TLDR Tech / Crypto
JPMorgan Enters Vault Curation With $700M USDC Vault
JPMorgan Chase has entered the vault curation business through Kinexys, its blockchain division formerly known as Onyx, launching the JLTXX vault at $700 million in assets under management. The USDC-denominated vault runs on JPMorgan's proprietary protocol settled on Ethereum and allocates to US Treasury bills, bonds, and overnight repurchase agreements. The launch size immediately makes JPMorgan the fifth-largest vault curator, surpassing existing players TelosConsilium and upshift_fi. The move comes from a bank whose CEO, Jamie Dimon, has repeatedly criticized stablecoins, DeFi, and crypto more broadly.
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