PANews reported on May 21st that, according to CoinDesk, JPMorgan Chase stated in a recent report that although tokenized money market funds (MMFs) offer interest income, they currently only account for about 5% of the overall stablecoin market. The report points out that stablecoins have become the default "cash" tool in the crypto market due to their widespread use in centralized exchanges and DeFi for trading, collateralization, settlement, and cross-border payments. In contrast, tokenized MMFs are classified as securities and are subject to registration, disclosure, and transfer restrictions, limiting their on-chain circulation. JPMorgan Chase predicts that without adjustments to the regulatory framework, the share of tokenized MMFs will struggle to exceed 10%–15% of the stablecoin market. Current demand primarily comes from crypto-native institutions seeking returns on idle funds and institutional investors looking to balance on-chain settlement with traditional regulatory protection.