JPMorgan files tokenized Treasury fund JLTXX for stablecoin reserve stack — Ethereum now, Solana next!

JPMorgan filed a prospectus on May 12 for the JPMorgan OnChain Liquidity-Token Money Market Fund (ticker: JLTXX), a registered fund investing exclusively in US Treasury securities and overnight repo, targeting a $1.00 NAV. The filing explicitly positions JLTXX to meet eligible reserve-asset requirements stablecoin issuers may need under the GENIUS Act framework — making it a regulated, yield-bearing instrument designed to sit inside the stablecoin reserve stack, not alongside it.

Ethereum launches first, handling fund-share distribution and ownership workflows through a tightly permissioned allow-list model. Legal title stays with the transfer agent's Investor Register; token balances are the transaction request mechanism. USDC conversion is available exclusively through Morgan Money, connecting the fund to the stablecoin economy without changing its regulated classification. This…