JPMorgan Launches Tokenized Money-Market Fund on Ethereum
JPMorgan Chase Asset Management is launching its first tokenized money-market fund on the Ethereum blockchain, seeding $100 million of its own capital before opening it to external investors. The private fund, named MONY (My OnChain Net Yield Fund), is built on JPMorgan's Kinexys Digital Assets platform.
MONY will be available exclusively to qualified investors, including individuals with at least $5 million in investable assets and institutions with at least $25 million. The minimum investment required is $1 million. Investors will subscribe through JPMorgan's Morgan Money portal and receive digital tokens that represent fund shares stored in crypto wallets. The fund accrues daily dividends and aims to track traditional money-market yields.
Subscriptions and redemptions may be made using cash or USDC, highlighting JPMorgan's use of regulated rails for on-chain settlements within a traditional investment product. MONY is part of JPMorgan's broader blockchain strategy, which includes initiatives in tokenized deposits, on-chain settlement, and wholesale payment infrastructure.
This launch comes amid growing momentum for tokenized financial products following the authorization of the GENIUS Act, which established a regulatory framework for dollar-backed stablecoins. John Donohue, head of global liquidity at JPMorgan Asset Management, emphasizes strong client interest in tokenization and the firm's aim to lead with a lineup of products resembling traditional money-market funds but on the blockchain.
However, MONY's availability remains limited to institutional and high-net-worth investors, reflecting JPMorgan's cautious and selective approach to rolling out tokenized cash-like assets.
