- The fund has been seeded with $100 million and requires a minimum investment of $1 million.
- Tokenized money market funds offer faster settlement, continuous trading, and on-chain visibility of ownership.
- The tokenized money market sector has grown to $9 billion in assets over the past year.
JPMorgan Chase is preparing to deepen its commitment to blockchain-based finance with a tokenized money market fund on Ethereum, according to a Wall Street Journal report published Monday.
The bank has not formally announced the product, but the report suggests JPMorgan is moving closer to offering on-chain versions of traditional cash-management tools as institutional interest in tokenization increases.
The reported initiative comes as large investors seek ways to put idle cash to work more efficiently while maintaining regulatory compliance.
With roughly $4 trillion in assets under management, JPMorgan’s reported plans illustrate how tokenization is evolving from experimental pilots into investable products tied to major global balances.
The proposed fund would enter a fast-growing segment of digital finance, where money market products are increasingly seen as a bridge between traditional markets and blockchain infrastructure.
Rollout of Tokenized Money Market Funds
The fund, referred to as My OnChain Net Yield Fund, or MONY, has been seeded with $100 million by JPMorgan’s asset management arm, the Wall Street Journal reported.
The product is expected to open to external, qualified investors this week, although the bank has not yet issued an official confirmation.
The minimum investment is set at $1 million, keeping the fund focused on institutional participation rather than retail investors.
MONY is structured to operate like conventional money market funds, investing in short-term debt instruments and paying interest on a daily basis.
Investors would be able to redeem their shares either for cash or via Circle’s USDC stablecoin, reflecting the growing adoption of regulated stablecoins for institutional settlement and liquidity management.
Why Ethereum and Tokenization Matter
JPMorgan has built the reported fund on Kinexys Digital Assets, its in-house tokenization platform, with Ethereum chosen as the underlying blockchain, according to the Wall Street Journal.
Tokenized funds record ownership on-chain, enabling faster settlement, real-time transparency, and continuous trading beyond traditional market hours.
These capabilities attract attention from asset managers, trading firms, and treasuries seeking operational efficiency while continuing to rely on low-risk instruments.
Tokenized money market funds are also increasingly used within decentralized finance ecosystems as reserve assets and as collateral for trading and asset management activities.
Competition Among Financial Giants
JPMorgan’s reported plans place 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 earliest traditional asset managers to adopt blockchain-based fund infrastructure.
BlackRock followed in 2024 with its BUIDL fund, developed with tokenization specialist Securitize, which has since attracted roughly $2 billion in assets, according to industry data.