jpmorgan built kinexys, a private EVM chain doing $2b/day in settlement volume. then filed JLTXX, their tokenized money market fund, on public ethereum L1. not on their own chain. not on base where they deployed JPM Coin. public ethereum.
ondo did a cross-chain DvP pilot with jpmorgan in april. now jpmorgan is launching a competing product on the same rails with $3.9 trillion in balance sheet assets behind it. blackrock BUIDL already at $2.3b AUM. canton network goes live july 2026 connecting DTCC, goldman, state street with atomic settlement.
ondo trades at $0.41. the question isn't whether tokenized treasuries hit $50b. the question is whether ondo's distribution holds when the banks that own the client relationships show up with identical products and zero customer acquisition cost.
@TheRealPlanC I don’t think many understand what the future of BTC PA looks like when MS owns a significant enough share of supply that he can actually control price. Instead of weak retail hands panic selling “the top”, MS will slowly and methodically scale out small portions…