JPMorgan has stated that tokenized treasuries are unlikely to fully replace stablecoins in the crypto market. Stablecoins have a regulatory advantage as they are not classified as securities, allowing for more freedom of use. In addition, stablecoins have higher liquidity compared to tokenized treasuries, making them more attractive for trading. While tokenized treasuries could potentially replace unused cash within stablecoins, the regulatory restrictions and lower liquidity of tokenized treasuries limit their ability to fully replace stablecoins. The report suggests that tokenized treasuries, like Blackrock's BUIDL, may only replace a small part of the stablecoin market.



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