JPMorgan launches tokenized money-market fund on Ethereum: WSJ

JPMorgan Chase's asset-management arm has launched a tokenized money-market fund called My OnChain Net Yield Fund (MONY) operating on the Ethereum network. Seeded with $100 million of JPMorgan capital, the private fund will be available to qualified investors—those with at least $5 million in investments—with a $1 million minimum investment, utilizing JPMorgan's Kinexys Digital Assets platform. Investors receive digital tokens representing their holdings and can subscribe or redeem using cash or USDC stablecoin, while earning daily accrued interest, similar to traditional money-market funds. This move aligns with growing client interest in tokenization and follows recent regulatory clarity in the U.S. concerning digital assets, placing JPMorgan alongside competitors like BlackRock, which also operates a large tokenized fund. Despite CEO Jamie Dimon's past skepticism toward Bitcoin, the bank continues to explore blockchain applications, recently facilitating a commercial paper offering on the Solana blockchain.

(Source：The Block)