JPMorgan has taken another major step into blockchain-based finance by unveiling its first tokenized money market fund on a public network.
The new product, called the My OnChain Net Yield Fund, or MONY, is issued through the bank’s $4 trillion asset-management division and is now live on the Ethereum blockchain.
The move signals the growing willingness among major financial institutions to offer regulated investment products in tokenized form and distribute them through decentralized infrastructure.
A Major Expansion of JPMorgan’s Tokenization Strategy
The MONY fund was launched using Kinexys Digital Assets, JPMorgan’s proprietary tokenization platform.
It is being offered as a 506(c) private placement designed specifically for qualified investors who want exposure to U.S. dollar yields through blockchain-settled assets.
Investors can access MONY through Morgan Money, the firm’s institutional trading portal.
John Donohue, head of global liquidity at J.P. Morgan Asset Management, said the initiative underscores how blockchain can enhance product and transaction efficiency.
“With Morgan Money, tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products,” he said.
Tokenized Access and Blockchain-Based Transfers
JPMorgan highlighted that the launch makes it the largest systemically important bank to issue a tokenized money market fund on a public blockchain.
The fund’s design allows investors to receive tokenized representations of their shares directly to blockchain addresses, which the bank says improves transparency and enables peer-to-peer transferability across the ecosystem.
The firm believes tokenization will increasingly allow a broader range of assets to be used as collateral within blockchain networks.
JPMorgan considers MONY a critical milestone in the development of institutional-grade blockchain financial tools.
“This marks a significant step forward in how assets will be traded in the future,” Donohue said.
Morgan Money Integrates On-Chain and Traditional Assets
The Morgan Money platform, launched in 2019, provides investors with a real-time liquidity dashboard and a single access point for operations.
JPMorgan said it is the first institutional liquidity trading portal to integrate both traditional and on-chain assets.
The bank believes this combination will help firms manage liquidity more efficiently while exploring the benefits of blockchain settlement.
Fund Structure and Supported Assets
According to the announcement, MONY invests exclusively in U.S. Treasury securities and repurchase agreements collateralized by Treasurys.
This maintains exposure to traditional low-risk, dollar-denominated instruments while giving clients the option to hold the fund’s tokens on-chain.
The fund supports daily dividend reinvestment.
Investors may also subscribe or redeem using either cash or stablecoins through Morgan Money, although the bank has not yet disclosed which stablecoins will be supported.
JPMorgan Deepens Its Presence in Blockchain Finance
The debut of MONY comes soon after JPMorgan executed the first transaction through its upcoming fund-tokenization system, Kinexys Fund Flow, which is expected to fully roll out in 2026.
The bank is steadily increasing the number of financial operations it performs on blockchain rails.
In a separate announcement last week, it said it issued a U.S. commercial paper for Galaxy Digital on the Solana blockchain, one of the earliest such debt issuances executed on a public chain.
The launch of MONY positions JPMorgan as a leading driver of tokenized financial markets, pushing the sector toward broader adoption of blockchain-based asset structures.
