- •JPMorgan launched its first tokenized money market fund on Ethereum, seeding the private vehicle with $100 million before opening it to qualified investors.
- •The MONY fund holds short-term debt instruments, pays daily interest, and allows subscriptions and redemptions using cash or USDC.
- •Ethereum continues to dominate onchain real-world assets, holding over $6.5 billion and more than 60% market share excluding stablecoins.
JPMorgan has taken another step into blockchain-based finance with the launch of its first tokenized money market fund on Ethereum. The product comes from the bank’s $4 trillion asset management division and is designed for qualified investors. It reflects a broader effort by large financial institutions to place familiar investment products on public blockchains.
The fund is private, seeded with JPMorgan’s own capital, and structured to mirror traditional money market funds while using tokenized ownership. For JPMorgan, this launch also serves as a practical test of how onchain settlement and fund administration work at institutional scale.
How JPMorgan’s Tokenized Fund Is Structured
The product is called My OnChain Net Yield Fund, or MONY. According to reporting by The Wall Street Journal, JPMorgan has seeded the fund with $100 million of its own capital before opening it to outside investors. The fund runs on the Ethereum blockchain and is built using the bank’s Kinexys Digital Assets platform.
MONY is designed to hold short-term debt instruments, similar to a conventional money market fund, and pays interest daily. Investors receive digital tokens that represent their holdings and can subscribe or redeem using cash or Circle’s USDC stablecoin. Access is limited to qualified investors, with a minimum investment of $1 million. The bank has stated that the fund will be available through its existing Morgan Money platform.
While the structure mirrors traditional products, JPMorgan has emphasized that this is its first tokenized money market fund on a public blockchain. Any expansion beyond this initial launch has not been confirmed.
Related read: DTCC to Begin Tokenization Services in 2026
Why Ethereum Was Chosen for the Launch
Ethereum’s role in this launch aligns with a broader trend across traditional finance. Data from RWA.xyz shows Ethereum leading the onchain real-world asset market with more than $6.5 billion in tokenized assets. This represents over 60 percent of the total onchain RWA market, which stands at roughly $10.7 billion excluding stablecoins.
Large asset managers have consistently selected Ethereum for tokenized funds due to its liquidity, established infrastructure, and long operating history. BlackRock, Franklin Templeton, and Fidelity have all launched similar products on the network. JPMorgan’s decision places it alongside these firms and reinforces Ethereum’s position as the primary settlement layer for regulated onchain finance.
Industry figures have also highlighted Ethereum’s institutional appeal. Fundstrat’s Tom Lee has pointed to its security record and adoption by major financial firms as reasons it remains favored by Wall Street, even as other blockchains compete on cost and speed.
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A Clear Signal of Institutional Onchain Finance
JPMorgan’s tokenized money market fund on Ethereum marks a concrete shift from experimentation to live deployment. By committing $100 million in seed capital and opening the product to external investors, the bank is signaling confidence in blockchain-based fund infrastructure.
At the same time, JPMorgan has positioned MONY as a controlled, private offering rather than a mass-market product. That approach suggests the bank is prioritizing operational learning and client feedback before expanding further. For now, the launch stands as another indicator that tokenization is moving from concept to execution within mainstream asset management.
