JPMorgan Chase: Stablecoins are the encrypted 'cash infrastructure', and the market share of tokenized money funds is difficult to exceed 10% -15% Odaily Planet Daily News: Morgan Stanley's latest report points out that although tokenized money market funds have the ability to generate returns, they still only account for about 5% of the broader "stablecoin system", and the core position of stablecoins in the cryptocurrency ecosystem is difficult to replace in the short term. The report states that stablecoins have become the default "cash tool" for trading, collateralization, settlement, cross-border payments, and liquidity management, widely used in centralized exchanges and DeFi protocols, while tokenized money market funds are subject to securities attributes and are subject to registration, disclosure, and transfer restrictions, resulting in structural regulatory disadvantages. Morgan Stanley analysts led by Nikolaos Panigirtzoglou predict that without significant changes in the regulatory environment, the market size of tokenized money market funds will be difficult to exceed 10% -15% of the overall stablecoin market. The current demand is mainly focused on cryptocurrency native investors seeking returns, as well as institutional funds hoping to balance on chain settlement and traditional asset protection. The report also points out that although tokenized funds have advantages such as near real-time settlement, 7 × 24 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that in the absence of regulatory easing, such products are difficult to challenge the infrastructure level position of stablecoins in the cryptocurrency market.