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According to Odaily, a recent JPMorgan report indicates that although tokenized money market funds are capable of generating returns, they still account for only about 5% of the broader "stablecoin ecosystem." The core role of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term. The report states that stablecoins have become the default "cash instruments" for trading, collateral, settlement, cross-border payments, and liquidity management, and are widely used in centralized exchanges and DeFi protocols. In contrast, tokenized money market funds are subject to securities regulations, which include registration, disclosure, and transfer restrictions, putting them at a structural regulatory disadvantage. JPMorgan analysts led by Nikolaos Panigirtzoglou predict that unless there is a significant change in the regulatory environment, the market size of tokenized money market funds is unlikely to exceed 10%–15% of the overall stablecoin market. Current demand mainly comes from crypto-native investors seeking yields and institutional funds looking to benefit from both on-chain settlement and protection of traditional assets. The report also points out that despite the advantages of tokenized funds, such as near real-time settlement, 24/7 transfers, and automated clearing, their growth is still constrained by liquidity, counterparty risk, and regulatory uncertainty. JPMorgan believes that without regulatory relaxation, these products will struggle to challenge stablecoins' infrastructural role in the crypto market. (CoinDesk)

⑴ Data from the US Treasury shows that Turkey sold almost all of its US Treasuries in March, with its holdings plummeting from $16 billion to just $1.8 billion. ⑵ This sell-off coincided with Turkey’s efforts to support the lira’s exchange rate during market turbulence triggered by the Iran war; the country’s central bank also tapped into its foreign exchange and gold reserves to stabilize the economy. ⑶ Despite the intervention, the lira remains under pressure, inflation has risen to 32.4%, and yields on Turkish government bonds have hit record highs.

Glonghui, May 21｜In April, new home construction in the United States declined, with single-family housing starts recording the largest drop in nearly a year. Government data released Thursday shows the number of new residential buildings decreased by 2.8% last month, bringing the annualized total down to 1.47 million units. Single-family housing starts fell by 9%, marking the biggest decline since last August, and the annualized number dropped to 930,000 units. However, multi-family housing starts increased by over 10%. The report also shows that single-family building permits—a leading indicator for the construction industry—dropped by 2.6%, reaching the lowest level since August. These figures indicate that residential developers are still focused on digesting the persistently high inventory of new homes. Although sales have risen in recent months, most of those sales involve homes that are already under construction or completed. The path to a sustained recovery in residential construction faces several challenges, including rising mortgage rates, weak consumer confidence, and tight household budgets.