JPMorgan Chase, the $4 trillion banking giant, has launched its first tokenized money-market fund directly on the Ethereum blockchain, seeding it with $100 million of its own capital. According to an exclusive report from the Wall Street Journal, the fund is called the My OnChain Net Yield Fund (MONY) and is expected to open to qualified institutional investors this week.
The fund represents a groundbreaking move by one of Wall Street's most traditional institutions, allowing investors to trade ownership of the fund as digital tokens. This enables faster and smoother settlements compared to traditional financial systems. The fund is supported by Kinexys Digital Assets, JPMorgan's internal tokenization platform.
John Donohue, head of global liquidity at J.P. Morgan Asset Management, stated the initiative is client-driven: "There is a massive amount of interest from clients around tokenization. And we expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain."
The timing of the launch is significant, as Wall Street's tokenization efforts have accelerated following the passage of the Genius Act earlier this year. This legislation created a clearer regulatory framework for tokenized dollars (stablecoins), giving major institutions more confidence to build on-chain products. By building on a public blockchain like Ethereum, JPMorgan is signaling a major shift in treating crypto infrastructure as a serious and efficient tool for global finance, rather than a niche experiment.
