The first time I heard a Wall Street banker say “onchain yield” without flinching, I knew something had shifted. This week, JPMorgan made that shift official.
The banking giant just launched a tokenized money-market fund on Ethereum. Yes, Ethereum. The same public blockchain once brushed off as a toy for crypto natives.
The fund is called My OnChain Net Yield Fund, or MONY. It’s being rolled out by JPMorgan Asset Management, which oversees roughly $4 trillion. Not a typo. The fund is seeded with $100 million of JPMorgan’s own cash and opens to outside investors this Tuesday, according to the Wall Street Journal.
🚨JUST IN: JP MORGAN LAUNCHES TOKENIZED CASH ON ETHEREUM
— Coin Bureau (@coinbureau) December 15, 2025
JP Morgan rolled out JPM Coin ($JPMD) on Ethereum’s Base L2, offering institutions 24/7 instant settlement using tokenized bank deposits. pic.twitter.com/ciK16kf4Yk
This isn’t a public free-for-all. MONY is a private fund for qualified investors only. That means individuals with at least $5 million invested, or institutions with $25 million or more. The minimum ticket size? $1 million. Very JPMorgan.
Behind the scenes, the fund runs on the bank’s Kinexys Digital Assets platform. Investors subscribe through JPMorgan’s Morgan Money portal and receive digital tokens in a crypto wallet. Those tokens represent ownership in the fund. No paper statements. No end-of-day batch processing. Just onchain records.
Functionally, MONY looks familiar. It holds short-term debt securities. It aims to deliver yields higher than regular bank deposits. Interest accrues daily. Dividends pile up day by day. The twist is how you get in and out. Investors can subscribe or redeem using cash or USDC, Circle’s dollar-backed stablecoin.
JPMorgan says client demand is driving this.
“There is a massive amount of interest from clients around tokenization,” said John Donohue, JPMorgan Asset Management’s head of liquidity. The bank wants to offer the same choices clients already have in traditional money-market funds—just rebuilt on blockchain rails.
Timing matters here. U.S. regulators have started drawing clearer lines around digital assets. The GENIUS Act gave stablecoins a federal framework. Progress on the Clarity Act has helped firms understand who regulates what. That regulatory breathing room is pushing big institutions to move faster.
And the market is responding. Tokenized real-world assets hit a record $38 billion in 2025, according to The Block. Tokenized money-market funds, in particular, are solving a real pain point. Stablecoins usually sit idle. These products let that capital stay onchain and still earn yield.
JPMorgan isn’t alone. BlackRock already runs the largest tokenized money-market fund, with more than $1.8 billion under management. Goldman Sachs and BNY Mellon are teaming up on similar products. Even crypto exchanges are dipping into tokenized stocks and securities.
What makes JPMorgan’s move stand out is the irony. CEO Jamie Dimon once famously compared Bitcoin to tulip mania. Yet here we are, with his bank actively building on public blockchains.
Just last week, JPMorgan helped structure a commercial paper deal for a Galaxy Digital subsidiary on Solana, using a new USCP token and settling in USDC. The message is clear. This isn’t about ideology anymore. It’s about infrastructure.
Wall Street isn’t asking if tokenization works. It’s asking how fast it can scale it.
