JPMorgan has expanded its push into tokenized finance with the launch of its first Ethereum-based money market fund, allowing qualified investors to earn U.S. dollar yields while using blockchain technology.
The fund, called My OnChain Net Yield Fund (MONY), is issued by J.P. Morgan Asset Management and will trade on the public Ethereum blockchain. The bank confirmed the launch in an announcement shared on Monday.
MONY is offered as a 506(c) private placement through Kinexys Digital Assets, JPMorgan’s proprietary tokenization platform. The fund is available to eligible investors via Morgan Money, the bank’s institutional liquidity trading platform.
“With Morgan Money, tokenization can significantly improve transaction speed and efficiency while adding new capabilities to traditional investment products,” said John Donohue, head of global liquidity at J.P. Morgan Asset Management.
Tokenized fund available on public blockchain
With this launch, JPMorgan becomes the largest globally systemically important bank to introduce a tokenized money market fund on a public blockchain.
According to the bank, tokenization enhances transparency, enables peer-to-peer transferability, and opens the door to broader use of fund tokens as collateral within blockchain-based financial systems.
Qualified investors can access the fund through Morgan Money and receive tokenized fund units directly to their blockchain addresses.
Morgan Money, launched in 2019, provides a real-time investment dashboard and a centralized platform for managing liquidity. JPMorgan said it is the first institutional liquidity platform to integrate both traditional financial instruments and on-chain assets.
Subscriptions and redemptions in cash or stablecoins
MONY invests exclusively in U.S. Treasury securities and repurchase agreements fully backed by Treasuries. This structure allows investors to earn yield while holding the tokenized fund on the blockchain.
The fund supports daily dividend reinvestment and allows subscriptions and redemptions using either cash or stablecoins through the Morgan Money platform. JPMorgan has not yet disclosed which stablecoins will be supported.
JPMorgan accelerates tokenization strategy
The launch of MONY represents another step in JPMorgan’s broader tokenization roadmap. The announcement follows the bank’s recent completion of its first transaction using the upcoming Kinexys Fund Flow platform, which is expected to be fully launched in 2026.
Last week, JPMorgan also revealed it had issued U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain, marking one of the earliest examples of debt issuance executed on a public blockchain.
