opened the green light for the entire industry, and Wall Street's enthusiasm for tokenization has suddenly surged. John Donohoe, Global Head of Liquidity at JPMorgan, stated bluntly: "Tokenization will fundamentally change the speed and efficiency of transactions."

However, the high threshold design of MONY reveals JPMorgan Chase's long-term strategy. Individual investors need to have assets over $5 million, while the baseline for institutional investors is $25 million. This is clearly not aimed at the retail market. JPMorgan Chase is adopting a step-by-step strategy: first using its own funds to start this engine, and then gradually opening it up to external investors, using a gradual approach to gauge market reactions.

They are betting that the trend of "tokenizing public network assets" will come true. From the perspective of asset characteristics, the currency market is essentially pursuing liquidity and stability, and moving it to the blockchain can amplify these two advantages.