JPMorgan is rolling out its first tokenized money-market fund on the Ethereum blockchain, pushing traditional cash management further into the world of digital assets and potentially setting up new conversations for advisors with wealthy clients.
The My OnChain Net Yield Fund, branded as MONY, will be seeded with $100 million of JPMorgan’s own capital before opening to outside investors on Tuesday, according to the Wall Street Journal.
The private fund, supported by the bank’s Kinexys Digital Assets platform, will be available only to qualified investors: individuals with at least $5 million in investments and institutions with a minimum of $25 million. The fund has a steep barrier to entry – a $1 million investment minimum, according to the Journal – suggesting its currently reserved only for the most well-heeled and adventurous clients.
Like conventional money funds, MONY will hold a portfolio of short-term, high-quality debt as it aims to deliver yields that typically beat bank deposits. Investors will subscribe through JPMorgan’s Morgan Money portal and receive digital tokens in their crypto wallets. They can subscribe and redeem using cash or USDC, the stablecoin issued by Circle Internet Group.
“There is a massive amount of interest from clients around tokenization,” John Donohue, head of global liquidity at JPMorgan Asset Management, told the WSJ. He said the firm expects to be a leader in the area and to offer a product lineup that mirrors traditional money-market funds on blockchain.
The launch comes amid a slow but steady convergence playing out between money-market funds and stablecoins. Assets in money funds have climbed to about $7.7 trillion this year, while stablecoins have grown past $300 billion in market value. Tokenized money-market funds offer a yield-bearing alternative to parking idle cash in stablecoins, which generally do not throw off interest income.
For institutional traders, tokenized funds are increasingly being accepted as collateral on major crypto venues. Last month, it was revealed that BlackRock’s $2.5 billion USD Institutional Digital Liquidity Fund, or BUIDL, would be accepted as off-exchange collateral on Binance, with a new share class being launched on BNB Chain, the exchange’s blockchain. At the time, BlackRock’s global head of digital assets, Robbie Mitchnick, said in a statement the firm is focused on “transforming tokenization from concept to practical market utility.”
In July, Goldman Sachs and Bank of New York Mellon unveiled a partnership to tokenize money-market fund shares for institutional investors, a move JPMorgan strategists described as a significant step for the broader industry. That same month saw the GENIUS Act signed into law, which created federal and state pathways for permitted payment stablecoin issuers while barring them from paying yield – reinforcing the appeal of tokenized funds as an on-chain, interest-bearing cash tool.
For advisors, JPMorgan’s move and its recent tokenization of a private-equity fund for private bank clients point to a near-term focus on qualified investors and institutions rather than the mass affluent. But a 2023 joint report from JPMorgan and Bain & Company argued that tokenization could go further, eventually supporting broader access to alternative investments for wealthy individuals, by streamlining capital calls, collateralization, and customization at scale.
"Unlocking these benefits represents potentially $400 billion in additional annual revenue for the alternatives industry," that report said in part. "While several participants in the alternatives ecosystem could develop tokenization solutions, entities with established distribution models such as wealth managers and wholesalers may be best positioned to succeed."
For now, the blockchain build-out is centered on cash management. The next test for RIAs and wealth firms will be how quickly these tokenized vehicles migrate from institutional platforms into the product menus, collateral frameworks, and workflows they use every day.
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