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JPMorgan Chase is expanding its footprint in blockchain-based finance with the rollout of a tokenized money-market fund built on Ethereum, marking one of its most direct moves yet into onchain asset management.
The fund, named the My OnChain Net Yield Fund (MONY), is being launched by JPMorgan Asset Management, which oversees roughly $4 trillion in assets. The bank is seeding the private vehicle with $100 million of its own capital ahead of opening it to external investors on Tuesday, according to reports.
MONY is powered by Kinexys Digital Assets, JPMorgan’s in-house tokenization platform, and is structured for qualified investors only. Eligibility thresholds are set at a minimum of $5 million in investable assets for individuals and $25 million for institutions, alongside a $1 million minimum commitment. Subscriptions are handled through JPMorgan’s Morgan Money portal, with investors receiving blockchain-based tokens that represent their fund ownership and are held in a crypto wallet.
Functionally, the product mirrors a traditional money-market fund. It invests in short-term debt instruments, accrues interest daily, and aims to deliver yields that typically exceed standard bank deposits. What sets it apart is settlement flexibility: investors can enter and exit positions using either fiat cash or Circle’s USDC stablecoin, keeping capital fully onchain while earning yield.
JPMorgan executives say client demand is driving the strategy. The bank sees tokenization as a way to replicate familiar financial products in a blockchain-native format, giving investors the same choices they expect from conventional money-market funds—just with faster settlement and digital ownership rails.
The launch comes amid a more supportive U.S. regulatory backdrop for digital assets. Recent legislation around stablecoins and clearer divisions of oversight for blockchain-based products have encouraged major financial institutions to accelerate efforts to tokenize funds, securities, and other real-world assets. In 2025, the total value of tokenized real-world assets climbed to a record $38 billion, reflecting growing institutional participation.
With MONY, JPMorgan joins a competitive field. BlackRock currently operates the largest tokenized money-market fund, managing more than $1.8 billion, while Goldman Sachs and Bank of New York Mellon have signaled similar initiatives. Crypto exchanges have also entered the space by offering tokenized equities and securities in select jurisdictions.
Despite CEO Jamie Dimon’s long history of public skepticism toward crypto—particularly Bitcoin—the bank continues to experiment with public blockchains. Just last week, JPMorgan helped facilitate an onchain commercial paper transaction for a Galaxy Digital subsidiary on Solana, settled in USDC. Together, these moves highlight a clear trend: even the most established financial institutions are increasingly bringing traditional capital markets products onchain.