JPMorgan Chase, a global bank with $4 trillion of assets under management, is rolling out a tokenized money-market fund on Ethereum, pushing deeper into blockchain-based finance amid growing demand from institutional clients, the Wall Street Journal reported first on Monday.
The fund, dubbed My OnChain Net Yield Fund (MONY) is seeded with $100 million from the bank’s asset management division and is set to open to external, qualified investors this week, the report said.
The global bank joins a wave of high-profile financial giants launching tokenized funds on blockchain, with money-market funds leading the charge. Franklin Templeton was among the first traditional finance firms with its BENJI fund in 2021. Then, BlackRock started its BUIDL fund in 2024 with tokenization specialist Securitize, attracting $2 billion in assets to date, per RWA.xyz data.
These vehicles allow investors to park idle cash on blockchains to earn a yield — like with a money market fund but with faster settlement times, around-the-clock trading and real-time visibility into ownership. Increasingly, they are also used as a reserve asset for decentralized finance (DeFi) protocols and as collateral in trading and asset management.
The asset class has grown to $9 billion from $3 billion in a year, RWA.xyz data shows. The broader tokenized asset market is projected to grew to $18.9 trillion by 2033, BCG and Ripple said in a report.
“There is a massive amount of interest from clients around tokenization, John Donohue, head of global liquidity at JPMorgan Asset Management, told WSJ.
JPMorgan built MONY on Kinexys Digital Assets, the bank’s in-house tokenization platform. The product will likely serve as a test case for expanding the bank’s lineup of onchain offerings.
“We expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain,” Donohue said.
Like traditional money-market funds, MONY is set to hold short-term debt instruments and pays interest daily. Investors can redeem shares using either cash or Circle’s USDC stablecoin. The fund will be accessible to qualified investors, with a $1 million minimum investment.
Read more: JPMorgan Pushes Deeper Into Tokenization With Galaxy’s Debt Issuance on Solana
