JPMorgan makes a major move: The first Ethereum tokenized money market fund opens a new chapter on Wall Street

JPMorgan Asset Management has officially launched a tokenized money market fund called “My OnChain Net Yield Fund” (abbreviated as MONY). The fund operates on the public Ethereum blockchain and is technically supported by JPMorgan’s own tokenization platform, Kinexys Digital Assets.

As the first institution among global systemically important banks to introduce such a product on a public blockchain, JPMorgan has invested $100 million of its own funds as seed capital for this fund.

01 Core Event: Traditional Financial Giants’ Blockchain Moves

On December 15, 2025, a seismic event shook both the crypto and traditional finance worlds with news from Wall Street. JPMorgan announced the launch of its first Ethereum-based tokenized money market fund.

This financial giant, managing approximately $4 trillion in assets, is channeling its vast resources into blockchain innovation.

The MONY fund is designed as a 506© private placement fund, meaning it is only open to qualified investors. Specific requirements include: individual investors must have at least $5 million in investable assets; institutional investors need to reach $25 million in assets, with a minimum single investment of $1 million.

John Donohoe, Global Liquidity Head at JPMorgan Asset Management, stated: “Client interest in tokenized products is rising significantly, and we aim to offer investors a diverse range of options on the blockchain, comparable to traditional money market funds.”

02 Operational Mechanism: How Technology Is Reshaping Traditional Financial Products

The MONY fund retains the core features of traditional money market funds while integrating the advantages of blockchain technology. It mainly invests in relatively safe short-term US Treasuries and repurchase agreements, aiming to provide yields higher than bank deposits.

Investors can subscribe through JPMorgan’s Morgan Money platform, completing transactions with cash or USDC stablecoins. After successful trading, investors receive digital tokens representing fund shares in their crypto wallets.

This tokenization offers several key benefits. According to JPMorgan’s official statement, these include increased transparency, peer-to-peer transferability, and broader collateral use within the blockchain ecosystem.

The table below summarizes key information about the MONY fund:

03 Industry Background: Wall Street’s Blockchain Race

JPMorgan’s move is not isolated but reflects a broader trend among major Wall Street financial institutions accelerating their deployment of tokenized assets. Earlier this year, the US “GENIUS Act” was passed, establishing preliminary regulatory frameworks for tokenized USD and stablecoins, prompting traditional finance to speed up exploration in this field.

Since their inception in the 1970s, money market funds have been vital tools in global investment markets. According to the Investment Company Institute, the global assets of money market funds grew from $6.9 trillion at the start of 2025 to about $7.7 trillion.

Meanwhile, the stablecoin market is expanding rapidly, with CoinGecko data indicating a market cap exceeding $300 billion. Tokenized money market funds fill the gap between these two markets, providing investors holding stablecoins a way to earn yields, addressing the issue that stablecoins typically do not generate interest.

JPMorgan is not the only player in this space. BlackRock manages the world’s largest tokenized money market fund, with assets exceeding $1.8 billion. In July, Goldman Sachs and Bank of New York Mellon announced cooperation to launch digital tokens representing ownership of money market funds for several major investment firms.

04 Insights for Ordinary Investors

Although the MONY fund has high investment thresholds and is mainly aimed at qualified institutional and high-net-worth investors, its launch signals an important market trend for ordinary crypto market participants.

It marks a shift from conceptual validation to actual product deployment by mainstream financial institutions regarding blockchain technology. JPMorgan CEO Jamie Dimon recently stated in an interview that blockchain is “real,” and that with wider adoption, it is becoming more “efficient” and “effective.”

For ordinary investors, this development suggests that more products blending traditional finance with crypto advantages may emerge in the future. While initial offerings may target institutions, technological innovation and market competition are likely to gradually lower barriers, benefiting a broader investor base.

05 Gate Platform Data Information

Regarding the token price data that users are particularly concerned about, available search results did not find the latest JPM-related token prices on the Gate platform as of December 2, 2025.

The JPM price data shown in search results was last updated in October 2025. Current market data, such as on Decrypt, mainly provides prices of various cryptocurrencies as of December 15. For the most accurate, real-time data, investors are advised to directly visit the Gate trading platform.

06 Future Outlook

John Donohoe, Head of Global Liquidity at JPMorgan Asset Management, expressed confidence: “We are excited to be among the pioneers in launching the MONY fund, and we expect other global systemically important banks to follow our lead and offer clients more options to invest in money market funds.”

As financial giants like JPMorgan continue to advance their blockchain strategies, more traditional institutions are likely to join in the coming months. This fusion will not only change how money market funds operate but could also reshape the entire asset management industry’s trading, settlement, and custody processes.

JPMorgan Asset Management CEO George Gatch emphasized: “Active management and innovation are core to providing new solutions for investors. By combining technology with our deep expertise in active management, we can deliver advanced, innovative, and cost-effective capabilities to help clients achieve their investment goals.”

Future Outlook

As more institutional funds enter the blockchain space via tokenized products, Ethereum’s role as the primary network is further solidified. Although ordinary investors cannot directly participate in these high-end products, it is foreseeable that this Wall Street-led revolution will ultimately promote a more regulated and mature crypto market.