Key Takeaways
- • JPMorgan Asset Management launches My OnChain Net Yield Fund (MONY), a tokenized money market fund on the Ethereum blockchain, seeded with $100 million of the bank's own capital and now open to qualified U.S. investors.
- • MONY is the first tokenized money market fund launched by the largest global systemically important bank (GSIB) on a public blockchain, positioning JPMorgan as a leader in institutional blockchain adoption.
- • The fund invests exclusively in U.S. Treasury securities and repurchase agreements fully collateralized by Treasury securities, delivering yield while maintaining capital preservation through tokenized ownership.
- • Tokenization enables peer-to-peer transferability, increased transparency, daily dividend reinvestment, and potential broader collateral usage within the blockchain ecosystem—modernizing cash management without compromising liquidity or safety.
- • Qualified investors access MONY through Morgan Money, JPMorgan's institutional liquidity trading platform, which integrates traditional and on-chain assets, allowing subscriptions and redemptions via cash or stablecoins.
Summary
JPMorgan Asset Management has launched its first tokenized money market fund, My OnChain Net Yield Fund (MONY), marking a significant institutional expansion into blockchain-based asset management. Available on the public Ethereum blockchain as of December 15, 2025, MONY represents a structural shift toward digitized financial products for qualified investors. JPMorgan, with $4 trillion in assets under management, is the largest global systemically important bank (GSIB) to deploy a tokenized money market fund on a public blockchain, underscoring the firm's strategic commitment to blockchain infrastructure.
The fund is seeded with $100 million of JPMorgan's proprietary capital and powers Kinexys Digital Assets, the bank's multi-chain asset tokenization solution. MONY operates as a 506(c) private placement, restricting access to accredited investors who subscribe through Morgan Money, JPMorgan's institutional liquidity trading and analytics platform—the first institutional platform to integrate both traditional and on-chain asset classes. Investors receive digital tokens at their blockchain addresses representing fund ownership, enabling a fundamentally different operational structure than conventional money market funds.
MONY's investment mandate is conservative: the fund invests exclusively in U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasuries. This structure preserves the capital preservation and liquidity characteristics institutional investors require from money market products while enabling blockchain-native benefits. Tokenization delivers increased transparency, peer-to-peer transferability without intermediaries, daily dividend reinvestment functionality, and the potential for broader collateral usage within the blockchain ecosystem—critical advantages for institutions managing large cash positions.
Operationally, MONY accepts subscriptions and redemptions in both traditional cash and stablecoins through Morgan Money, creating a bridge between conventional finance and on-chain settlement. George Gatch, CEO of JPMorgan Asset Management, framed the launch as part of the firm's strategy to deliver innovation-driven solutions for investors managing complex financial landscapes. The tokenized structure addresses institutional demand for enhanced efficiency in liquidity management and collateral optimization without sacrificing the safety and yield profiles that define institutional cash management.
The fund is seeded with $100 million of JPMorgan's proprietary capital and powers Kinexys Digital Assets, the bank's multi-chain asset tokenization solution. MONY operates as a 506(c) private placement, restricting access to accredited investors who subscribe through Morgan Money, JPMorgan's institutional liquidity trading and analytics platform—the first institutional platform to integrate both traditional and on-chain asset classes. Investors receive digital tokens at their blockchain addresses representing fund ownership, enabling a fundamentally different operational structure than conventional money market funds.
MONY's investment mandate is conservative: the fund invests exclusively in U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasuries. This structure preserves the capital preservation and liquidity characteristics institutional investors require from money market products while enabling blockchain-native benefits. Tokenization delivers increased transparency, peer-to-peer transferability without intermediaries, daily dividend reinvestment functionality, and the potential for broader collateral usage within the blockchain ecosystem—critical advantages for institutions managing large cash positions.
Operationally, MONY accepts subscriptions and redemptions in both traditional cash and stablecoins through Morgan Money, creating a bridge between conventional finance and on-chain settlement. George Gatch, CEO of JPMorgan Asset Management, framed the launch as part of the firm's strategy to deliver innovation-driven solutions for investors managing complex financial landscapes. The tokenized structure addresses institutional demand for enhanced efficiency in liquidity management and collateral optimization without sacrificing the safety and yield profiles that define institutional cash management.
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