JPMorgan to Launch Ethereum-Based Tokenized Money-Market Fund MONY for Qualified Investors
JPMorgan plans to launch MONY, an Ethereum-based tokenized money-market fund named My OnChain Net Yield Fund, targeting qualified investors with access beginning December 16, 2025. The fund will have a seed capital of $100 million with a minimum investment requirement of $1 million. Eligible individuals must have at least $5 million in assets, while institutions need assets totaling at least $25 million.
MONY will be offered through JPMorgan's Morgan Money platform, and investors will earn yields by holding the fund's on-chain token, following a model similar to BlackRock's BUIDL approach. This development underscores an industry-wide shift toward tokenizing assets on public blockchain networks.
John Donohue, head of global liquidity at JPMorgan Asset Management, anticipates that other globally systemic banks (G-SIBs) will also introduce tokenized money-market fund offerings in the future. JPMorgan has recently engaged in various crypto initiatives including the Kinexys Digital Assets platform, proposed Bitcoin-linked structured notes, a deposit token offered on Coinbase's Base, and arranging Solana-based commercial paper for Galaxy Digital.
For context, BlackRock's BUIDL operates as a multi-network platform (including Solana) enabled by Securitize and Wormhole. Additionally, in 2021 Franklin Templeton introduced the first on-chain mutual fund, the Franklin OnChain U.S. Government Money Fund, operating across Ethereum, Avalanche, Stellar, and Aptos networks.
