JP Morgan’s move to Ethereum proves Wall Street is quietly hijacking the digital dollar from crypto natives

JP Morgan launched the My OnChain Net Yield Fund (MONY) on the Ethereum blockchain, wrapping a traditional money-market fund into a token. This move aims to capture institutional capital currently held in zero-yield stablecoins by offering a regulated, yield-bearing alternative that complies with the US GENIUS Act, which bans stablecoin issuers from paying interest directly to holders. MONY is structured as a Rule 506(c) private placement security, sold only to accredited investors, and invests in US Treasuries, allowing it to pass underlying income back to shareholders. This positions JP Morgan to compete directly with products like BlackRock's BUIDL, targeting institutions that prioritize regulatory compliance and yield over the permissionless nature of traditional stablecoins like USDC or USDT. The bank's decision to use Ethereum signals that public blockchains are becoming core delivery mechanisms for traditional finance products, suggesting Wall Street is quietly re-bundling digital dollar instruments under its regulated perimeter.

(Source：CryptoSlate)