- JPMorgan has launched its first tokenised money-market fund, MONY, on Ethereum, becoming the largest GSIB to introduce such a product on a public blockchain.
- Seeded with US$100 million (AU$150.7 million), the fund offers qualified investors blockchain-based access to US Treasury-backed money-market exposure via the Morgan Money platform.
- The launch reflects growing institutional adoption of tokenised money-market funds, a segment that has tripled in size over the past year.
JPMorgan Chase has launched its first tokenised money-market fund on the public Ethereum blockchain, marking a significant expansion of the bank’s on-chain financial offerings. With approximately US$4 trillion (AU$6.03 trillion) in assets under management, the move positions JPMorgan as the largest globally systemically important bank to introduce a tokenised fund on a public blockchain.
The fund, called My OnChain Net Yield Fund, or MONY, has been seeded with US$100 million (AU$150.7 million) from JPMorgan Asset Management and is opening to qualified external investors this week.
MONY is JPMorgan Asset Management’s first tokenised money-market product and has been developed using the bank’s Kinexys Digital Assets platform. Access to the fund is provided through the Morgan Money portal, where investors receive blockchain-based tokens at their digital addresses to represent ownership in the fund. Subscriptions and redemptions can be completed using either cash or USDC, the US dollar-linked stablecoin issued by Circle.
The fund follows a traditional money-market structure, investing solely in short-term US Treasury securities and repurchase agreements that are fully collateralised by Treasuries. Income accrues daily, and the fund offers daily dividend reinvestment, maintaining features familiar to investors in conventional money-market products. Participation is restricted to qualified investors, with a minimum investment requirement of US$1 million (AU$1.54 million).
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Tokenised Funds Continue to Grow
The launch comes amid accelerating institutional interest in tokenised money-market funds. Franklin Templeton was among the first traditional asset managers to enter the space with its BENJI fund in 2021, while BlackRock followed in 2024 with its BUIDL fund, which has since accumulated approximately US$2 billion (AU$3.02 billion) in assets. According to industry data, total assets in tokenised money-market funds have expanded from US$3 billion (AU$4.52 billion) to US$9 billion (AU$13.57 billion) over the past year.
These products allow investors to place idle cash on blockchain networks while earning yield, offering benefits such as faster settlement, continuous trading availability, and transparent ownership records.
Tokenised money-market funds are also increasingly being used as reserve assets for decentralised finance applications and as collateral within trading and asset-management activities. JPMorgan has positioned MONY as a foundational step in expanding its broader suite of on-chain financial products.
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