JPMorgan Debuts Tokenized Money Market Fund on Ethereum

A $100 million on-chain fund signals Wall Street’s shift toward blockchain-based finance.

Written By: BOSS Editorial

Published: December 15, 2025 | Updated: December 17, 2025

Reading Time: 3 minutes

J.P. Morgan Asset Management has introduced its first tokenized money market fund, My OnChain Net Yield Fund (MONY), on the public Ethereum blockchain. Investors can access it through Morgan Money, use cash or stablecoins, and receive on-chain tokens in their own wallets. The fund holds only U.S. Treasuries and fully collateralized Treasury repos and offers daily dividend reinvestment. It is built on the bank’s Kinexys tokenization system, requires a $1 million minimum investment, and is seeded with $100 million of JPMorgan’s capital.

The launch places JPMorgan alongside BlackRock and Franklin Templeton, both of which already operate tokenized money market funds. The sector has grown from $3 billion to $9 billion in a year, with projections of reaching up to $18.9 trillion in tokenized assets by 2033. The move also fuels discussion around Ethereum’s outlook. Fundstrat’s Tom Lee argues tokenization could push ETH toward $9,000 in 2026, though others view those targets as unlikely. Ethereum’s fundamentals remain strong, but predictions of a major price breakout are far from settled.

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J.P. Morgan

J.P. Morgan Asset Management has launched its first tokenized money market fund, My OnChain Net Yield Fund (MONY). The fund lives on the public Ethereum blockchain. Qualified investors can access it through the Morgan Money platform. They can subscribe and redeem using cash or stablecoins. MONY invests only in U.S. Treasuries and fully collateralized Treasury repos. It offers daily dividend reinvestment. Investors receive on-chain tokens in their own blockchain wallets. Tokenization provides faster transactions, more transparency, and potential use as collateral.

The fund runs on J.P. Morgan’s Kinexys tokenization system. It is the first product of its kind from a major global bank. It reflects a wider move toward bringing traditional financial products on public blockchains. As mentioned in Business Wire, the fund requires a $1 million minimum investment and will be seeded with $100 million of JPMorgan’s own capital before opening to clients. This move follows the bank’s earlier tokenization of private equity and reflects a broader Wall Street trend, with firms like BlackRock, Fidelity, and Franklin Templeton also expanding into blockchain-based investment products.

BlackRock and Franklin Templeton

The bank seeded it with $100 million and will open it to qualified investors, making JPMorgan the largest global bank to roll out a tokenized MMF on a public blockchain. The move follows similar products from BlackRock and Franklin Templeton as demand for on-chain cash products grows. Tokenized MMFs offer yield with faster settlement, constant access, and real-time transparency. The sector has expanded from $3 billion to $9 billion in one year and could reach $18.9 trillion in tokenized assets by 2033.

Fundstrat

Ethereum has strong long-term fundamentals, according to Fundstrat’s Tom Lee in Fool article. He says its large developer base, proven uptime, and dominance in DeFi position it well for the next phase of institutional adoption. He believes real-world asset tokenization on Ethereum could push the price toward $9,000 in 2026. Lee has incentives to be bullish because he chairs a company that holds Ethereum. He also admits ETH could fall to $2,500 before rising. Prediction markets show very low odds of Ethereum reaching $5,000 or $9,000 soon. Ethereum’s ecosystem is strong, and tokenization is growing, but Lee’s aggressive price targets remain uncertain.

Looking Forward

JPMorgan’s tokenized money market fund signals a decisive shift in how major institutions plan to operate in the coming decade. What began as experimentation has moved into production, with regulated firms now placing real assets on public blockchains. Competitors like BlackRock and Franklin Templeton are already building similar products, and demand for on-chain cash instruments is rising quickly.

Ethereum stands to benefit from this momentum, though long-term price forecasts remain uncertain. What is clear is that tokenization is no longer theoretical. It is becoming part of the financial infrastructure used by the world’s largest asset managers. As more institutions adopt the model, the market will move closer to a system where traditional products, liquidity, and settlement operate natively on-chain.