Global banking giant JP Morgan has launched its first-ever tokenized money market fund on the Ethereum blockchain, marking a significant institutional adoption milestone for the crypto industry. The fund, named "My OnChain Net Yield Fund (MONY)", represents a $4 trillion U.S. bank's continued embrace of blockchain technology and specifically the Ethereum network.
The development was reported by the Wall Street Journal, which noted that JP Morgan is supporting the fund with an initial $100 million investment from its own internal capital. The bank stated it launched the fund after confirming significant customer demand for tokenization services from institutional investors. The fund is scheduled to open to eligible investors on Tuesday through JP Morgan's institutional liquidity platform, Morgan Money.
Tom Lee, chairman of publicly traded Ethereum treasury company BitMine Immersion Technologies (BMNR), reacted optimistically to the news, claiming the move is "bullish for Ethereum" since the bank specifically chose the Ethereum blockchain for this initiative. Lee's comments highlight how this development positions Ethereum for increased adoption and daily usage by major financial institutions.
John Donohue, JP Morgan Asset Management's global head of liquidity, expressed enthusiasm about the initiative, stating: "There's a lot of interest from clients in tokenization." This sentiment aligns with recent acknowledgments from JP Morgan CEO Jamie Dimon about growing institutional demand for blockchain-based financial services.
The MONY fund will allow qualified investors to commit idle funds on the Ethereum blockchain to earn yields, leveraging Ethereum's speed for faster settlements at any time of day while providing real-time visibility. This move represents JP Morgan's effort to expand traditional banking capabilities and improve transaction speed and efficiency through blockchain integration.
SAUCE
HBAR
THETA
TFUEL
BTC
GEE
AAVE
SOL