华尔街的「合规围猎」：稳定币储备大迁徙

Original Author: Sanqing, Foresight News

Over the past week, several Wall Street institutions have nearly simultaneously advanced their tokenized money market fund initiatives. On May 12, JPMorgan announced it would list its second tokenized money market fund, JLTXX, on Ethereum; on the same day, Kraken's parent company Payward signed a strategic partnership with Franklin Templeton, planning to integrate the BENJI series of tokenized funds into the Kraken platform for use as institutional collateral and cash management tools.

Shortly before this, BlackRock submitted applications for two additional tokenized funds to the SEC, continuing to deepen its collaboration with Securitize. This concentration of actions indicates that regulatory expectations are rapidly driving the layout on the institutional supply side.

Wall Street's Pincer Movement: From Custody Backend to Frontend Collateral

Faced with the same regulatory directive, Wall Street giants are revealing their intentions to absorb Crypto liquidity from different angles.

"Scale King" BlackRock, once again joining forces with long-term partner Securitize, submitted two new applications at once: First, BRSRV, a "purebred" tool specifically designed to meet the GENIUS Act, with its investment scope strictly limited to short-term debt within 93 days; second, launching tokenized shares under the ticker BSTBL by bringing its approximately $70 billion government money market fund onto the chain.

Given that it already manages around $65 billion in reserves for Circle, BlackRock is attempting to fully tokenize its massive traditional stablecoin custody business, downgrading native issuers to mere "distributors" responsible only for front-end issuance.

Hot on its heels, JPMorgan launched JLTXX (On-Chain Liquidity Token Fund). This product runs on its own Kinexys (formerly Onyx) platform and debuted on Ethereum, explicitly stating in its prospectus that it is designed to meet the reserve needs of stablecoin issuers.

JPMorgan is eyeing the future banking pathway. As the GENIUS Act paves a clear path for banks to issue stablecoins, JLTXX is essentially preparing for the future, attempting to become the standard settlement and reserve backend when GSIBs (Global Systemically Important Banks) eventually enter the stablecoin issuance space.

In contrast, Franklin Templeton's partnership with crypto exchange Kraken breaks away from the pure reserve concept of the former two, aiming to bridge retail and collateral. The core of their collaboration is integrating BENJI (Tokenized Money Fund) into Kraken for use as collateral in institutional trading and as a cash management tool.

Since the future CLARITY Act may prohibit stablecoins from directly paying interest, tokenized assets like BENJI, which can both generate yield and serve as underlying collateral, cleverly bypass the stablecoin yield ban when combined with Kraken's exchange, xStocks, and other customer bases. Traditional asset management hands are reaching directly into the collateral layer of native Crypto trading.

Additionally, during the same period, Morgan Stanley also launched the MSNXX fund designed to meet compliant reserve requirements, but it does not utilize any on-chain settlement technology. Under the same compliance framework, whether or not to go on-chain has become a dividing line for differentiated competition among giants. Simply meeting compliance is insufficient; the round-the-clock liquidity and asset composability brought by on-chain settlement represent the true moat for the next generation of dollar reserves.

The GENIUS Act Defines a Market

On July 18, 2025, U.S. President Donald Trump signed the GENIUS Act. Section 4 of the Act provides a concise but clearly defined list of "Qualified Reserve Assets": Federal Reserve account balances, insured deposits, U.S. Treasury securities with a remaining or original maturity of no more than 93 days, overnight repurchase agreements collateralized by U.S. Treasury securities, and government money market funds that invest exclusively in the aforementioned assets.

Every dollar of stablecoin issued must be backed 1:1 by these assets, and issuers are prohibited from paying any interest or earnings to holders. The rules are simple, but they establish a clear product boundary around "Qualified Reserves."

Treasury Secretary Bessent stated before a Senate Appropriations Subcommittee last June that a $2 trillion stablecoin market "is a very reasonable number." Citigroup predicts a baseline scenario of $1.9 trillion by 2030, with an optimistic scenario of $4 trillion; Standard Chartered estimates that tokenized money market funds alone could reach $750 billion by then. Even with conservative estimates, the "Qualified Reserve" compliance threshold has already framed a multi-trillion dollar demand pool.

The implementation rules for the GENIUS Act must be finalized by July 18, 2026, with the Act taking full effect no later than January 18, 2027. Rulemaking by regulatory bodies like the OCC and FDIC is intensively underway. The supply side cannot afford to wait until then to act.

The CLARITY Act is the Other Piece of the Puzzle

The U.S. Senate Banking Committee is scheduled to hold a markup session for the CLARITY Act on May 14. This Act complements the GENIUS Act. While GENIUS governs stablecoin issuance, CLARITY defines the market structure for digital assets and the jurisdictional boundaries between the SEC and CFTC.

There is a key interface between the two. The GENIUS Act prohibits stablecoins from paying interest to holders. The draft text of the CLARITY Act distinguishes between business incentives and passive earnings, potentially leaving room for yield generation for non-stablecoin tokenized assets.

This firewall precisely allows tokenized money market funds like BENJI to become on-chain yield-bearing cash management tools outside of stablecoins. Not being stablecoins means they are not subject to the interest ban, yet they can still facilitate real-time settlement, serve as collateral, and be transferred around the clock. The commercial logic behind Kraken integrating BENJI is built upon this gap in the regulatory framework.

Whether the CLARITY Act progresses as scheduled will also determine the completeness of this commercial architecture.