[JPMorgan: Stablecoins Still Superior to Tokenized Money Market Funds in Liquidity and Applications] JPMorgan stated in its latest report that although tokenized money market funds (tokenized MMFs) can provide interest income, they currently account for only about 5% of the total stablecoin market. The report highlights that stablecoins have become the default 'cash' tool in the crypto market due to their widespread use in centralized exchanges and DeFi for trading, collateral, settlement, and cross-border payments. In contrast, tokenized MMFs, classified as securities, are subject to registration, disclosure, and transfer restrictions, limiting their circulation on-chain. JPMorgan predicts that unless regulatory frameworks are adjusted, the market share of tokenized MMFs is unlikely 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 protections.