- This fund has $100 million in capital and requires a $1 million minimum investment
- Tokenized money market funds enable faster settlement
- The tokenized money market sector saw assets grow to $9 billion over the past year
JPMorgan Chase is preparing to deepen its involvement in blockchain-based finance with a tokenized money market fund on Ethereum, according to a Wall Street Journal report published Monday.
The bank has not officially announced a product, but the report indicates JPMorgan is moving closer to offering on-chain versions of traditional cash-management tools as institutional interest in tokenization grows.
The initiative comes as large investors seek 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 pilot programs into investment products tied to significant global balance sheets.
The proposed fund would enter a rapidly growing digital finance segment where money market products are viewed as a bridge between traditional markets and blockchain-based infrastructure.
Launch of the Tokenized Money Market Fund
The fund, reportedly called My OnChain Net Yield Fund (MONY), has been seeded with $100 million by JPMorgan’s asset management unit, the Wall Street Journal said.
The product is expected to open to qualified outside investors this week, although the bank has not confirmed the launch publicly.
The minimum investment is set at $1 million, reflecting the fund’s focus on institutional participants rather than retail investors.
MONY is designed to operate like a conventional money market fund by holding short-term debt instruments and paying income daily.
Investors will be able to redeem their shares for cash or via Circle’s USDC stablecoin, reflecting growing adoption of regulated stablecoins in institutional settlement and liquidity management.
Why Ethereum and Tokenization Matter
According to the Wall Street Journal, JPMorgan built the reported fund on Kinexys Digital Assets, an internal tokenization platform, and selected Ethereum as the underlying blockchain.
Tokenized funds record ownership on-chain, enabling faster settlement, real-time transparency, and continuous trading outside standard market hours.
Those features appeal to asset managers, trading firms, and treasury desks seeking operational efficiencies while continuing to rely on low-risk instruments.
Tokenized money market funds are also being used more widely in decentralized finance ecosystems as reserve assets and collateral for trading and asset servicing.
Competition Among Financial Giants
JPMorgan’s reported plans come as other large financial firms have already launched tokenized money market products.
Franklin Templeton introduced its BENJI fund in 2021, becoming one of the early traditional asset managers to deploy fund infrastructure on blockchain.
BlackRock followed in 2024 with its BUIDL fund, developed with tokenization specialist Securitize, attracting roughly $2 billion in assets, according to data compiled on RWA.xyz.