JPMorgan launches tokenized money-market fund on Ethereum

JPMorgan Chase is stepping further into blockchain-based finance with the launch of a tokenized money-market fund that will operate on the Ethereum network.

The new vehicle, called My OnChain Net Yield Fund, or MONY, is being introduced by the bank's $4 trillion asset-management arm and is seeded with $100 million in JPMorgan capital before opening to outside investors on Tuesday, the Wall Street Journal first reported.

The private fund is supported by JPMorgan's Kinexys Digital Assets tokenization platform and will be available to qualified investors — defined as individuals with at least $5 million in investments and institutions with a minimum of $25 million — and carries a $1 million minimum investment. Investors can subscribe through the bank's Morgan Money portal and will receive digital tokens representing their holdings in a crypto wallet, the bank said Monday.

Like traditional money-market funds, MONY holds baskets of short-term debt securities and is designed to offer yields typically higher than bank deposits, with interest paid and dividends accrued daily. Investors can subscribe and redeem using either cash or Circle's USDC stablecoin, the WSJ reported.

'Massive interest in tokenization'

"There is a massive amount of interest from clients around tokenization," JPMorgan Asset Management Head of Liquidity John Donohue told the WSJ. "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 news comes as U.S. policymakers have taken steps to clarify how digital asset activity fits within the existing financial system. The passage of the GENIUS Act earlier this year established a federal framework for dollar-denominated stablecoins, while recent developments around the Clarity Act have signaled a more constructive approach to defining regulatory responsibilities for blockchain-based financial products. Together, those efforts have encouraged traditional financial firms to accelerate tokenization initiatives across funds, securities, and other real-world assets.

The total market capitalization of real-world assets reached a record $38 billion in 2025, according to The Block's data dashboard. Tokenized money-market funds have attracted crypto-native investors by allowing assets to remain onchain while earning yield, addressing the common issue of non-interest-bearing stablecoin balances.

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JPMorgan's move places it alongside other large asset managers experimenting with tokenized funds. BlackRock operates the largest tokenized money-market fund, with more than $1.8 billion in assets under management, while Goldman Sachs and Bank of New York Mellon said earlier this year they would collaborate on issuing digital tokens tied to money-market funds from major managers. Several crypto exchanges have also launched tokenized stocks and other securities in select markets this year.

The Ethereum-based fund follows a series of recent blockchain initiatives by JPMorgan, despite a longstanding skepticism toward the technology from its CEO Jamie Dimon, who once dismissed Bitcoin as a money-laundering tool "worse than tulip bulbs."

Last week, the bank helped arrange a commercial paper offering for a Galaxy Digital subsidiary, executed on the Solana blockchain using a newly created USCP token, with issuance and redemption settled in USDC. The transaction was described by JPMorgan executives as a step toward understanding how public blockchains can be used for institutional capital markets, underscoring the bank's broader effort to move traditional financial instruments onchain.

Updated with additional details.