JPMorgan Chase has launched a tokenized money market fund on the Ethereum blockchain, marking a significant step in integrating blockchain technology into core traditional finance infrastructure. The fund, named the My OnChain Net Yield Fund (MONY), is managed by JPMorgan Asset Management and utilizes the bank's proprietary tokenization platform, Kinexys Digital Assets.
The product functions like a classic money market fund, investing in conservative assets such as U.S. Treasurys, but its ownership and settlement are recorded on the public Ethereum network. This allows fund shares to be represented as tokens delivered to blockchain addresses. JPMorgan plans to start with a $100 million seed investment from its own capital before opening it to outside qualified investors.
Access to the fund is currently restricted. It is available to qualified individuals with at least $5 million in investments and institutions with a minimum of $25 million. The minimum investment for any participant is set at $1 million. John Donohue, Head of Global Liquidity at JPMorgan Asset Management, stated the launch responds to growing client interest in tokenized products and positions the bank as a leader in this emerging space.
The move is seen as a strategic, incremental adoption of blockchain, starting with low-risk, regulated products to test the infrastructure at scale. By tokenizing a conservative instrument like a money market fund, JPMorgan is signaling that blockchain is being positioned as reliable operational infrastructure rather than mere experimental technology. This development is part of a broader institutional trend, accelerated by regulatory frameworks like the recently enacted Genius Act, which provides guidelines for stablecoins and digital assets.
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