JPMorgan pointed out that Wall Street giants are tokenizing real-world assets (RWA) at an unprecedented speed and integrating them into their core financial businesses.
Written by: Bao Yilong, Wall Street Insights
The integration of traditional finance and digital assets is no longer a distant vision but a structural transformation that is currently happening.
According to news from the Wind Trading Desk, JPMorgan's latest research on August 27 shows that Wall Street giants are tokenizing real-world assets (RWA) at an unprecedented speed and integrating them into their core financial businesses.
This is mainly reflected in three cutting-edge areas: money market funds tailored for stablecoins, blockchain-based intraday repurchase transactions, and fully digital commercial paper issuance.
JPMorgan believes these innovations are expected to enhance trading efficiency, reduce costs, and provide better liquidity management, but the development of the regulatory framework will still take time, with the CLARITY Act expected to be formally passed by early 2026.
Stablecoin Reserve Funds: The Digital Transformation of Traditional Money Funds
Traditional financial institutions are actively embracing the stablecoin market, viewing it as a key bridge connecting the digital and real worlds.
The report notes that BNY Mellon is preparing to launch a money market fund focused on stablecoin reserves, becoming the third asset management giant to enter this field after BlackRock and Goldman Sachs.
Last week, Goldman Sachs submitted an application for a stablecoin reserve fund, while BlackRock launched the Circle Reserve Fund at the end of 2022. The fund's shares are intended to be held by stablecoin issuers as reserve support for their circulating payment stablecoins.
According to its filing with the U.S. Securities and Exchange Commission, the money market fund named "BNY Dreyfus Stablecoin Reserves Fund" is primarily aimed at stablecoin issuers to serve as reserve assets for their stablecoins.
The fund is classified as a government money market fund, with investment targets strictly limited to U.S. Treasury securities, Treasury repurchase agreements, and cash.
In the SEC filing, BNY Mellon stated, "Because the fund intends to invest only in certain qualified reserve assets as defined by the stablecoin legislation, the fund's yield may be lower than other money market funds that are allowed to invest in a broader range of investments and longer durations."
Blockchain-Powered Intraday Repurchase: 24/7 Trading Becomes a Reality
Liquidity management is at the core of financial markets. The report highlights two groundbreaking advancements utilizing blockchain technology to innovate the repurchase market, aimed at meeting liquidity needs outside of market trading hours.
The first case involves a standard repurchase transaction completed on the Canton Network, a public blockchain, through the Tradeweb platform, occurring on a Saturday.
The transaction involved tokenizing U.S. Treasury securities held at a DTCC subsidiary and borrowing Circle's stablecoin USDC against them as collateral.
The entire transaction was completed instantly on-chain, without the need for a dealer as an intermediary, achieving real-time settlement that traditional markets cannot reach. Several institutions, including Bank of America and Citadel, participated, highlighting the immense potential for cross-institutional collaboration with this technology.
The second case comes from a collaboration between JPMorgan, HQLAx, and Ownera.
They launched a cross-ledger repurchase solution that allows traders to swap between JPMorgan's cash ledger and HQLAx's collateral ledger, with settlement and maturity times precise to the minute.
This provides institutions with new efficient tools to optimize intraday liquidity, far exceeding the settlement efficiency of traditional repurchase transactions.
The Blockchain Revolution in Commercial Paper: Digitalization of the Entire Lifecycle
The application of blockchain has penetrated the core processes of traditional debt instruments.
The report reveals that OCBC Bank issued $100 million in U.S. commercial paper through JPMorgan's digital debt services, becoming the first bank to use blockchain throughout the entire lifecycle (issuance, settlement, servicing, and record-keeping) of commercial paper.
State Street purchased all the notes and became the first third-party custodian to go live with digital debt services.
By leveraging blockchain, these processes can become more efficient and transparent, also bringing additional benefits such as faster settlement times.
JPMorgan pointed out that the intersection of digital assets and traditional finance is just the beginning, but widespread adoption will still take time as the regulatory landscape in this area develops.
The U.S. CLARITY Act is a new piece of legislation currently underway, aimed at establishing a comprehensive regulatory framework for all digital assets in the market, addressing the ambiguities in market structure and jurisdiction between the U.S. Securities and Exchange Commission and the CFTC.
The bill has passed the House of Representatives but has not yet passed the Senate, and it is expected to take longer. JPMorgan anticipates that the bill will not reach the U.S. President's office until early 2026.
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