Recently, JPMorgan launched a wealth management token project on Ethereum, sparking quite a bit of discussion. This financial giant, managing trillions of dollars in assets, has finally extended its reach into the blockchain world. How significant is this step? Let’s break it down.

In simple terms, JPMorgan’s MONY token is essentially bringing traditional bank wealth management onto the blockchain. The logic is straightforward: they first allocate $100 million, all invested in low-risk assets like U.S. Treasury bonds, then tokenize the income rights of these assets, listing them on the Ethereum network for trading and use.

How to participate? If you hold stablecoins, you can directly exchange them for MONY tokens, and then earn interest daily. The annualized yield is around 5%, which, in the current market environment, is indeed more attractive than many traditional financial products. Just holding and not doing anything, you get passive income—sounds pretty tempting.

But here’s the issue—this "dinner party" doesn’t leave seats for ordinary retail investors. JPMorgan’s requirements for participation are ridiculously high, effectively blocking most people from entering.

To get in, you need to meet at least one of three conditions: as an individual investor, you must have proof of assets exceeding $5 million; if you’re an institution, the threshold is even higher, starting at $25 million; regardless of your status, the minimum participation amount is $1 million.

In other words, this project is essentially a "private club" tailored exclusively for high-net-worth clients by traditional financial institutions. 99% of crypto users, and even 99% of retail investors, are not qualified to step into this ecosystem.

From a market perspective, JPMorgan’s move has several implications. First, it reflects genuine recognition of blockchain technology by traditional financial giants—not just lip service, but real investment. Second, it demonstrates a new application of tokenized assets in traditional finance—bringing real-world assets and income rights onto the chain, which could become a standard practice in the future.

But at the same time, this approach reinforces the class divide in the crypto market. The way traditional finance enters Web3 isn’t about transforming the existing landscape; it’s about replicating Wall Street’s original logic—serving the wealthy, serving institutions. The narrative of democratizing on-chain wealth management is hardly visible here.

For those unable to participate in this project, it’s more of a market signal: major players are entering, and the infrastructure for on-chain finance is improving. This could be a positive for the entire industry, but the direct profit opportunities will likely be missed by most retail investors.