JPMorgan Takes Money Markets Onchain With Ethereum Launch

 

JPMorgan Chase is stepping deeper into blockchain finance, this time with a product that looks very familiar to Wall Street.

The bank has launched a tokenized money-market fund on Ethereum, marking one of the clearest signs yet that large financial institutions are moving beyond experiments and into real onchain products designed for investors.

The fund, called My OnChain Net Yield, or MONY, is a private money-market vehicle issued by JPMorgan Asset Management. It is seeded with $100 million of the bank’s own capital and is aimed squarely at institutional clients and high-net-worth investors, not crypto traders chasing volatility.

In simple terms, it is a traditional money-market fund, but the ownership lives on a blockchain.

 

A Familiar Product, Delivered Differently

Money-market funds are among the most conservative products in finance. They invest in short-term, high-quality debt and are used by institutions to park cash, manage liquidity, and earn modest yield.

JPMorgan is not changing that formula. What it is changing is how the fund is issued, held, and transferred.

Instead of relying solely on traditional fund administration systems, MONY issues digital tokens on Ethereum that represent ownership in the fund. Investors can subscribe using cash or stablecoins and receive tokenized shares that can be held in compatible digital wallets.

The pitch is efficiency. Blockchain settlement can be faster, more transparent, and easier to integrate with other digital financial tools. For large investors managing billions in cash, shaving time and operational friction matters.

 

Why Ethereum, Why Now

Ethereum has become the default blockchain for large financial institutions experimenting with tokenization. It offers a mature ecosystem, deep liquidity, and a growing set of standards for issuing real-world assets onchain.

Timing also plays a role. Tokenized funds have gained momentum over the past year as interest rates remain elevated and investors search for safe yield options that can operate alongside digital assets.

Stablecoins now move enormous sums across blockchains, but they typically do not pay interest. Tokenized money-market funds fill that gap, allowing capital to stay onchain while earning yield backed by regulated assets. That combination is proving difficult for institutions to ignore.

JPMorgan has framed the move as a response to client demand rather than a bet on crypto prices. The goal is infrastructure, not speculation.

 

Growing Appetite for Tokenization and Real-World Assets

Behind JPMorgan’s move is a surge in client interest that has been building quietly.

“There is a massive amount of interest from clients around tokenization,” said John Donohue, who leads liquidity at JPMorgan Asset Management. The firm expects to be a leader in the space and to give investors the same range of choices on blockchain that they already have in traditional money-market funds.

That demand is arriving as the regulatory picture in the U.S. begins to look more settled. Policymakers have taken steps this year to clarify how digital asset activity fits within the existing financial system. New rules around dollar-backed stablecoins and clearer signals on oversight of blockchain-based products have reduced some of the uncertainty that previously kept large institutions cautious.

Those changes have encouraged banks and asset managers to move faster on tokenization initiatives across funds, securities, and other real-world assets.

The market reflects that shift. The total value of tokenized real-world assets reached roughly $38 billion in 2025, a record level. Tokenized money-market funds have been particularly attractive to crypto-native investors, offering a way to earn yield without leaving the blockchain or converting assets back into traditional cash accounts.

 

 

A Crowded Field Is Taking Shape

JPMorgan’s launch places it alongside a growing group of large financial firms experimenting with tokenized funds.

BlackRock operates the largest tokenized money-market fund, with assets already measured in the billions. Goldman Sachs and Bank of New York Mellon have also outlined plans to issue digital tokens tied to money-market products from major asset managers. At the same time, crypto exchanges have begun rolling out tokenized stocks and other securities in select markets.

What was once a collection of pilot programs is turning into a competitive landscape.

 

The Quiet Bet Behind the Headlines

There is a longer-term bet embedded in JPMorgan’s move. If financial assets increasingly live onchain, money-market funds could become core building blocks of a new financial stack.

Tokenized cash can be used as collateral, settle instantly, and plug into automated systems that move value without waiting for bank cut-off times or settlement windows.

That future is still taking shape, and it will not arrive overnight. But moves like this bring it closer, one conservative product at a time.

For JPMorgan, MONY is not a moonshot. It is something more deliberate. Take a product Wall Street already trusts, put it on new rails, and see where efficiency leads.

 

That approach may end up being the most convincing case yet for blockchain finance inside traditional markets.

 

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