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Quick take:
- MONY provides qualified investors the opportunity to earn U.S. dollar yields by subscribing through Morgan Money, the firm’s open architecture trading and analytics platform for liquidity management.
- The fund invests only in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities.
- Investors receive tokens at their crypto wallets and will earn blockchain-based yield on tokens held.
JPMorgan, America’s second-largest bank with about $4 trillion in assets, has launched its first tokenized money market fund, My OnChain Net Yield Fund (“MONY”). The fund is powered by Kinexys Digital Assets, JPMorgan’s institutional-grade, multi-chain asset tokenization solution, and is available on Ethereum’s public blockchain.
According to the press release seen by NFTgators on Monday, MONY provides qualified investors the opportunity to earn U.S. dollar yields by subscribing through Morgan Money, the firm’s open architecture trading and analytics platform for liquidity management.
Qualified investors can access MONY exclusively through the Morgan Money platform, receiving tokens at their blockchain addresses and earning blockchain-based yield on tokens held.
MONY invests only in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities. The fund also offers daily dividends, and investors can subscribe and redeem using cash or stablecoins through the Morgan Money platform.
Commenting on the announcement, George Gatch, CEO of J.P. Morgan Asset Management, said in a statement: “Active management and innovation are at the heart of how we deliver new solutions for investors navigating today’s financial landscape. By harnessing technology alongside our deep expertise in active management, we’re able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals.”
JPMorgan is joining a growing list of US financial institutions and asset managers that have launched tokenized money market funds, including BlackRock’s with BUIDL and Franklin Templeton with FOBXX.
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