JPMorgan Launches a Tokenized Money-Market Fund on Ethereum

JPMorgan Chase has launched a new money-market fund that lives directly on Ethereum, bringing one of Wall Street’s most conservative investment products onto a public blockchain.

The fund, called My OnChain Net Yield Fund, or MONY, will open to qualified investors this week. JPMorgan is seeding the fund with $100 million of its own capital, according to the bank, before making it available through its Morgan Money platform.

Access is limited to high-net-worth clients. Individuals must hold at least $5 million in assets, while institutions need $25 million or more. The minimum investment is $1 million, keeping the product firmly aimed at professional investors.

At its core, MONY functions like a traditional money-market fund. What’s different is how ownership works. Investors receive a token issued on Ethereum that represents their stake in the fund. That token can be held on-chain while continuing to earn yield, rather than sitting inside a conventional custody account.

Why JPMorgan built MONY on Ethereum

JPMorgan selected Ethereum to issue and settle MONY because the network already supports institutional-grade token issuance, custody, and settlement at scale.

Money-market funds rely on frequent settlement and precise record-keeping. By issuing fund shares as tokens on Ethereum, ownership can be recorded directly on-chain, reducing the need for internal reconciliation across multiple systems. Investors hold the token itself, rather than relying solely on back-office entries to track their position.

The structure allows yield to accrue while the token remains on-chain, without changing how the underlying fund operates. From the investor’s perspective, the exposure remains the same; what changes is how ownership is represented and transferred.

The fund is supported by JPMorgan’s Kinexys Digital Assets infrastructure, which the bank introduced last year to handle blockchain-based issuance, custody coordination, and settlement for institutional products.

Money-market funds move first onto public blockchains

Money-market funds have become one of the first traditional products to move onto public blockchains because of how they operate.

They hold short-dated assets, generate predictable returns, and settle frequently. That makes them easier to issue and track on-chain than products with complex pricing or long lock-up periods.

Several large asset managers have already placed cash and government bond funds on public networks, using blockchain settlement instead of closed internal systems. These products do not change how the funds invest; they change how ownership is recorded and transferred.

JPMorgan said the structure fits money-market funds because investors focus on liquidity and accurate settlement, not active trading features.

JPMorgan is testing more than one blockchain

Although MONY runs on Ethereum, JPMorgan’s blockchain work is not limited to a single network.

In recent weeks, the bank has outlined plans for structured notes linked to Bitcoin’s price and has explored the use of deposit tokens on blockchain infrastructure used by crypto-native firms. It has also arranged the issuance of tokenized commercial paper on Solana for institutional clients, using public blockchain rails to settle short-term corporate debt.

Each project focuses on moving familiar financial instruments—cash deposits, money-market funds, or commercial paper—onto blockchain systems, rather than creating new crypto-only products.

What JPMorgan is actually changing

MONY does not alter how a money-market fund earns yield or manages risk. What it changes is how ownership is recorded and transferred.

Instead of relying on internal databases and delayed settlement, fund shares exist as tokens on a public blockchain. Transfers can be reflected immediately, with ownership visible on-chain rather than reconciled later through back-office processes.

Access to MONY remains limited to qualified investors, but the structure mirrors how traditional funds could operate if tokenized settlement becomes standard.

MONY adds another example of Ethereum being used to record and settle regulated financial products, rather than for trading or speculative activity.

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