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JPMorgan Files for Its Second Tokenized Fund on Ethereum

Plus: 📈 First U.S. Hyperliquid ETF lands on Nasdaq | 🔐 Starknet unveils private bitcoin | 🛡️ Ethereum Foundation rolls out Clear Signing

Author

Aakash Girimath
May 13, 2026

Hi! In today’s edition:

  • 🏦 JPMorgan filed Tuesday for JLTXX, a tokenized money market fund on Ethereum sized for stablecoin issuers needing GENIUS-compliant reserves

  • 📈 21Shares launched THYP and TXXH on Nasdaq Tuesday, the first U.S. ETFs tracking Hyperliquid's HYPE token, with THYP posting roughly $1.8 million in day-one volume

  • 🔐 Starknet went live Tuesday with strkBTC, a shielded bitcoin wrapper backed 1:1 by BTC, with optional ZK privacy and viewing-key compliance for regulators

  • 🛡️ The Ethereum Foundation rolled out Clear Signing, an open standard built on ERC-7730 designed to end blind signing, with Ledger, Trezor, MetaMask, WalletConnect, and Fireblocks among the supporters

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JPMorgan Files for Its Second Tokenized Money Market Fund on Ethereum

JPMorgan Asset Management filed Tuesday for a second tokenized money market fund on Ethereum, dubbed the JPMorgan OnChain Liquidity-Token Money Market Fund (ticker: JLTXX).

The fund will hold U.S. Treasuries, cash, and overnight repos backed by Treasuries, and is engineered to meet reserve requirements for stablecoin issuers under the GENIUS Act. Unlike the firm's December 2025 launch, MONY, which was a 506(c) private placement, JLTXX was filed via a 485BPOS, the amendment form for registered investment companies, suggesting broader distribution.

The world's largest GSIB, managing $4 trillion, is doubling down on Ethereum just as Wall Street's tokenization race accelerates. The product is powered by Kinexys, JPMorgan's blockchain unit.

21Shares Launches the First U.S. Hyperliquid ETFs on Nasdaq

21Shares launched the first two U.S. ETFs tracking Hyperliquid's HYPE token Tuesday, listing THYP for spot exposure with staking and TXXH for 2x leveraged exposure on Nasdaq.

THYP, a 33-Act ETP with a 0.30% management fee, posted roughly $1.8 million in day-one volume and $1.2 million in net inflows. The trust can stake 30% to 70% of its HYPE holdings through Figment, with rewards split roughly 70/30 between the trust and the provider.

Hyperliquid commands more than 50% of DEX perpetual open interest and processes roughly $8 billion in daily trading volume. Bitwise and Grayscale have filed competing applications.

Starknet Ships strkBTC, Bitcoin With Optional Privacy on a ZK Rollup

Starknet went live Tuesday with strkBTC, a bitcoin-backed asset on the Ethereum Layer 2 that lets holders toggle between public and shielded states. It is the first asset built on STRK20, the new privacy framework that shipped with Starknet's Shinobi upgrade in April.

The token is backed 1:1 by BTC locked on Bitcoin. In shielded mode, balances and transfers are hidden using zero-knowledge proofs. Viewing keys allow independent auditors to disclose activity to regulators on lawful request.

StarkWare CEO and Zcash co-founder Eli Ben-Sasson called it "private digital cash, the way it should be."

Ethereum Foundation Rolls Out Clear Signing to End Blind Signing

The Ethereum Foundation launched Clear Signing Tuesday, an open standard designed to replace the unreadable hex data users currently approve when signing transactions with structured, human-readable descriptions.

The standard is built on ERC-7730 (a JSON format for transaction descriptors, originally proposed by Ledger) and ERC-8176 (an attestation framework). The Ethereum Foundation's Trillion Dollar Security Initiative will steward the registry. Wallets choose which descriptor sources to trust.

Backers include Ledger, Trezor, MetaMask, WalletConnect, Fireblocks, Cyfrin, Sourcify, ZKnox, and Zama. The push is a direct response to billions lost to blind-signing exploits, including the $1.5 billion Bybit hack.

🎧 Don’t Miss Uneasy Money Today 🎧

Kain Warwick, Taylor Monahan, and Luca Netz break down a brutal week onchain.

Anthropic and OpenAI just voided tokenized share transfers, wiping $638B off Solana's PreStocks in 24 hours.Google catches the first AI-generated zero-day, a Morse-coded tweet drains an AI agent for $200K, and npm packages are hunting seed phrases. Circle drops a $222M presale token at $3B FDV. A SDNY judge lets $71M of Lazarus ETH flow to Aave, with strings. And Consensus 2026's strip club afterparty proves crypto still hasn't learned.

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  • 📈 Coinbase added Solana-backed loans through Morpho, letting eligible users borrow up to $100,000 using SOL as collateral. The product extends Coinbase's lending lineup, which already includes Bitcoin-backed borrowing. 

  • ⚖️ The CFTC filed an amicus brief in the Sixth Circuit asserting its exclusive federal jurisdiction over prediction markets, backing Kalshi in its legal fight against Ohio's state-level betting laws. The agency has now filed suits or briefs against six states pushing back on CFTC-regulated prediction markets. 

  • 🔒 Kelp DAO and Aave are resuming rsETH operations as recovery from a $292 million exploit progresses, with 117,132 rsETH to be refilled over the next two weeks and withdrawals expected to unpause within 24 hours of the first tranche. Security hardening measures include increasing independent attestors from 1 to 4 and raising block confirmations from 42 to 64. 

  • 🏦 Galaxy Digital will manage Sharplink's new $125 million onchain yield fund, which will deploy $100 million from Sharplink's staked Ethereum treasury alongside $25 million from Galaxy itself. The fund will allocate to DeFi liquidity protocols and other yield-generating onchain strategies. 

  • 🟡 Ark Invest bought $5.5 million worth of Circle shares as the stock jumped 16% on strong Q1 earnings, and Bernstein maintained a $190 price target on the stablecoin issuer, citing the $222 million ARC presale as a cushion against rate pressure. 

  • 📊 Exodus sold roughly 1,000 bitcoin worth approximately $87 million in Q1, cutting its BTC holdings from 1,704 to 628, as it pivots toward a full payments stack via its Exodus Pay platform and a new dollar-backed stablecoin called XO Cash. The wallet firm reported a wider Q1 loss with revenue down 37%, while shares finished Tuesday down 9.6%. 

  • 📉 eToro's Q1 crypto revenue fell to $2.15 billion from $3.5 billion the same period last year, as crypto trading slowed on the multi-asset platform. Overall net income still rose 37% year-over-year to $82 million, driven by a surge in commodities trading. 

  • 💹 CleanSpark stock slid 9% after the bitcoin miner reported a $378.3 million quarterly loss, driven by unrealized losses on its bitcoin holdings. The results missed analyst estimates. 

  • ⚖️ The upcoming Bitcoin Fog appeal will test the DOJ's legal theory that global cryptocurrency mixing services fall under Washington D.C. jurisdiction, a precedent with wide implications for how the U.S. government prosecutes crypto businesses operating across borders. 

  • 🇵🇱 Poland's Sejm is simultaneously debating four competing crypto bills, with a second reading vote expected Thursday, after the opposition PiS party submitted a separate proposal to ban crypto-asset activity outright. The ban draft is the only such proposal among major EU member states, where MiCA is already in force. 

  • 🇧🇹 Bhutan moved another 100 BTC worth $8.1 million out of holding wallets, extending a sovereign sell-off that has surpassed $230 million in 2026. Arkham Intelligence noted that at the current pace, Bhutan will exhaust its remaining holdings before the end of September.

  • 🏢 DTCC integrated Chainlink into its Collateral AppChain to enable 24/7, near real-time collateral management across global markets and blockchains, targeting a Q4 2026 launch. The clearinghouse, which processed $4.7 quadrillion in securities transactions in 2025, will use Chainlink's Runtime Environment for pricing, margining, and settlement automation. 

  • 🏦 Franklin Templeton will partner with Kraken's parent company to develop new onchain investment products, deepening the asset manager's push into blockchain-native finance alongside one of crypto's largest exchange operators. 

  • 🤖 Matrixdock expanded its tokenized silver product XAGm to Sui, giving institutional users another blockchain option to hold and trade onchain precious metals. 

  • 🌐 Coincheck Group announced a partnership with KDDI Corporation, Japan's major telecom operator, to expand retail access to digital assets, pairing Coincheck's crypto exchange with KDDI's roughly 30 million mobile subscribers.

  • 🔮 Privacy protocols Arc, Canton, and Tempo collectively topped $1 billion in funding, with Bernstein analysts framing privacy as crypto's next emerging killer application. The ARC presale alone raised $222 million. 

  • 💰 Elliptic closed a $120 million Series D led by One Peak, with Nasdaq Ventures, Deutsche Bank, and the British Business Bank participating, valuing the blockchain analytics firm at $670 million. The round will fund expansion of Elliptic's AI-native compliance platform, which currently screens over 1 billion transactions per week. 

  • 💸 MEXC committed to expanding its Guardian Fund to $500 million and said it is actively acquiring 1,000 BTC to bolster user protection and exchange reserves. 

  • 💲 Sky Ecosystem led a $13.5 million round for Osero, a Stablewatch-incubated stablecoin yield infrastructure startup. The funding will support Osero's goal of building composable yield primitives for stablecoin holders. 

  • 🤑 Movement acquired vault infrastructure company Canopy, bringing its vault management capabilities in-house as it continues to build out its layer-2 ecosystem. 

  • 💸 Web3 startup Charms raised a $1.5 million pre-seed to build infrastructure for putting the AI character economy fully onchain, targeting a market where AI agents and digital personas transact autonomously.