JPMorgan Chase has launched a new money market fund that lives directly on Ethereum, bringing one of Wall Street’s most conservative investment products to a public blockchain.
The fund, called My OnChain Net Yield Fund, or MONY, will open to qualified investors this week. JPMorgan is providing the fund with $100 million of its own capital, according to the bank, before making it available through its Morgan Money platform.
Access is limited to high net worth clients. Individuals must have at least $5 million in assets, while institutions need $25 million or more. The minimum investment is $1 million, which keeps the product firmly aimed at professional investors.
In essence, MONY operates like a traditional money market fund. What’s different is how the property works. Investors receive a token issued in Ethereum that represents their stake in the fund. That token can be kept on-chain while continuing to earn yield, rather than remaining within a conventional escrow account.
Why JPMorgan built MONY on Ethereum
JPMorgan selected Ethereum to issue and settle MONY because the network already supports the issuance, custody, and settlement of institutional-grade tokens at scale.
Money market funds depend on frequent settlements and accurate record keeping. By issuing fund shares as tokens on Ethereum, ownership can be recorded directly on-chain, reducing the need for internal reconciliation between multiple systems. Investors own the token itself, rather than relying solely on administrative entries to track their position.
The structure allows returns to accumulate while the token remains on-chain, without changing the operation of the underlying fund. From the investor’s perspective, the exposure remains the same; What changes is how ownership is represented and transferred.
The fund is supported by JPMorgan’s Kinexys Digital Assets infrastructure, which the bank introduced last year to handle blockchain-based issuance, custody coordination and settlement of institutional products.
Money market funds move to public blockchains first
Money market funds have become one of the first traditional products to move to public blockchains due to the way they operate.
They hold assets for the short term, generate predictable returns, and liquidate frequently. That makes them easier to issue and track on-chain than products with complex pricing or long lock-up periods.
Several large asset managers have already placed cash funds and government bonds on public networks, using blockchain settlement instead of closed internal systems. These products do not change the way funds are invested; They change the way ownership is recorded and transferred.
JPMorgan said the structure suits money market funds because investors focus on liquidity and precise settlement, not active trading features.
JPMorgan is testing more than one blockchain
Although MONY runs on Ethereum, JPMorgan’s blockchain work is not limited to a single network.
In recent weeks, the bank has outlined plans for structured notes pegged to the price of Bitcoin and has explored the use of deposit tokens in the blockchain infrastructure used by crypto-native companies. It has also organized the issuance of tokenized commercial paper on Solana for institutional clients, using public blockchain rails to settle short-term corporate debt.
Each project focuses on moving familiar financial instruments (cash deposits, money market funds or commercial paper) to blockchain systems, rather than creating new crypto-only products.
What JPMorgan is really changing
MONY does not alter the way a money market fund earns returns or manages risk. What changes is how ownership is recorded and transferred.
Instead of relying on internal databases and delayed settlements, fund shares exist as tokens on a public blockchain. Transfers can be reflected immediately, with ownership visible on the chain rather than being reconciled later through administrative processes.
Access to MONY remains limited to qualified investors, but the structure reflects how traditional funds could operate if tokenized settlement becomes standard.
MONY adds another example of Ethereum being used to register and settle regulated financial products, rather than for trading or speculative activities.
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