JPMorgan Launches MONY, its first tokenized money market fund on Ethereum, funded with $100 million and reserved for institutional investors.
The product relies on Kinexys Digital Assets, JPMorgan’s in-house tokenization infrastructure, to manage shares directly on-chain.
Tokenized money market funds already represent nearly $9 billion and are becoming key building blocks for DeFi and institutional liquidity management.
A Classic Money Market Fund, but Natively Blockchain
JPMorgan Chase is taking a new step in financial tokenization. The largest American bank, with nearly $4 trillion in assets under management, launches its very first tokenized money market fund on Ethereum. Named My OnChain Net Yield Fund, or MONY, the product is started with $100 million and is set to open to qualified institutional investors this week, as reported by the Wall Street Journal.
With this launch, JPMorgan joins an increasingly large club of Wall Street giants moving traditional financial products directly onto the blockchain. After Franklin Templeton in 2021, and BlackRock with its BUIDL fund in 2024, the tokenization of money market funds emerges as one of the most credible use cases for on-chain finance.
Tokenization, a New Playing Field for Banks
For JPMorgan, MONY is not an isolated move, but a strategic step.
There is massive interest from our clients in tokenization.
John Donohue, Head of Global Liquidity at JPMorgan Asset Management
The bank aims to position itself as a central player in this transition by offering a complete range of on-chain products equivalent to those of traditional finance.
The movement is far from trivial. According to RWA.xyz data, tokenized money market funds now weigh nearly $9 billion, up from just $3 billion a year ago. BlackRock’s BUIDL fund alone holds approximately $2 billion in assets. And according to a joint study by BCG and Ripple, the entire tokenized asset market could reach $18.9 trillion by 2033.
Uses that go beyond simple cash placement
Besides yield, these funds are becoming infrastructure building blocks. They are increasingly used as a store of value for DeFi protocols or collateral in trading and asset management operations. For institutions, placing cash directly on-chain helps reduce friction between traditional finance and digital ecosystems.
With MONY, JPMorgan is testing more than just a product. The bank is experimenting with a new way to distribute liquidity, in a world where the line between Wall Street and blockchain is becoming increasingly blurred each month. Tokenized finance is no longer a promise: it is now firmly established at the heart of the balance sheets of the largest institutions.
