JPMorgan (JPM) has filed with the U.S. Securities and Exchange Commission (SEC) to launch a blockchain-based money market fund, signaling a major push by Wall Street to bring traditional assets onto public blockchains. The new product, named the JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), will invest exclusively in short-term U.S. Treasuries, cash, and overnight repo agreements backed by government securities.
According to the SEC filing, the fund will maintain tokenized balances on a permissioned layer built on top of Ethereum by JPMorgan’s blockchain unit, Kinexys Digital Assets (formerly Onyx). Approved investors will be able to submit purchase, redemption, and transfer requests directly through the Ethereum network. The filing notes that expansion to other public blockchains is anticipated in the future.
JLTXX is structured to satisfy reserve asset requirements under the GENIUS Act, U.S. legislation aimed at regulating stablecoin issuers. This positions the fund as a potential yield-bearing reserve vehicle for compliant stablecoin firms seeking Treasury exposure. The launch comes just days after BlackRock (BLK) filed for a similar tokenized Treasury reserve vehicle and blockchain-based shares of a $7 billion money-market fund.
The tokenized real-world asset market has surged more than 200% over the past year, surpassing $32 billion in total value, with Treasury products as the fastest-growing segment. JPMorgan has been actively embedding blockchain into its operations, having already launched the tokenized money-market fund MONY in December and processing tokenized collateral settlements through Kinexys. The filing underscores the accelerating institutional race to bring yield-bearing, regulated products onto blockchain rails.
