American banking major JPMorgan Chase has officially launched its first tokenized money market fund, the My OnChain Net Yield Fund, or ‘MONY’, on the Ethereum blockchain. The Wall Street Journal reported the development on December 15th, and David W., Head of Enterprise at the Ethereum Foundation, confirmed the news via an X post on Tuesday.
JPMorgan’s own capital will seed MONY with $100 million before making it available to outside investors. It will operate as a private money market fund for qualified investors, where individuals with at least $5 million and institutions with $25 million can invest. The fund has a $1 million minimum investment criterion.
Investors can either buy in or cash out using fiat currency or USDC stablecoins. As proof of ownership, the fund issues tokens directly to your Ethereum addresses. The fund invests in traditional U.S. Treasury securities and fully collateralized repurchase agreements, offering daily yields. The fund will be integrated with the Morgan Money trading system and included in JPMorgan’s Kinexys Digital Assets platform.
This move will significantly change how TradFi and DeFi integrate. By putting a traditional money market fund on Ethereum, JPMorgan is making it easier for big investors to move their money on-chain. Faster settlements, round-the-clock access, and possible use as collateral in DeFi protocols will all benefit from it.
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John Donohue, Head of Global Liquidity at JPMorgan Asset Management, stated that “There is a massive amount of interest from clients around tokenization… We are excited to be a first mover with the launch of MONY, and we expect other GSIB banks to follow our lead.” He expects MONY to play a significant role in “how assets will be traded in the future.”
Fundstrat co‑founder Tom Lee noted that as institutions start using on‑chain products like MONY, it could strengthen Ethereum’s position as the top public blockchain for tokenizing real‑world assets. The launch of this product marks a new era of hybrid finance.
