Key Takeaways
- • JPMorgan Asset Management launched My OnChain Net Yield Fund (MONY), its first tokenized money market fund on the Ethereum blockchain, seeded with $100 million of JPMorgan capital and opened to qualified investors on December 15, 2025.
- • MONY is the largest GSIB (global systemically important bank) tokenized money market fund launch on a public blockchain; it invests exclusively in U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasuries, enabling qualified investors to earn dollar yields while holding tokens on-chain.
- • The fund operates through Morgan Money, JPMorgan's institutional liquidity trading platform integrating traditional and on-chain assets, allowing investors to subscribe and redeem using cash or stablecoins with daily dividend reinvestment capability.
- • Tokenization provides increased transparency, peer-to-peer transferability, and potential for broader collateral usage within the blockchain ecosystem, powered by Kinexys Digital Assets, JPMorgan's multi-chain asset tokenization solution.
- • The move represents a significant institutional expansion into blockchain finance by the largest U.S. bank, signaling accelerating adoption of tokenized assets among qualified institutional investors seeking improved liquidity management.
Summary
JPMorgan Asset Management, the $4 trillion asset management division of the world's largest GSIB, announced the launch of My OnChain Net Yield Fund (MONY) on December 15, 2025, marking the largest tokenized money market fund deployment by a major global bank on a public blockchain. The fund was seeded with $100 million of JPMorgan capital and opened to qualified investors the same day, available exclusively through Morgan Money, the firm's institutional liquidity trading platform designed to integrate traditional and on-chain assets.
MONY operates as a 506(c) private placement fund structured to provide qualified investors with U.S. dollar yields through blockchain-based token holdings. The fund invests exclusively in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities, eliminating credit risk exposure while offering yield generation. Investors receive tokens at their blockchain addresses and can subscribe and redeem positions using either cash or stablecoins through the Morgan Money platform. The fund supports daily dividend reinvestment, providing investors with compounding benefits while maintaining their assets on the Ethereum blockchain.
The tokenization structure delivers distinct advantages for institutional participants. By converting fund shares into blockchain tokens, MONY provides increased transparency and enables peer-to-peer transferability without traditional settlement intermediaries. Tokenization also unlocks potential for broader collateral usage within the blockchain ecosystem, where tokens can serve multiple functional purposes beyond redemption. JPMorgan leverages Kinexys Digital Assets, its proprietary multi-chain asset tokenization solution, to power the fund's infrastructure.
According to George Gatch, CEO of J.P. Morgan Asset Management, the launch reflects the firm's commitment to innovation and active management for investors navigating modern financial landscapes. Morgan Money serves as the institutional gateway, representing the first major bank platform to combine traditional liquidity products with on-chain asset access, offering qualified investors comprehensive exposure to money market instruments in both traditional and tokenized formats. This deployment significantly advances JPMorgan's blockchain strategy and positions the bank as a key infrastructure provider for institutional digital asset adoption.
MONY operates as a 506(c) private placement fund structured to provide qualified investors with U.S. dollar yields through blockchain-based token holdings. The fund invests exclusively in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities, eliminating credit risk exposure while offering yield generation. Investors receive tokens at their blockchain addresses and can subscribe and redeem positions using either cash or stablecoins through the Morgan Money platform. The fund supports daily dividend reinvestment, providing investors with compounding benefits while maintaining their assets on the Ethereum blockchain.
The tokenization structure delivers distinct advantages for institutional participants. By converting fund shares into blockchain tokens, MONY provides increased transparency and enables peer-to-peer transferability without traditional settlement intermediaries. Tokenization also unlocks potential for broader collateral usage within the blockchain ecosystem, where tokens can serve multiple functional purposes beyond redemption. JPMorgan leverages Kinexys Digital Assets, its proprietary multi-chain asset tokenization solution, to power the fund's infrastructure.
According to George Gatch, CEO of J.P. Morgan Asset Management, the launch reflects the firm's commitment to innovation and active management for investors navigating modern financial landscapes. Morgan Money serves as the institutional gateway, representing the first major bank platform to combine traditional liquidity products with on-chain asset access, offering qualified investors comprehensive exposure to money market instruments in both traditional and tokenized formats. This deployment significantly advances JPMorgan's blockchain strategy and positions the bank as a key infrastructure provider for institutional digital asset adoption.
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