JPMorganChase has taken another decisive step into digital assets, launching its first tokenized money-market fund on a public blockchain, the Wall Street Journal reported.
JPMorganChase Puts Money Market Fund on Blockchain as TokeniZation Goes Mainstream: WSJ
15 December 2025 - 14:55 CET
By Matt Neill
The US banking giant will seed the new private fund with $100mn of its own capital, with subscriptions opening to qualified investors tomorrow, according to the report. The product, called My OnChain Net Yield Fund (MONY), will operate on the Ethereum blockchain and be accessible to institutional investors and high-net-worth clients through JPMorgan’s existing asset management channels.
The fund is built on JPMorgan’s Kinexys Digital Assets platform, formerly known as Onyx, which the bank has been expanding across payments, deposits and now investment products, according to the report.
The launch places JPMorgan alongside peers such as BlackRock and Goldman Sachs in a fast-growing race to bring traditionally conservative cash products onchain, as tokenisation shifts from pilot projects to live capital markets activity.
Cash management to onchain yield
MONY will be backed by short-term, high-quality debt securities, mirroring the structure of a conventional money-market fund while issuing tokenised units directly to investors’ digital wallets. Subscriptions and redemptions can be made using cash or USDC, the dollar-backed stablecoin issued by Circle, the Journal said.
It said the fund will accrue income daily, offering investors a way to earn yield without moving assets off the blockchain rails. That feature has become increasingly attractive as stablecoins, now worth more than $300bn globally, typically do not pass interest through to holders.
Public chains gain institutional credibility
The money-market launch comes just days after JPMorgan arranged one of the first US commercial paper deals executed entirely on a public blockchain. That transaction saw Galaxy Digital issue short-term debt on Solana, with Coinbase and Franklin Templeton participating as buyers and settlement completed in USDC.
Taken together, the two moves show a clear shift in strategy. While banks initially confined blockchain activity to private or permissioned ledgers, JPMorgan is now actively using public chains such as Ethereum and Solana for live funding and investment products.
JPMorgan executives have signalled that tokenization will become a core part of its long-term strategy, rather than a side experiment. The MONY fund marks a tangible step in that direction, turning blockchain from a back-office efficiency tool into a front-office investment product.
