CoinSpotMarket Update
Prices in AUD and as of 2:00pm AEDT on Dec. 23, 2
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JPMorgan’s (JPM) asset-management arm has launched its first tokenised money market fund, called My OnChain Net Yield Fund (MONY), on the Ethereum blockchain. JPM is seeding the fund with $150m ($100m USD) and making it available to qualified investors via its Morgan Money platform, with tokenisation powered by the bank’s Kinexys Digital Assets system.
A money market fund is a cash-style product that invests in very short-term, low-risk assets, in this case, JPM says MONY holds U.S. Treasuries and Treasury-backed repurchase agreements. Tokenisation involves investors receiving a digital token that represents their ownership of the fund, which can be held in a self-custody wallet and transferred more easily than traditional fund units. JPM also states that investors can subscribe and redeem using cash or stablecoins, with daily dividend reinvestment built in.
This is another clear sign that big institutions are bringing real-world, yield-bearing products onchain, not just trading crypto, but using blockchain rails for everyday financial instruments. Over time, products like this can facilitate faster capital movement and potentially be used more flexibly as collateral.
After three years in development, Firedancer has finally gone live on the Solana blockchain. Firedancer is a new software that helps run the Solana network, built by Jump Crypto. The goal is to provide Solana with an additional, independent way to operate, rather than relying on a single main software stack for most of the network.
The practical benefit for Solana is more resilience and more breathing room as usage grows. Solana is now less likely to suffer widespread issues, and it is better positioned to handle heavier traffic more smoothly over time. Before the full mainnet rollout, Firedancer had already been running in a controlled manner for over 100 days, producing more than 50,000 blocks, which gave the ecosystem confidence that it was ready for broader use.
Strategy (formerly MicroStrategy) disclosed another major Bitcoin purchase, adding 10,645 BTC for approximately $1.47b ($980.3 million USD). The buy continues Strategy’s now-familiar playbook under Michael Saylor of raising capital when market conditions allow, then deploying it into BTC as a long-term treasury asset rather than a short-term trade.
Following the purchase, Strategy’s Bitcoin treasury climbed to 671,268 BTC. That’s roughly 3.20% of Bitcoin’s total 21 million supply cap. As before, the funding was sourced through ongoing capital-market activity (including equity issuance).
Strategy’s BTC holdings over time, growing substantially in 2025 (Source: Artemis)
Similarly, Bitmine Immersion (BMNR) continues to accumulate Ethereum, purchasing 102,259 ETH, followed by an additional 98,852 ETH. Bitmine has become the market’s “Ethereum treasury” equivalent of Strategy: consistently buying size, even when sentiment is uncertain.
As of the latest update, Bitmine’s ETH holdings stand at roughly 4.066 million ETH, approximately 3.37% of ETH’s circulating supply, as Bitmine continues its march to its 5% target over time.
Bitmine’s ETH holdings since it started buying in July (Source: Artemis)
The U.S. Securities and Exchange Commission (SEC) ended its long-running investigation into Aave (AAVE), one of the largest decentralised lending protocols, without pursuing enforcement action. The update was shared publicly by Aave founder Stani Kulechov, alongside a letter indicating that the SEC staff did not intend to recommend an enforcement action.
Closing the probe reduces the risk of a sudden negative headline that could limit access, spook users, or deter institutional capital. It’s not an official “approval” stamp for DeFi, and it doesn’t automatically create clear rules going forward; it simply means the SEC isn’t taking action here, based on what it reviewed. It’s another sign that the regulatory tone in the U.S. is becoming less combative, which is generally supportive for the sector.
Visa is introducing stablecoin settlement to U.S. banks, enabling eligible partners to settle directly with Visa in Circle’s stablecoin, USDC. Visa announced the rollout with settlement running over the Solana network. Visa says its stablecoin settlement activity is now running at more than $3.5B per year, and this step is about upgrading the back-end settlement rails, not changing how cards work for everyday users.
Instead of being constrained by traditional banking hours, participating institutions can settle seven days a week, including weekends and holidays, which can improve cash flow timing and make treasury operations more predictable, especially for fintech-style businesses that operate 24/7. More broadly, this is another indication that stablecoins are moving beyond crypto native use cases and into real-world financial infrastructure, with Visa announcing a wider U.S. rollout through 2026 as it onboards more partners.
