JPMorgan Rolls Out $100M Tokenized Money-Market Fund on Ethereum 

JPMorgan Chase is taking a major step into blockchain-based finance with the debut of its first tokenized money-market fund built on Ethereum. 

The new fund, called the My OnChain Net Yield Fund, known internally as MONY,  is being introduced through the firm’s $4 trillion asset-management division, according to reporting from the Wall Street Journal. 

It becomes one of the largest initiatives yet from a global bank to place a traditional cash-management product directly onto a public blockchain.

The bank is initially seeding the vehicle with $100 million of its own capital before opening the offering to external investors. Access begins Tuesday, and the product is restricted to qualified investors. 

Individuals must have at least $5 million in investable assets, while institutions need a minimum of $25 million. The entry point is also substantial, with the minimum investment set at $1 million.

Although the structure mirrors a familiar money-market fund, MONY is being issued in tokenized form using Kinexys Digital Assets, JPMorgan’s in-house tokenization platform. Investors subscribe through Morgan Money, the bank’s digital portal for money-market products. 

Once enrolled, investors receive digital tokens that represent their fund shares and are stored in their own crypto wallets. This setup allows the fund to operate within traditional regulatory boundaries while using an on-chain recordkeeping system.

As with legacy money-market funds, MONY invests in a portfolio of short-term, high-quality debt instruments. The fund pays interest and accrues dividends daily, offering yields that track broader money-market rates. 

These returns have been appealing in the current higher-rate environment, and JPMorgan appears to be positioning the fund as a bridge between conventional fixed-income investing and emerging blockchain infrastructures.

A key feature is the option to subscribe and redeem with either cash or USDC, the dollar-denominated stablecoin issued by Circle. Allowing USDC settlement represents a growing trend in which regulated financial products incorporate crypto-native payment rails. 

It also signals how large institutions are attempting to integrate blockchain into day-to-day operations without abandoning established standards for investor protection or portfolio management.

John Donohue, head of global liquidity at J.P. Morgan Asset Management, emphasized the rising demand for tokenized products. “There is a massive amount of interest from clients around tokenization,” he told the Wall Street Journal. 

Donohue said the bank expects to be a leader in the space and is preparing to build a wider suite of offerings. “And we expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain,” he added.

The MONY initiative joins earlier blockchain-focused efforts at JPMorgan, including tokenized deposits, on-chain settlement tools, and wholesale payment infrastructure. While the current offering is limited to large investors, the bank’s move shows how quickly blockchain is becoming embedded in some of the industry’s most conventional financial instruments. 

It also underscores a belief inside major banks that tokenized assets could deliver practical benefits such as faster settlement times, real-time transparency, and expanded investor access.

In the broader market, tokenized money-market funds are gaining momentum. These products allow investors to hold cash-like assets directly on blockchains, often earning yields that stablecoins themselves do not provide. 

The asset class has grown significantly in the past year, with data from RWA.xyz showing an increase from $3 billion to $9 billion. Traditional players such as Franklin Templeton and BlackRock have already entered the segment, and BlackRock’s BUIDL fund has attracted billions in assets since its launch.

JPMorgan’s entrance signals that tokenization is moving from experimentation to more established adoption, especially as large financial institutions compete to define new standards for blockchain-based infrastructure.

Policy Shifts Fuel Wall Street’s Tokenization Momentum

The launch of MONY arrives during a period of heightened legislative and regulatory clarity for digital assets in the United States. Earlier this year, the GENIUS Act created a federal framework for dollar-backed stablecoins. 

The law set detailed requirements around issuance, reserves, and oversight, giving banks and financial firms a clearer path for using stablecoins in payment and settlement processes.

By outlining how stablecoins could operate within the traditional system, the GENIUS Act removed a longstanding uncertainty that had slowed institutional exploration of blockchain products. 

Since its passage, Wall Street firms have accelerated tokenization pilots involving equities, bonds, funds, and a wide range of real-world assets. Executives at several firms view tokenization as a practical way to streamline operations, reduce counterparty risk, and reach markets that previously required intermediaries.

In addition to the GENIUS Act, policymakers have also been developing the Clarity Act. While still under consideration, the proposal signals an evolving approach to defining regulatory responsibilities for blockchain-based products. 

Industry observers say the twin efforts have created a sense that the United States is beginning to outline a more predictable environment for digital-asset issuers and intermediaries.

The broader tokenized asset market is also expanding at a rapid pace. Real-world assets reached a record $38 billion in total market capitalization in 2025, according to data available online. 

Analysts have noted that tokenized money-market funds appeal to crypto-native investors who want on-chain liquidity but also want to earn yield. In many cases, these products solve the problem of non-interest-bearing stablecoin balances by offering an easily transferable, yield-generating alternative.

This movement is part of a broader institutional shift. Global banks are increasingly using tokenized deposits and other blockchain-based tools to speed up intraday and cross-border settlements. Payment firms and large fintechs are also integrating stablecoins for faster and cheaper transactions. 

As adoption grows, tokenization is becoming less of a speculative concept and more of an operational upgrade for firms that handle large volumes of payments, trades, and custodial activity.

JPMorgan’s debut of MONY fits into this wider industry pattern. It also positions the bank alongside other global asset managers that have released their own tokenized funds. These vehicles offer familiar exposure with added technological features, such as real-time visibility into fund ownership and the ability to transact around the clock. As infrastructure improves, many institutions expect these models to expand across more asset classes.

Donohue said the bank sees significant long-term potential. “Tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products,” he said in a statement. 

He added that the bank expects financial products to move more frequently onto blockchain rails and believes the technology will create “opportunities for our clients and for the whole industry.”

Visa Expands Stablecoin Advisory Services as Institutional Adoption Grows

Alongside JPMorgan’s move, another major development in the digital-asset sector is emerging from the payments industry. Visa is expanding its role in stablecoins with a new advisory practice aimed at helping banks, merchants, fintech companies, and enterprises assess how stablecoins could fit into their strategies. 

The program is being offered under Visa Consulting & Analytics and includes market assessments, training, strategic frameworks, and technical guidance for organizations exploring stablecoin-related opportunities.

Visa said the launch reflects rising demand from institutions looking to incorporate stablecoins into their operations. Stablecoin adoption has grown quickly, with total market capitalization now above $300 billion. Visa also reported that its own stablecoin settlement activity reached a $3.5 billion annualized run rate as of November 30.

Carl Rutstein, global head of Visa Consulting & Analytics, said organizations are increasingly viewing stablecoins as a critical component of digital-era financial infrastructure. “Having a comprehensive stablecoins strategy is critical in today’s digital landscape,” Rutstein said. He added that the company aims to help clients remain competitive “as this space evolves at an unprecedented pace.”

Several major clients are already working with the advisory practice, including Navy Federal Credit Union, Pathward, and VyStar Credit Union. Navy Federal, which serves about 15 million members worldwide, is evaluating how stablecoins might fit into its broader payments approach. 

A statement from senior vice president, Matt Freeman, said the institution is looking at how blockchain-based options could serve member needs. Pathward’s president, Anthony Sharett, noted that his institution received “impressive work, insights, and actionable recommendations” as one of the first to participate.

Visa’s advisory initiative expands on its wider involvement with stablecoins. In 2023, the company piloted settlement transactions using USDC and now supports more than 130 card-issuing programs linked to stablecoins across more than 40 countries. 

Visa is also testing stablecoin-based cross-border payouts through Visa Direct, which allows qualified businesses to pre-fund transactions and transfer funds directly to users’ stablecoin wallets.

The company’s increased focus on stablecoins comes during a wider wave of enterprise adoption. Large firms are exploring stablecoins for payments, trading, and remittances, while banks like JPMorgan are using tokenized deposits to modernize their settlement systems. 

Regulatory clarity has played a major role in this momentum. With the GENIUS Act now in place, both banks and fintech companies have more confidence to incorporate stablecoin solutions into their products.

Analysts believe stablecoin usage will expand dramatically in the years ahead. Citi projects the market could reach $1.9 trillion by 2030 in a base scenario, with a more optimistic estimate reaching as high as $4 trillion. 

Standard Chartered forecasts the market could grow to $2 trillion by 2028. Many analysts say stablecoins have emerged as crypto’s first mass-market application due to their clear utility in payments and liquidity management.

Visa’s latest push shows that the traditional payments sector is preparing for a future in which stablecoins represent a routine part of financial infrastructure. 

Combined with institutional moves such as JPMorgan’s MONY fund, the developments highlight how digital assets are becoming deeply embedded in both mainstream finance and corporate adoption strategies.