TL;DR
- Launch Impact: JPMorgan has seeded $100M of its own capital into the MONY fund, its first tokenized money market product on Ethereum.
- Investor Access: The MONY fund requires a minimum subscription of $1 million, with thresholds of $5 million for individuals and $25 million for institutions.
- Industry Shift: Ethereum continues to dominate tokenized finance, already hosting BlackRock’s $2B BUIDL fund. JPMorgan’s entry reinforces the rapid institutional embrace of tokenization.
JPMorgan Chase has taken another decisive step into blockchain finance, unveiling its first tokenized money market fund on the Ethereum network. Seeded with $100 million of its own capital, the initiative signals how one of Wall Street’s largest banks is adapting traditional cash products to meet growing demand for on-chain yield and faster settlement. The launch, reported by the Wall Street Journal, underscores a pivotal moment in the convergence of mainstream banking and decentralized technology.
MONY Fund Details
The new product, dubbed the My OnChain Net Yield Fund (MONY), is managed by JPMorgan Asset Management and supported by the bank’s Kinexys Digital Assets platform. Designed for qualified investors, the fund requires a minimum entry of $1 million, with eligibility thresholds of $5 million for individuals and $25 million for institutions. Subscriptions are processed through JPMorgan’s Morgan Money portal, where investors receive digital tokens representing fund shares directly into their crypto wallets.
Stablecoin Integration
Investors can subscribe or redeem using cash or USDC, Circle’s dollar-linked stablecoin. Like traditional money market funds, MONY invests in short-term debt instruments and accrues income daily. According to John Donohue, head of global liquidity at JPMorgan Asset Management, client interest in tokenization has surged since the passage of the Genius Act, which established a clearer U.S. framework for stablecoins and tokenized dollars.
Industry Context
JPMorgan’s move aligns with a broader industry trend. In July, Goldman Sachs and BNY Mellon announced collaborations on digital tokens tied to money market funds managed by BlackRock and Fidelity. Meanwhile, in Europe, Amundi, the continent’s largest asset manager, launched its own tokenized fund on Ethereum in November, marking its first on-chain transaction earlier that month.
Ethereum’s Role
Ethereum has emerged as the preferred network for tokenized real-world assets and stablecoins. The platform already hosts BlackRock’s BUIDL fund, which manages more than $2 billion, making it the largest example of tokenized money market products to date. JPMorgan’s MONY fund adds another heavyweight to Ethereum’s expanding roster of institutional-grade financial instruments.
