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XLM $0.1475 +2.78%
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JPMorgan: Stablecoins are the "cash infrastructure" of cryptocurrency, and the market share of tokenized money market funds is unlikely to exceed 10%-15%

JPMorgan's latest report points out that although tokenized money market funds have revenue potential, they still only account for about 5% of the broader "stablecoin system," and the core position of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term.The report states that stablecoins have become the default "cash tool" for trading, collateral, settlement, cross-border payments, and liquidity management, widely used in centralized exchanges and DeFi protocols, while tokenized money market funds are constrained by their securities characteristics, subject to registration, disclosure, and transfer restrictions, resulting in structural regulatory disadvantages.Analysts at JPMorgan, led by Nikolaos Panigirtzoglou, expect that without significant changes in the regulatory environment, the market size of tokenized money market funds is unlikely to exceed 10% to 15% of the overall stablecoin market. Current demand is mainly concentrated among crypto-native investors seeking yield and institutional funds looking to balance on-chain settlement with traditional asset protection.The report also notes that although tokenized funds have advantages such as near real-time settlement, 24/7 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, these products will struggle to challenge the infrastructure-level position of stablecoins in the crypto market.

Hong Kong and 9 other regions have cracked down on cross-border fraud and money laundering, arresting over 3,000 people, with some of the illicit funds converted into stablecoins

According to a news release from the Hong Kong Special Administrative Region, the Hong Kong police announced that they have joined law enforcement agencies from 9 countries and regions, including Singapore, South Korea, and Thailand, to combat cross-border fraud and money laundering activities. This operation took place from March 10 to May 7, resulting in the arrest of 3,018 individuals, involving over 138,000 fraud cases, with total losses of approximately $752 million (about HKD 5.89 billion).During the operation, law enforcement agencies froze a total of 101,989 bank accounts and successfully intercepted approximately $161 million (about HKD 1.26 billion) in fraudulent funds. Among them, the Hong Kong police arrested 870 individuals and intercepted approximately HKD 539 million in funds. The largest case involved a Singapore company that was defrauded of $36 million (about HKD 280 million), with the related funds subsequently flowing into multiple bank accounts in Hong Kong and other regions. About half of this amount was converted into stablecoins and dispersed into different virtual asset wallets, with the police successfully freezing $20 million of these funds after tracking.Investigations show that money laundering through virtual asset platforms is on the rise, and various regions need to continue enhancing their capabilities to respond to crimes involving virtual assets through intelligence sharing and collaborative mechanisms.

Glassnode: Bitcoin has reclaimed the real market average but has not been able to hold steady; on-chain indicators suggest consolidation may continue for several months

Glassnode stated that Bitcoin has reclaimed the real market average at $78,300 but has failed to maintain a position above this level. Historical cycles suggest that several weeks to months of consolidation may be needed before confirming a credible bull market transition. The 30-day moving average has seen its risk-reward ratio rise from 0.4 in February to 1.8 during the rebound, indicating that demand is insufficient to absorb the wave of profit-taking. This indicator needs to remain above 2 to signal a true recovery of buyer strength.The 30-day cost baseline at $78,200 has shifted from a support level to an overhead resistance level, while the cost baseline of the accumulation group formed from February to April ($71,400) is currently the most direct support level in the ongoing pullback. The internal structure of the spot market has weakened in recent weeks, with the cumulative volume delta (CVD) remaining negative overall, and Coinbase activity continues to lag. This indicates that while there is sporadic offshore speculative demand, the participation of U.S. institutions in the spot market remains relatively weak.CME futures open interest has continued to rise alongside prices, indicating that while overall spot demand remains hesitant near the current range highs, institutional participation in the derivatives market is improving. The accumulation rate of U.S. spot ETFs has recently slowed, further indicating that positions are increasingly driven by futures activity. Implied volatility is rebounding from low levels, primarily concentrated in short-term contracts, while long-term expectations remain stable. Realized volatility continues to decline, and the volatility risk premium has expanded, making the cost of hedging relatively manageable. Options positions remain defensive. The skew indicator shows a resurgence in demand for downside protection, while the negative gamma range around $75,000 makes spot prices susceptible to amplified hedging flows and increased price volatility.
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