December 15, 2025
JPMorgan Asset Management has launched its first tokenized money-market fund, marking one of the most significant steps yet by a major global bank into blockchain-based financial products.
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The fund, called My OnChain Net Yield Fund (MONY), is built on the Ethereum blockchain and seeded with $100 million from JPMorgan’s own balance sheet. It allows institutional investors to hold tokenized shares of a traditional money-market fund directly on-chain, blending conventional cash management with blockchain infrastructure.
With more than $4 trillion in assets under management, JPMorgan’s move signals that tokenization is shifting from pilot programs into mainstream institutional finance.
A traditional product, rebuilt on blockchain
Money-market funds are among the most widely used low-risk investment products globally, holding an estimated $7.7 trillion in assets. They typically invest in short-term government securities, high-quality corporate debt, and repurchase agreements, offering liquidity and capital preservation.
MONY mirrors that structure but changes how ownership and settlement work.
Instead of traditional fund shares recorded through transfer agents, investors receive digital tokens representing their holdings. These tokens can be held in approved crypto wallets, with interest accruing daily and distributions handled programmatically through smart contracts.
Subscriptions can be made using cash or USDC stablecoin, with a minimum investment of $1 million. The fund is available to qualified institutional investors through JPMorgan’s Morgan Money platform.
Why JPMorgan’s timing matters
JPMorgan is not the first asset manager to tokenize a money-market fund. BlackRock’s BUIDL fund, launched earlier, currently leads the sector by assets. Franklin Templeton and other firms have also introduced blockchain-based funds on networks such as Stellar.
What sets JPMorgan’s entry apart is scale and intent.
Unlike earlier experimental launches, MONY is positioned as a core institutional product, backed directly by the bank’s balance sheet and integrated into its existing liquidity management systems. Analysts see this as a signal that tokenization is moving beyond niche use cases into the infrastructure layer of capital markets.
“This is not about crypto speculation,” said one digital assets strategist at a European investment firm. “It’s about operational efficiency, settlement speed, and modernizing how cash moves.”
Competitive Landscape: The Tokenization Race
JPMorgan joins a growing cohort of financial giants entering the tokenized money-market space:
| Institution | Fund Name | Blockchain | Assets (Approx.) |
|---|---|---|---|
| BlackRock | BUIDL | Ethereum | $500M+ |
| JPMorgan | MONY | Ethereum | $100M (seeded) |
| Franklin Templeton | FOBXX | Stellar | $360M+ |
| Fidelity | n/a | Ethereum | In development |
Source: Company announcements, public blockchain data
Built on Ethereum, settled through JPMorgan rails
The fund runs on Ethereum’s public blockchain, using JPMorgan’s proprietary Kinexys Digital Assets infrastructure. The bank says the platform has already processed billions of dollars in tokenized assets since its launch.
Settlement is handled through JPM Coin, JPMorgan’s internal digital payment system, allowing same-day movement between traditional bank accounts and blockchain-based assets. That bridge is considered essential for institutional adoption, where compliance, custody, and reconciliation remain critical concerns.
By using a public blockchain rather than a private ledger, JPMorgan is also aligning itself with the broader digital asset ecosystem, increasing interoperability with existing crypto infrastructure.
Regulatory clarity opens the door
The launch comes amid improving regulatory clarity in the United States around tokenized financial instruments and digital representations of traditional assets. While rules continue to evolve, major banks appear increasingly confident that compliant blockchain products can operate within existing frameworks.
Market participants say this could encourage more asset managers, pension funds, and corporate treasuries to explore tokenized funds as alternatives to traditional cash vehicles.
In Europe and parts of Asia, regulators are also accelerating work on digital asset frameworks, suggesting that tokenized money-market funds could see broader cross-border adoption over time.
A shift in how institutions use blockchain
For years, blockchain adoption in finance was driven largely by experimentation and limited pilots. JPMorgan’s MONY fund reflects a different phase—one focused on practical utility rather than innovation theatre.
Tokenized funds offer faster settlement, real-time transparency, and reduced back-office complexity. For large institutions managing liquidity across multiple jurisdictions, those efficiencies can translate into meaningful cost and time savings.
Industry observers say products like MONY could eventually compete with bank deposits, treasury bills, and even stablecoin-based yield products, especially for institutional investors seeking low-risk returns with operational flexibility.
The bigger picture
JPMorgan’s entry into tokenized money-market funds reinforces a broader trend: blockchain is increasingly being adopted as financial infrastructure, not an alternative system running in parallel.
Rather than disrupting traditional finance, banks are integrating blockchain into familiar products, reshaping how assets are issued, settled, and managed quietly and at scale.
As one market analyst put it, “This is what real adoption looks like. It doesn’t shout. It just works.”
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