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JPMorgan Asset Management has launched its first tokenized money-market fund, called My OnChain Net Yield Fund (MONY), on the Ethereum blockchain. The product lets qualified investors hold fund shares as blockchain tokens while still earning yield from traditional money-market instruments. MONY is distributed through the Morgan Money platform and was first funded with 100 million US dollars of capital from JPMorgan itself.
In its press release, J.P. Morgan Asset Management describes launch of MONY as a private 506(c) fund for qualified purchasers. Investors subscribe through Morgan Money and receive tokens to their blockchain addresses. The fund pays daily dividends and allows both subscriptions and redemptions in cash or selected stablecoins, so the user experience stays close to a normal money-market fund.
Crypto outlet The Block reports launch as another step in large-bank tokenization. The article says the fund will first target institutions and wealthy clients, with a minimum ticket near one million dollars. Business Insider highlights product as a tool for treasury and liquidity management, not for retail trading, stressing that investors must meet strict wealth and qualification rules.
The fund runs on Kinexys Digital Assets, JPMorgan’s internal multi-chain tokenization platform. This system already supports tests with tokenized private equity and with collateral transfers between financial institutions. By placing a conservative money-market fund on Ethereum, JPMorgan moves a very familiar product into a programmable format that can, in future, connect to faster settlement rails and new types of financial tools.
John Donohue, Head of Global Liquidity at J.P. Morgan Asset Management, said that
with Morgan Money “tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products.”
He described MONY as a first step that other large banks are likely to follow, and argued that fast, transparent fund tokens could become a new standard way for big investors to manage their short-term cash.
