Financial Industry Divided Between Institutional and Public Blockchain Economies

The financial industry is witnessing a significant shift towards blockchain-based infrastructure, with two parallel economies emerging: one permissioned and institutional, the other public and open. This division is evident in JPMorgan's latest move to launch its second tokenized money market fund on Ethereum.

According to RWA tracking data, tokenized real-world assets have expanded to roughly $31.6 billion, with U.S. Treasury-related products making up about $15.9 billion. Within this segment, competition is intensifying among major asset managers and financial institutions racing to define the standards of on-chain finance.

Ethereum remains the dominant public settlement layer in this segment, hosting about $8.5 billion in RWA assets. However, if we look at the broader RWA market, Ethereum accounts for about $17.7 billion of the total tokenized asset market and ranks third overall.