JPMorgan Chase’s asset-management division has launched its first tokenized money-market fund, marking a significant step by a major global bank into blockchain-based investment products. The fund, called the My OnChain Net Yield Fund, or MONY, is built on the Ethereum blockchain and supported by JPMorgan’s Kinexys Digital Assets platform. The bank seeded the fund with $100 million of its own capital and opened access to qualified investors this week.
The private fund is available to individuals with at least $5 million in investable assets and institutions with a minimum of $25 million, with a $1 million investment threshold. Investors subscribe through JPMorgan’s Morgan Money platform and receive tokenized fund shares directly into their digital wallets. Like traditional money-market funds, MONY holds short-term, high-quality debt securities and accrues income daily, while offering on-chain settlement and ownership.
Tokenization Meets Traditional Liquidity Products
Money-market funds remain a cornerstone of institutional liquidity management, with total assets reaching approximately $7.7 trillion this year. JPMorgan’s move reflects growing demand from clients seeking yield-generating instruments that operate fully on blockchain rails. Subscriptions and redemptions can be completed using either cash or the USDC stablecoin, integrating traditional fund mechanics with digital settlement.
For crypto-native investors, tokenized money-market funds address a longstanding inefficiency by allowing capital to remain on-chain while earning yield. Stablecoins, which have grown to a combined market value exceeding $300 billion, typically do not distribute interest to holders. Tokenized funds offer an alternative that preserves blockchain-based custody while delivering returns similar to conventional cash management products.
Institutional Momentum and Competitive Landscape
JPMorgan’s launch comes amid broader institutional momentum following recent US legislation establishing a regulatory framework for tokenized financial instruments. Asset managers and banks have accelerated efforts to bring traditional products onto blockchain infrastructure, citing faster settlement, improved transparency, and operational efficiencies. Tokenized funds can also be used as collateral across certain digital asset venues, expanding their functional utility.
The competitive field is already taking shape. BlackRock operates the largest tokenized money-market fund, with more than $1.8 billion in assets, while Goldman Sachs and Bank of New York Mellon are developing tokenized fund ownership solutions with major asset managers. JPMorgan itself has previously tokenized private equity products and expanded its blockchain-based settlement capabilities for institutional clients.
The MONY fund underscores how established financial institutions are integrating blockchain technology into familiar investment vehicles rather than replacing them. By anchoring tokenization within regulated fund structures, firms like JPMorgan are positioning digital assets as an extension of existing capital markets infrastructure. The approach reflects a measured shift toward blockchain adoption, driven by client demand, regulatory clarity, and competitive pressure among global asset managers.