Money market funds are best when no one thinks about them—stable, predictable, with risks so low you hardly notice them. But recently, a move by JPMorgan Chase has directly brought this traditional financial "safe haven" onto the blockchain, and it’s on a public network like Ethereum. The significance of this is far greater than it appears.

JPMorgan directly issued a $100 million money market fund onto Ethereum, created through their own platform, but forcefully integrated into the public chain for institutional clients to access via Morgan Money. Don’t mistake this for some "on-chain show"; this is actually a signal from traditional finance—tokenization is no longer just an experiment; it’s genuinely penetrating the most core and sensitive areas of the financial system.

It seems simple, but the hardest part isn’t just putting assets on the chain; it’s a fundamental issue: **Can the valuation be trusted?** The reason money market funds have existed for so long isn’t because of high yields, but because of a universally accepted NAV calculation. But on the chain? With numerous exchanges, price fluctuations, and fragmented liquidity, no one can clearly determine which price is "real." Why should institutions treat this as a cash equivalent?

That’s the key issue. No matter how innovative DeFi becomes, institutions care about just four things: whether interest rate data is accurate, whether NAV is stable, whether stablecoins are truly worth $1, and whether extreme market conditions will cause pricing chaos. The future of tokenization isn’t about how convenient it is to feed data to retail investors, but whether it can provide a **verifiable, auditable, stress-testable** data foundation for the entire system. This is the real watershed that will determine how far blockchain finance can go.