JPMorgan Chase, a global bank with $4 trillion in assets under management, is rolling out a tokenized money market fund on Ethereum and pushing deeper into blockchain-based finance amid growing demand from institutional clients, the Wall Street Journal reported first Monday.
The fund, called My OnChain Net Yield Fund (MONY), has been seeded with $100 million from the bank’s asset management arm 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 way. Franklin Templeton was among the first traditional finance firms with its BENJI fund in 2021. Then BlackRock launched its BUIDL fund in 2024 with tokenization specialist Securitize, attracting $2 billion in assets to date, as of RWA.xyz data.
These vehicles allow investors to park idle cash on blockchains to earn a return — like with a money market fund, but with faster settlement times, around-the-clock trading, and real-time ownership visibility. Increasingly, they are also used as a reserve asset for decentralized finance protocols (DeFi) and as collateral in trading and asset management.
The asset class has grown to $9 billion from $3 billion in a year, data from RWA.xyz shows. The broader tokenized asset market is expected to grow to $18.9 trillion by 2033, BCG and Ripple said in a report.
“There is a tremendous amount of interest from clients around tokenization,” John Donohue, head of global liquidity at JPMorgan Asset Management, told the WSJ.
JPMorgan built MONY on Kinexy’s Digital Assets, the bank’s in-house tokenization platform. The product will likely serve as a test case to expand the bank’s range of onchain offerings.
“We expect to be a leader in this space and work with clients to ensure we have a product range that allows them to have the choices we have in traditional money market funds on the 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 available to qualified investors with a minimum investment of $1 million.
Read more: JPMorgan pushes deeper into tokenization with Galaxy’s debt issuance on Solana
