The Daily: JPMorgan launches tokenized fund on Ethereum, Ripple taps Wormhole to expand RLUSD to Layer 2s, and more
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.Happy Monday! Bitcoin is bleeding back below $86,000 after last week's hawkish Fed cut, with analysts saying markets have shifted into wait-and-see mode as December inflation data is set to decide whether risk appetite revives or continues to fade into year-end.In today's newsletter, JPMorgan launches a tokenized fund on Ethereum, Ripple taps Wormhole to expand RLUSD to Layer 2 chains, Visa launches a new "stablecoins advisory practice," and more.Meanwhile, the UK Treasury plans to enact rules by 2027 to regulate crypto assets under the same framework as traditional financial products. Plus, Circle acquires Interop Labs, the initial developer of Axelar Network.P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!JPMorgan launches tokenized money-market fund on EthereumJPMorgan is launching its first tokenized money-market fund on Ethereum, seeding the private vehicle with $100 million of its own capital before opening to outside investors on Tuesday.The fund, called My OnChain Net Yield Fund, or MONY, is run by JPMorgan's $4 trillion asset-management arm and uses the bank's Kinexys platform to issue onchain tokens representing investor holdings.MONY targets qualified investors with a $1 million minimum investment and allows subscriptions and redemptions in cash or Circle's USDC stablecoin, with yield accruing daily like a traditional money-market fund, the Wall Street Journal first reported on Monday.JPMorgan executives said client demand for tokenization is accelerating, with the bank aiming to mirror the flexibility and product choice of traditional money-market funds on blockchain rails.The move adds to a growing push by major financial institutions to bring traditional investment products onchain following recent U.S. regulatory developments.That includes growing competition in tokenized funds, with JPMorgan joining efforts by firms like BlackRock, Goldman Sachs, and BNY Mellon to bring yield-bearing assets onchain.Ripple taps Wormhole to expand RLUSD to Layer 2 chains like Base and OptimismRipple is preparing to launch its RLUSD stablecoin on Layer 2 networks next year, tapping Wormhole's NTT standard to expand beyond XRP Ledger and Ethereum.The company is already testing RLUSD on Optimism, Base, Ink, and Unichain as part of its push toward a multichain stablecoin strategy, pending regulatory approval.RLUSD has grown to more than $1 billion in supply since its launch last December, with a focus on providing a compliant solution for onchain institutional finance.The planned expansion follows efforts to secure dual state and federal oversight for RLUSD, after the U.S. Office of the Comptroller of the Currency said last week it had conditionally approved a national trust bank charter for Ripple National Trust Bank.Visa launches 'stablecoins advisory practice' to help banks and businesses build strategiesVisa has launched a new "stablecoins advisory practice" to help banks, fintechs, merchants, and enterprises design and implement stablecoin strategies.The advisory unit builds on Visa's expanding stablecoin footprint, with the company reporting a $3.5 billion annualized run rate in stablecoin settlement volume as of Nov. 30.Early clients, including Navy Federal Credit Union and Pathward, are using the service to assess payment use cases and integration paths for stablecoins.The launch reflects growing institutional confidence in stablecoins, supported by clearer U.S. regulation and rising adoption across payments and cross-border transfers.Global crypto ETPs see $864 million in weekly inflowsGlobal crypto ETPs pulled in $864 million last week, extending inflows to a third straight week as investors remain cautious but increasingly optimistic, CoinShares Head of Research James Butterfill argued in a Monday report.U.S.-based products dominated activity with $796 million in inflows, alongside continued contributions from Germany and Canada, which together account for over 98% of total 2025 inflows.Bitcoin ETPs led weekly allocations with $522 million in inflows boosted by a positive week for U.S. BTC ETFs, while outflows from short-Bitcoin products signaled recovering sentiment, Butterfill said.Ethereum products outpaced price action with $338 million in weekly inflows, as U.S. spot ETH ETFs also attracted strong demand despite uneven crypto market performance.Strategy buys more than 10,000 BTC for second week in a rowStrategy (formerly MicroStrategy) bought more than 10,000 bitcoin for the second week in a row, adding another 10,645 BTC and lifting its total treasury holdings to 671,268 BTC.The latest buys were funded through at-the-market sales of the company's Class A common stock, MSTR, and its STRF, STRK, and STRD perpetual preferred stocks.The news comes after Strategy held onto its place in the Nasdaq 100 on Friday following the index's annual rebalancing, while its MSCI fate must wait until January amid increasing scrutiny of its bitcoin-heavy business model.Meanwhile, Tom Lee's BitMine also announced Monday it had added another $321 million in ETH to its corporate treasury.In the next 24 hoursU.S. nonfarm payroll figures are due at 8:30 a.m. ET on Tuesday.Arbitrum is among the crypto projects set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.