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J.P.Morgan Chase is pushing further into blockchain finance, this time with plans to roll out its first tokenized money market fund.
According to the Wall Street Journal, the bank’s asset management arm will deploy the fund on Ethereum and seed it with $100 mn of its own capital before opening access to external investors on December 16.
The product, called My OnChain Net Yield Fund, or MONY, runs on J.P.Morgan’s Kinexys Digital Assets platform. Access stays limited.
Individual investors need at least $5 mn in assets, institutions must bring $25 mn, and the minimum ticket size lands at $1 mn. It’s a private fund by design, not a mass-market play, at least for now.
We think the structure says more than the headline. J.P.Morgan isn’t experimenting on the margins anymore. It’s placing real capital on-chain and tying tokenization directly to cash management, a segment banks guard closely.
According to Beinsure analysts, that move reflects growing pressure to keep traditional liquidity products relevant as digital-native alternatives gain ground.
Wall Street’s interest in tokenization picked up after the GENIUS Act passed earlier this year, setting regulatory rules for stablecoins. Banks took the signal and accelerated.
J.P.Morgan sits among the most aggressive, and MONY fits into a broader effort to translate familiar financial products into blockchain form without rewriting the risk model.
There is a massive amount of interest from clients around tokenization
John Donohue, who runs global liquidity at JPMorgan Asset Management
He added that the bank aims to mirror the choice and flexibility of traditional money market funds, just delivered through blockchain rails. It’s a clean pitch. Familiar product, new plumbing.
Internal research at the bank points in the same direction. Analysts argued back in July that tokenized money market fund shares could help these funds stay competitive with stablecoins, and maybe unlock use cases that standard fund structures can’t easily support. That thinking now moves from memo to market.
Other banks aren’t standing still. Earlier this year, BNY teamed up with Goldman Sachs to record ownership of selected money market funds using blockchain systems.
The firms framed that project as a way to improve transferability of existing MMF shares, not to reinvent them. Less hype, more mechanics.
J.P.Morgan has already tested similar ideas elsewhere. It recently tokenized a private equity fund for wealthy private-bank clients, then followed with JPM Coin, a deposit token built for institutional payments and settlements.
Blockchain is drifting away from its crypto-only reputation and edging toward the plumbing of mainstream banking.
Once a startup obsession, it now shows up inside global institutions like Citi, J.P.Morgan, and Visa as they rethink payments, liquidity, and asset settlement. Maybe this time it sticks. Or maybe not. But JPMorgan is clearly betting it will.