Shinhan partners with Solana to launch tokenized fund

JPMorgan Chase has launched JLTXX, a tokenized US money market fund on Ethereum aimed at institutional clients, as the bank moves to build reserve infrastructure for future US stablecoin issuers. The bank is working alongside BlackRock to provide tokenized money market products that could support stablecoin reserves, with both groups building fund infrastructure aligned with new GENIUS Act rules that require regulated backing for US stablecoin issuers by 2027. JPMorgan, a US bank and financial holding company with a reported market value of about $876.1b, already runs a global payments, markets, and custody network that gives it a ready-made base to plug tokenized money market funds into real world transaction flows. The push adds to an already heavy technology and AI expense line, while players like Citigroup and Bank of America are also pursuing digital asset infrastructure.

Nasdaq CEO Adena Friedman said tokenization could unlock tens of billions of dollars in capital tied up in assets used as collateral across the global financial system. Speaking to CNBC at the TOKEN2049 conference in Singapore, Friedman said tokenizing treasuries, equities, money market funds and the flow of money itself would make collateral far more fluid. She pointed to the passage of the Genius Act in the U.S., which established a regulatory framework for stablecoins, as one sign of growing institutional interest over the past year, and said that interest is converging with retail demand for round-the-clock trading, an ecosystem she described as roughly 10 years ahead. Friedman cautioned that moving to a fully 24/7 market would be a major undertaking, with the exchange infrastructure being the easiest part, and said Nasdaq has launched digital agents within its risk management platform that initially offer recommendations and could eventually take more direct action for banks. Kraken co-CEO Arjun Sethi also told CNBC that non-U.S. companies are showing interest in tokenization and access to American capital markets, citing a company generating roughly $25M in revenue that was exploring ways to access capital markets.

Bybit announced a collaboration with Franklin Templeton that lets eligible traders use Benji-issued money market fund shares as off-exchange collateral on the crypto platform, extending the asset manager's push into tokenized finance. Franklin Templeton shares trade at US$32.81, with a year to date share price return of 37.86% and a 1-year total shareholder return of 44.68%, while shorter-term momentum has faded with the 30-day share price return down 5.53% and the 90-day share price return down 4.73%. The company is building on its earlier tokenized funds and blockchain enabled products, including the BENJI tokenized money fund, by adding 3.2b of digital asset AUM and acquiring 250 Digital, and by embedding tokenized funds into partner wallets such as MoonPay and Payward. A widely followed narrative pegs fair value at $35.50, above the last close of $32.81, while the stock trades at 22x earnings, below the US Capital Markets industry on 39.7x and peers at 35.9x but above the fair ratio of 12.8x. Franklin Templeton's story could still shift if fee pressure from large platforms intensifies or if integration across its expanded credit and digital franchises stumbles.

The Depository Trust & Clearing Corporation announced the DTCC tokenization service on May 4, 2026, a platform designed to bring Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers. With over 50 firms including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo, and Nasdaq participating, the service moved into limited production in July 2026 following a December 2025 SEC No-Action Letter. DTCC CEO Frank La Salla said tokenization will significantly change how markets operate by bringing new levels of liquidity, transparency, and efficiency to investors, while Brian Steele of the DTCC added that the service is designed to provide systemic scale where deep liquidity already lives. The infrastructure shift extends beyond the DTCC: Nasdaq secured SEC approval on March 18, 2026, under Release 34-105047, to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets, NYSE Arca followed with rule change SR-NYSEARCA-2026-45 effective April 29, 2026, and the broader NYSE received approval for its own related filings on April 17, 2026. The SEC issued a five-year conditional innovation exemption on September 17, 2026, specifically for tokenized NMS stocks, while the CFTC clarified through Staff Letter 25-39 and an updated FAQ on September 24, 2026, that tokenized collateral may be used for derivatives margin. The tokenized asset market tracked by rwa.xyz stood at approximately $38.6 billion as of late September 2026, up from $2 billion in 2022, with tokenized Treasuries accounting for $14.7 billion to $15.65 billion of that total, led by BlackRock's BUIDL at $2.70 billion, Circle's USYC at $2.60 billion, and Ondo's USDY at $2.23 billion. A June 1, 2026, Citi report estimates a base case of $5.5 trillion in tokenized assets and $1.9 trillion in stablecoins by 2030, though it warns of a messy period in which tokenized and legacy systems operate side by side.