JPMorgan Gears Up To Launch Its First Tokenized Money Market Fund On Ethereum

U.S. banking giant JPMorgan’s asset management arm is launching its first tokenized money-market fund on the Ethereum blockchain. The company managing roughly $4 trillion in assets will invest a seed capital of $100 million before opening to external investors later this week.

The product is part of a growing trend where major Wall Street giants are deploying tokenized funds on public blockchains, with BlackRock and Franklin Templeton leading the charge. The move makes JPMorgan the largest Global Systematically Important Bank (GSIB) to launch such an investment vehicle on a distributed network.

JPMorgan Asset Management Launches MONY, Its First Tokenized Money Market Fund

The My OnChain Net Yield Fund (MONY) will be supported by JPMorgan’s tokenization platform, Kinexys Digital Assets. Money-market funds are typically viewed as low-risk, conservative vehicles used for cash management, and by bringing them on-chain, the asset manager is leveraging blockchain technology to one of the most basic layers of finance. 

These vehicles allow investors to park their idle cash to earn a yield. When tokenized, they enable faster settlement times, around-the-clock trading, and real-time visibility into ownership. Tokenized money-market funds are also increasingly used as a reserve asset for decentralized finance (DeFi) protocols and as collateral in trading and asset management.

According to a report by the Wall Street Journal, the private fund will be available to qualified investors, defined as individuals with at least $5 million in investable assets, and institutions holding a minimum of $25 million in assets. The minimum investment size for MONY is set at $1 million.

BREAKING: JP MORGAN LAUNCHES TOKENIZED MONEY MARKET FUND ON ETHEREUM

5 years ago, Jamie Dimon called Bitcoin a fraud.

Today, they're rebuilding capital markets on blockchain rails alongside BlackRock, Fidelity, and Franklin Templeton ($15,000,000,000,000 combined AUM). pic.twitter.com/SUFeQ1TGX9

— RWA.xyz (@RWA_xyz) December 15, 2025

Investors Can Hold MONY Shares on Ethereum Wallets, Redeemable in Cash or USDC

MONY will invest in high-quality, short-term debt instruments and issue daily interest payouts similar to traditional money-market funds. However, the difference lies in the fact that its shares will be tokenized on the Ethereum blockchain, and investors can redeem them in cash or the USDC stablecoin. 

Investors can subscribe to the fund through the Morgan Money portal, JPMorgan’s digital money-market investment platform. In return, they receive digital tokens representing their shares in MONY, which can be held in Ethereum wallets. The product will likely serve as a test case for expanding JPMorgan’s lineup of on-chain investment offerings.

John Donohue, head of global liquidity at JPMorgan Asset Management, noted that there is massive interest from clients for tokenized assets. The banking behemoth wants to be a leader in the space and is working with customers to ensure that it has a product catalogue that allows them to gain exposure to traditional money-market funds on the blockchain.

Donohue said.

“Tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products. We believe that financial products will increasingly transact this way, and we’re excited about the opportunities this creates for our clients and for the whole industry,”

GENIUS Act Spearheaded Growth in RWA Tokenization, BlackRock’s BUIDL and Franklin Templeton’s BENJI Among the Largest On-Chain MMFs

Enabling stablecoin settlements highlights how regulated financial products are increasingly incorporating crypto-native payment rails. The WSJ also pointed out that Wall Street’s tokenization efforts gained traction following the passage of the GENIUS Act in July, which established the first comprehensive regulatory framework for stablecoins in the United States.

Money-market funds are leading the charge when it comes to launching tokenized traditional financial assets on the blockchain. 

In 2021, $1.6 trillion asset manager Franklin Templeton’s Franklin Onchain U.S. Government Money Fund (FOBXX), BENJI, became the first U.S.-registered mutual fund to be issued on a public blockchain. The product, which invests primarily in U.S. government bonds and cash, is pegged to the dollar and is issued on the Stellar blockchain. The BENJI token is available on multiple blockchains, including Stellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana, BNB Chain, and Canton Network. As of December 2025, the fund has grown to a total valuation of $819.10 million.

Last year, BlackRock, the world’s largest asset manager, launched the BlackRock USD Institutional Digital Liquidity Fund, or BUIDL. The product allows qualified institutional investors to earn yields on USD-denominated assets like Treasury bills, cash, and repurchase agreements through the BUIDL token on multiple blockchains, including Ethereum, BNB Chain, Solana, and Polygon, among others. The $2 billion fund, considered to be the largest tokenized U.S. Treasury product, is now accepted as collateral on Binance, marking a significant step in the integration of regulated digital assets into mainstream crypto platforms.

According to data from RWA.xyz, the tokenized real-world asset (RWA) market has a valuation of $18.61 billion, with tokenized money-market funds being a significant driver of inflows. The asset class has grown from $3 billion to $9 billion in the span of 12 months. The broader tokenized asset market is projected to hit a valuation of $18.9 trillion by 2033, as per a joint report released by Ripple and Boston Consulting Group (BCG) earlier this year.

At the time of writing, Ether (ETH) is trading at $2,929 – down 6.86% in 24 hours.