JPMorgan Chase has become the latest major financial institution to move core investment products onto blockchain infrastructure, announcing the launch of its first tokenized money-market fund using the Ethereum network.
The bank’s $4 trillion asset-management division will seed the fund with $100 million of JPMorgan capital, before opening it to external investors. The product, formally named the OnChain Net Yield Fund (MONY), will be available to qualified investors, including individuals with at least $5 million in investable assets and institutions meeting a $25 million minimum threshold. The fund carries a minimum investment of $1 million.
Unlike experimental crypto-native funds, MONY represents a tokenized version of a traditional money-market fund, allowing investors to hold digital tokens that reflect their ownership interests. JPMorgan will use the Ethereum blockchain to record investor transactions, marking one of the most prominent uses of a public blockchain for a regulated asset-management product by a global systemically important bank.
Money-market funds are a foundational instrument in global finance, widely used by corporates, asset managers and institutions for short-term cash management. By tokenizing such a conservative and widely adopted product, JPMorgan is signaling that blockchain technology is moving beyond pilot projects and into production-grade financial infrastructure.
The move follows increasing momentum across Wall Street toward tokenization, particularly after the passage of the Genius Act, which established a regulatory framework for tokenized dollars and stablecoins in the US. The legislation has accelerated institutional efforts to tokenize traditional assets, including funds, equities and fixed-income instruments.
JPMorgan’s choice of Ethereum is also notable. While banks have historically favoured private or permissioned ledgers, Ethereum’s scale, liquidity and developer ecosystem have increasingly positioned it as a settlement layer capable of supporting institutional activity. The decision underscores a broader shift among large financial institutions toward leveraging public blockchain networks for regulated financial products.
The launch of MONY builds on JPMorgan’s wider digital-assets strategy, which includes blockchain-based payment rails, tokenized deposits and on-chain settlement initiatives. For the asset-management industry, the development highlights how tokenization is being applied not as a retail crypto offering, but as a tool to modernise fund administration, settlement and investor access.
As regulatory clarity improves and large institutions commit balance-sheet capital to on-chain products, tokenized funds are increasingly viewed as a potential bridge between traditional asset management and next-generation financial infrastructure.
