The tokenized money-market sector has grown to $9 billion in assets over the past year.
JPMorgan Chase is preparing to deepen its push into blockchain-based finance through a tokenized money-market fund on Ethereum, according to a Wall Street Journal report published on Monday.
The bank has not formally announced the product, but the report suggests JPMorgan is moving closer to offering onchain versions of traditional cash-management tools as institutional interest in tokenization grows.
The reported initiative comes as large investors look for ways to deploy idle cash more efficiently while maintaining regulatory compliance.
With about $4 trillion in assets under management, JPMorgan’s reported plans highlight how tokenization is evolving from experimental pilots into investment products associated with major global balance sheets.
The proposed fund would enter a fast-growing segment of digital finance where money-market products are increasingly viewed as a bridge between traditional markets and blockchain infrastructure.
The fund, known as My OnChain Net Yield Fund, or MONY, has been seeded with $100 million from JPMorgan’s asset management division, the Wall Street Journal stated.
The product is expected to open to external, qualified investors this week, although no official confirmation has been issued by the bank.
The minimum investment is set at $1 million, keeping the fund focused on institutional participation rather than retail investors.
MONY is designed to operate in line with conventional money-market funds, holding short-term debt instruments and paying interest on a daily basis.
Investors would be able to redeem their shares either in cash or through Circle’s USDC stablecoin, reflecting the growing use of regulated stablecoins in institutional settlement and liquidity management.
JPMorgan has built the reported fund on Kinexys Digital Assets, its in-house tokenization platform, with Ethereum selected as the underlying blockchain, according to the Wall Street Journal.
Tokenized funds record ownership onchain, allowing faster settlement, real-time visibility, and continuous trading beyond standard market hours.
These features are attracting attention from asset managers, trading firms, and treasury desks seeking operational efficiency while continuing to rely on low-risk instruments.
Tokenized money-market funds are also increasingly used within decentralised finance ecosystems as reserve assets and as collateral for trading and asset management.
JPMorgan’s reported plans place it alongside other large financial institutions that have already launched tokenized money-market products.
Franklin Templeton introduced its BENJI fund in 2021, becoming one of the earliest traditional asset managers to adopt blockchain-based fund infrastructure.
BlackRock followed in 2024 with its BUIDL fund, developed with tokenization specialist Securitize, which has since attracted about $2 billion in assets, according to data from RWA.xyz.
