- The fund was launched with $100 million and requires a minimum investment of $1 million.
- Tokenized money market funds enable faster settlement, continuous trading, and ownership transparency on the blockchain.
- The tokenized money market sector grew to $9 billion in assets over the past year.
JPMorgan Chase is preparing to deepen its blockchain-based finance offerings with a tokenized money market fund on Ethereum, the Wall Street Journal reported on Monday.
The bank has not officially announced the product, but the report indicates JPMorgan is moving closer to offering on-chain versions of traditional cash management instruments as institutional interest in tokenization increases.
The initiative reportedly comes as large investors look for more efficient ways to deploy idle cash while remaining compliant with regulations.
With roughly $4 trillion in assets under management, JPMorgan’s reported plans highlight how tokenization is evolving from experimental pilots into investment products tied to major global balance sheets.
The proposed fund would enter a fast-growing segment of digital finance where money market products are increasingly viewed as a bridge between traditional markets and blockchain infrastructure.
Deployment of Tokenized Money Market Funds
The fund, known as My OnChain Net Yield Fund, or MONY, received $100 million from JPMorgan’s asset management unit, the Wall Street Journal reported.
According to the report, the product is expected to open to external, qualified investors this week, although the bank has not provided official confirmation.
The minimum investment is set at $1 million, keeping the fund focused on institutional participation rather than retail investors.
MONY is designed to operate like traditional money market funds, holding short-term debt instruments and paying interest daily.
Investors will be able to redeem shares for cash or via the USDC stablecoin from Circle, reflecting the growing use of regulated stablecoins in institutional settlement and liquidity management.
Why Ethereum and Tokenization Matter
JPMorgan built the fund on Kinexys Digital Assets, its own tokenization platform, and chose Ethereum as the underlying blockchain, the Wall Street Journal reported.
Tokenized funds record ownership on the blockchain, enabling faster settlement, real-time visibility, and continuous trading outside standard market hours.
These features appeal to asset managers, trading firms, and treasuries seeking operational efficiency while maintaining exposure to low-risk instruments.
Tokenized money market funds are also increasingly used within decentralized finance ecosystems as reserve assets and collateral for trading and asset management functions.
Competition Among Financial Giants
JPMorgan’s plans position it alongside other major financial institutions that have already launched tokenized money market products.
Franklin Templeton introduced its BENJI fund in 2021, becoming one of the first traditional asset managers to implement blockchain-based fund infrastructure.
BlackRock followed in 2024 with its BUIDEL fund, developed with tokenization specialist Securitize, which has since attracted roughly $2 billion in assets, according to RWA.xyz data.