JPMorgan, which manages $4 trillion in assets, recently made a big move on Ethereum — issuing the MONY tokenized money market fund. This is not a test; it’s a formal recognition of on-chain assets by the entire financial system.

Remember? Eight years ago, JPMorgan CEO Jamie Dimon commented on Bitcoin. At that time, he was outspoken, calling it a "fraud" and predicting it would "ultimately collapse." Ironically, in May this year, he changed his tune: "I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin. Go ahead." In one sentence, his attitude has completely transformed.

From critic to participant, JPMorgan has gone through this journey: first considering Bitcoin and Ethereum as collateral for loans, then launching a stablecoin-like token JPMD in June, and now directly putting $100 million in seed funding to tokenize the yields of ultra-stable assets like U.S. Treasury bonds on the chain. Simply put, this is a "on-chain Yu’e Bao."

However — this business isn’t for ordinary people. Want to participate personally? You need to have at least $5 million in assets. Institutional investors? Starting at $25 million. No matter your status, the minimum threshold is $1 million. This price effectively blocks retail investors from entering.

But the signal behind this is very clear: one of the world’s largest financial institutions has already bet on the infrastructure of the crypto market. What was once "impossible" is becoming a reality.