JPMorgan is expanding its blockchain push with a tokenized money-market fund on Ethereum
The fund is seeded at $100 million and requires a minimum investment of $1 million. Tokenized money-market funds offer fast settlement, continuous trading and onchain ownership visibility. The tokenized money-market sector has grown to $9 billion in the past year.
JPMorgan Chase is preparing to deepen blockchain-based finance through a tokenized money-market fund on Ethereum, according to a Wall Street Journal report published on Monday.
The bank hasn't formally announced the product, but the report suggests that JPMorgan is moving closer to offering onchain versions of traditional money management tools as institutional demand grows.
The reported initiative comes as large investors look for ways to efficiently deploy idle cash while maintaining regulatory compliance.
With nearly $4 trillion in assets under management, JPMorgan's report highlights how tokens are moving from test pilots to investment products.
The proposed fund will tap into the fast-growing digital finance segment, where money-market products are seen as a bridge between traditional markets and blockchain infrastructure.
Tokenized money-market fund release
The fund, known as My OnChain Net Yield Fund, or MONY, has raised $100 million from JPMorgan's asset management division, according to the Wall Street Journal.
Although no official confirmation has been given by the bank, the product is expected to open to foreign and qualified investors this week.
The minimum investment is set at $1 million, which focuses the fund on institutional participation rather than retail investors.
MONY is designed to work alongside conventional money market funds, holding short-term debt instruments and paying interest on a daily basis.
Investors can redeem their shares in cash or through Circle's USDC stablecoin, which features a stablecoin that controls institutional settlement and liquidity management.
Why Ethereum and tokenization matter
JPMorgan reportedly built the fund on Kinexys Digital Assets, an in-house token platform, with Ethereum chosen as the underlying blockchain, the Wall Street Journal reported.
Tokenized currencies record ownership onchain, allowing for instant settlement, real-time visibility, and continuous trading beyond normal market hours.
These features are drawing attention from asset managers, businesses and treasury desks seeking operational efficiency while continuing to rely on low-risk devices.
Tokenized money-market funds are increasingly used as reserve assets and collateral for trading and asset management in the decentralized financial ecosystem.
Competition between financial giants
JPMorgan's reports rank it with other large financial institutions that have launched money market products.
Franklin Templeton introduced the BENJI Fund in 2021, becoming one of the first traditional asset managers to adopt a blockchain-based fund infrastructure.
Blackrock It followed in 2024 with the BUIDL Fund, a tokenization specialist in securities, which has since attracted nearly $2 billion in assets, according to data from RWA.xyz.
