News linked to both this project and an event.
According to The Block, JPMorgan stated that although the crypto market as a whole rebounded following the Iran conflict, ETH and other altcoins continue to underperform BTC—a trend that began in 2023 and is unlikely to reverse in the near term unless on-chain activity, DeFi, and real-world applications show clear improvement. JPMorgan noted that spot ETF fund flows and CME futures positioning both indicate institutions are rebuilding risk exposure to BTC more strongly than to ETH. The bank also pointed out that Ethereum’s upgrades over the past several years have not meaningfully boosted on-chain activity; instead, by lowering Layer 2 costs, they have weakened mainnet fee revenue and the burn mechanism.
According to CoinDesk, Moody’s has awarded the highest rating of AAA-mf to Fidelity’s and BlackRock’s tokenized money market funds, signifying that both institutions’ products meet the highest standards in credit quality, liquidity, and capital preservation. Fidelity’s FILQ fund launched on May 6, built on Sygnum’s Desygnate tokenization platform, enabling real-time on-chain cash settlement and supported by infrastructure from J.P. Morgan, Apex Group, and Chainlink; BlackRock’s BUIDL fund launched in March 2024 and currently accounts for approximately 15% of the tokenized Treasury market.
Fidelity International has launched its first tokenized fund, the Fidelity USD Digital Liquidity Fund (FILQ), which has received Moody's highest AAA-mf money market fund rating.FILQ functions as the on-chain version of its existing institutional-grade USD Liquidity Fund, referencing the strategy of Fidelity's nearly $7 billion low-volatility net asset value fund. It is designed to serve the 24/7 digital asset market.The fund utilizes tokenization infrastructure provided by Sygnum and is connected to Chainlink oracles to bring daily official net asset value data from JPMorgan onto the blockchain. Investors can subscribe and redeem around the clock using stablecoins.
According to Bloomberg, while crypto-native companies such as Coinbase continue large-scale layoffs amid a broader industry downturn, traditional financial institutions—including JPMorgan Chase and BlackRock—have recently posted dozens of digital asset–related job openings, standing out as a bright spot in the current crypto job market. Analysts note that having experience working on Wall Street has become a key advantage for crypto professionals seeking to maintain their employability during this industry downturn.
Eric Trump, son of U.S. President Donald Trump and co-founder of American Bitcoin, stated at the Consensus conference that the attitude of traditional financial institutions towards Bitcoin is undergoing a shift. Citing JPMorgan Chase as an example, he noted that 18 months ago, the institution was still "belittling" Bitcoin, yet now it allows customers to use their Bitcoin holdings as collateral to apply for home loans.Eric Trump also mentioned that traditional financial institutions such as Merrill Lynch and Charles Schwab have begun to embrace Bitcoin. He stated that these institutions have realized they can no longer fight against industry trends and have thus started to pivot towards supporting the Bitcoin ecosystem. He also revealed that American Bitcoin's current goal is to become the lowest-cost acquirer of Bitcoin in the industry. (CoinDesk)
According to CoinDesk, JPMorgan Chase released a research report stating that legislative negotiations for the U.S. CLARITY Act are nearing completion, with contentious issues reduced from over a dozen to just “two or three remaining items.” Discussions regarding stablecoin rewards have also entered a constructive phase. The bill aims to clarify the regulatory framework for digital assets, delineate responsibilities between the SEC and the CFTC, and establish compliance pathways for stablecoins and DeFi platforms. The latest proposal is expected to garner support from both the crypto industry and traditional financial institutions. However, the official text of the bill has not yet been published, nor has a vote been scheduled. Moreover, if Democrats regain control of the House of Representatives in the 2026 midterm elections, the priority for crypto-related legislation may decline, introducing uncertainty into the bill’s progress.
According to CoinDesk, Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, stated during the company’s first-quarter earnings call that stablecoins—offering bank-like products without being subject to regulatory and consumer protection standards equivalent to those applied to bank deposits—could evolve into tools for “regulatory arbitrage.” He emphasized that if stablecoin issuers allow users to earn interest on reserve assets, this would create a business model similar to banking but lacking capital, liquidity, and safeguarding requirements, resulting in unfair competition. Barnum noted that JPMorgan supports the establishment of a clearer U.S. regulatory framework for digital assets and related yield-bearing products, though he stressed that consistency is more important than speed. Currently, JPMorgan is modernizing its payments business through its blockchain division, Kinexys, which has launched JPM Coin and tokenized deposits. Data shows JPMorgan’s net income for the first quarter rose 13% year-on-year to $16.49 billion.
Securitize announced the appointment of Brett Redfearn as President and a member of its Board of Directors. Redfearn previously served as Chair of Securitize’s Advisory Board and has now been elevated to this senior leadership role. He brings extensive experience in regulatory and market structure matters from his prior roles at the U.S. Securities and Exchange Commission (SEC), JPMorgan, and Coinbase. Securitize stated that Redfearn will lead the expansion of its regulated platform businesses—including compliant token issuance, trading, and fund management—and will focus on strengthening collaboration with regulators and institutional investors to support the development of a next-generation, tokenization-based financial infrastructure.