Key Takeaways
- • J.P. Morgan Asset Management announced on October 22 that two tokenized money market funds, MONY and JLTXX, are live on Solana for qualified U.S. investors.
- • MONY is a Rule 506(c) private placement with a $1 million entry minimum and 16 basis point fees; JLTXX is a U.S.-registered government money market fund designed to help stablecoin issuers manage reserves under the GENIUS Act.
- • JPMorgan has not disclosed how much capital sits in either fund on Solana, and the tokens are allow-listed, limiting access to institutional investors.
- • SOL fell about 3% over 24 hours to roughly $103.80 despite the announcement, as a broader risk-off session driven by Bitcoin, ETF outflows and oil weighed on the market.
Summary
J.P. Morgan Asset Management announced on October 22 that two of its tokenized money market funds are now live on Solana. The first, the My OnChain Net Yield Fund (MONY), is a private placement under Rule 506(c) with a $1 million entry minimum and fees of 16 basis points. The second, the JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), is a U.S.-registered government money market fund built to help stablecoin issuers hold reserves in a compliant, yield-bearing instrument on-chain under the GENIUS Act. Both are available to qualified U.S. investors through Morgan Money, the bank's liquidity platform, where subscriptions, redemptions and token balances are handled together. Investors receive tokens at an approved blockchain address. Solana is the bank's second chain after Ethereum, where JLTXX launched in May with $100 million of JPMorgan's own capital seeded in. Paul Przybylski, who runs digital and tokenized assets at the firm, said clients operate on more than one network, so their liquidity should as well.
The article characterizes JPMorgan as the first global systemically important bank to place a money market fund on a public blockchain. It notes that BlackRock and Franklin Templeton brought tokenized funds to Solana in 2025. JPMorgan has not disclosed how much capital is held in either fund on Solana, and the tokens are allow-listed, so the products are institutional rather than retail-accessible.
Despite the announcement, SOL slipped about 3% over 24 hours to roughly $103.80, with a market capitalization near $61 billion, according to the report. SOL traded between roughly $103 and $109 during the session, is down about 12% over the past month, and sits 65% below its January 2025 all-time high near $294. The article attributes the move to macro conditions: Bitcoin fell below $82,000 the same night, US tech stocks sold off, spot Bitcoin ETFs recorded $635 million in outflows, and oil rose above $110 on Hormuz tensions.
In the near term, the report identifies $100 as a key support level, noting that SkyAI's buyback program, funded by SOL sales, is conditional on the price holding above it. A daily close below $100 could open a move toward the mid-$90s. Over the medium term, the article argues that tokenized treasuries and money market funds are the fastest-growing real-world asset category on-chain, and that a reclaim of $109 followed by the $117 to $120 zone would be a realistic first target if Bitcoin stabilizes above $80,000.
The article characterizes JPMorgan as the first global systemically important bank to place a money market fund on a public blockchain. It notes that BlackRock and Franklin Templeton brought tokenized funds to Solana in 2025. JPMorgan has not disclosed how much capital is held in either fund on Solana, and the tokens are allow-listed, so the products are institutional rather than retail-accessible.
Despite the announcement, SOL slipped about 3% over 24 hours to roughly $103.80, with a market capitalization near $61 billion, according to the report. SOL traded between roughly $103 and $109 during the session, is down about 12% over the past month, and sits 65% below its January 2025 all-time high near $294. The article attributes the move to macro conditions: Bitcoin fell below $82,000 the same night, US tech stocks sold off, spot Bitcoin ETFs recorded $635 million in outflows, and oil rose above $110 on Hormuz tensions.
In the near term, the report identifies $100 as a key support level, noting that SkyAI's buyback program, funded by SOL sales, is conditional on the price holding above it. A daily close below $100 could open a move toward the mid-$90s. Over the medium term, the article argues that tokenized treasuries and money market funds are the fastest-growing real-world asset category on-chain, and that a reclaim of $109 followed by the $117 to $120 zone would be a realistic first target if Bitcoin stabilizes above $80,000.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.