Crypto and banks were frenemies at best, but JPMorgan just made a move.

The bank is about to launch My OnChain Net Yield (MONY), its first tokenized money-market fund. The vehicle debuts tomorrow with $100 million and targets institutions with at least $25 million and individuals with $5 million, with a $1 million minimum to participate.

Tokenization essentially takes a traditional asset and puts it on the blockchain. For investors, it means they can earn yield while keeping their assets fully on-chain, addressing the long-standing issue of stablecoins sitting idle and interest-free. For fund managers, tokenization can speed up settlement, lower costs, and attract digitally native clients, with some tokenized fund shares even accepted as collateral on crypto exchanges.

JPMorgan’s not the first Wall Street firm to tokenize. It joins a wave of major financial firms, including Franklin Templeton and BlackRock, that are rolling out tokenized funds on blockchain rails.

The fund will be supported by Kinexys Digital Assets, JPMorgan’s in-house tokenization platform that has been under development for several years.

A changing crypto landscape

The launch follows the Office of the Comptroller of the Currency’s (OCC) recent move to grant conditional approval for Circle and Ripple to form national trust banks—an early green light that, if finalized, would allow crypto firms to take custody of customer assets and settle payments nationwide, though they still cannot take deposits or make loans like traditional banks.

The decision comes amid a surge in interest from other firms trying to break into banking. According to Klaros Group, twelve trust-bank applications have been filed this year, the most in eight years. Coinbase, Wise, BitGo, Paxos, Fidelity and Sony Bank are among the applicants.

Still not a perfect match

Traditional banks haven’t welcomed the shift. Banking groups urged the OCC to deny several of the applications, arguing that crypto firms would be able to serve bank customers without adhering to the same capital, liquidity, and supervisory requirements traditional banks face.

Proponents argue the pushback has more to do with protecting market share than ensuring stability. Stablecoin issuers like Circle and Ripple could eventually offer faster, lower-cost payment rails, a development that could sidestep banks and card networks if stablecoins gain mainstream adoption. A national trust charter would accelerate that trajectory by giving these firms federal oversight, nationwide authority, and the regulatory credibility needed to attract large merchants and platforms. For banks, that poses a direct threat to some of their most profitable services.

Despite those concerns, the financial system continues to move onto digital rails, supported by the Trump administration’s crypto-friendly stance and the passage of the GENIUS Act. As JPMorgan’s new money market fund announcement indicates, it’s a shift that increasingly points toward adaptation rather than resistance.—SY

🟢 What’s up

• Tesla rose 3.56% to an all-time high after CEO Elon Musk said the company’s robotaxis are moving into their next testing phase.
• Oncology company Immunome jumped 15.69% after reporting positive Phase 3 results for varegacestat, its treatment targeting desmoid tumors.
• Good day for mall stocks: Abercrombie & Fitch climbed another 5.9% following a recent Buy rating from Goldman Sachs, while American Eagle gained 6.05% based on vibes.

What’s down

• The AI trade selloff punished stocks like Broadcom (down 5.59%), Oracle (down 2.57%), and CoreWeave (down 7.94%).
• Uber sank 3.82% and Lyft dropped 6.14% on the news that Tesla is making strides in getting its robotaxis on the road without a human driver.
• Zillow tumbled 8.47% on worries that Google may become a major rival after the search giant began testing real estate listings on its search results pages.
• Strategy sank 8.14% as bitcoin fell below $86,000, a drop that hit hard after the fund added nearly $1 billion worth of the token to its holdings last week.
• Software company ServiceNow fell 11.56% after reports that it’s in advanced talks to acquire cybersecurity startup Armis in a deal that could reach $7 billion.
• Chinese tech stocks slid thanks to weak economic data and President Xi Jinping’s warning against “reckless” growth. Alibaba fell 3.59%, Baidu lost 4.94%, and JD.com sank 2%.
• Tilray Brands dropped 10.04% amid uncertainty over whether President Trump will actually move to loosen federal marijuana restrictions.
• Lidar maker Luminar Technologies plunged 60.82% after filing for Chapter 11 bankruptcy, following the loss of a major contract with car maker Volvo.

Facebook ads touting frauds and scams have become so commonplace that most internet-literate users just scroll right past them. But for Meta Platforms, getting hapless victims to click on a scam is big business.

According to a scathing report from Reuters, Meta raked in $18 billion in annual sales from its advertising business in China in 2024. But executives discovered that roughly 19% of that money, or $3 billion, was coming from ads for banned content like pornography, illegal gambling, and outright scams. So, the company formed an anti-fraud team to seek out and give bad actors the boot. The team removed so many ads that revenue from fraudulent promotions fell from 19% of total Chinese advertising revenue to 9% in the second half of last year.

Until Mark Zuckerberg stepped in. According to internal documents viewed by Reuters, following a decision from the CEO, the China anti-fraud team was dissolved. ​​Revenue from fraudulent Chinese ads rose back to about 16% of Meta’s China revenue by mid-2025.

A spokesman told Reuters that Meta still does plenty to protect its customers. Then again, the company’s data center buildout isn’t going to pay for itself. In October, Meta said its capital expenditures will hit between $70 and $72 billion by the end of 2025, and 2026 will bring a “notably larger” spending spree on AI and data centers.

The company needs every dollar it can get if it wants to win the AI race, and considering that China accounts for about 11% of Meta’s overall revenue, it’s not about to kill that golden goose—no matter what advertisements it shows its users.—MR

It turns out there’s one all-powerful mess the Roomba can’t tackle: Its own finances.

iRobot, the creator of the popular automated vacuum, filed for bankruptcy yesterday and announced it was going private after being purchased by one of its Chinese suppliers, Picea Robotics, which will take 100% of the company’s equity.

Shares free-fell 72.69% today.

Zoom out: iRobot was founded in 1990 by three researchers at MIT, and their robots did everything from helping search ground zero after 9/11 to monitoring oil spills in the Gulf of Mexico.

But the company became a household name (literally) when it released the Roomba in 2002. The Roomba has since surged in popularity, buzzing around homes across the world, zapping up dust and deeply confusing pets along the way. The Roomba holds 42% of the American market share and 65% of the Japanese market share in robot vacuum cleaners, according to iRobot.

Where Roomba went off course

To know a Roomba is to love a Roomba, according to people who don’t like chores (us). So, what went so wrong?

First, competition began to eat away at iRobot’s market share over the past few decades, with cheaper, faster versions of the robot vacuum pouring out of China.

Then, in 2022, a potential lifeline came along: Amazon planned to acquire the company for about $1.7 billion. That caused iRobot to start cutting costs as if the deal would close. But regulators in the EU and US blocked the merger on antitrust grounds, arguing Amazon already controlled too much of the consumer appliance market. That was a huge blow to iRobot—and the company was never quite able to recover. In 2023 as the deal stalled, iRobot took out hefty loans to refinance its operations, which has left it with roughly $190 million in debt.

On top of all of that, new tariffs hit the company hard—especially the 46% US levy on Vietnam, where iRobot manufactures a substantial amount of its products. The tariffs raised the company’s costs by $23 million, according to CNBC.

All of these factors combined to push iRobot’s stock down 26% over the last five years (before today’s plunge). The cruel irony is that just as iRobot files for bankruptcy, the business of robots and other physical AI are starting to take the spotlight.—LB

• SpaceX is expected to be the biggest IPO ever—here’s who has the most to gain (and it’s not just Elon Musk, who’s now the first person worth over $600 billion).
• Traders are shifting out of AI stocks and into value picks after the Fed cut rates.
• The FDA approved a luxurious $250,000 Singapore work trip for employees during the government shutdown.
• Consulting titan McKinsey is planning to cut thousands of jobs after years of stalling revenue growth.
• Bullish on bullion: These are the stocks that have the most to gain from gold’s record run.
• The Trump administration is expected to hire 1,000 engineers and other experts to build an AI-focused “Tech Force.”

A deluge of delayed data hits markets this week, and it begins first thing tomorrow morning with a double whammy: The November nonfarm payrolls report, and a look at October retail sales.

While the latter will provide some insight into the state of consumers heading into the holidays, it’s the employment report that has all of Wall Street wary. The November report will also include a good chunk of October data as well, due to the effects of the government shutdown. If the numbers for both months come in lower than expected (economists anticipate 40,000 new jobs and a steady unemployment rate at 4.4%), it could give the market a serious boost.

As for earnings, the only report to keep an eye out for comes from the homebuilder Lennar.