J.P. Morgan Asset Management has launched My OnChain Net Yield Fund — MONY — its first tokenised money market fund, now available on public Ethereum and powered by Kinexys Digital Assets, making it the largest global systemically important bank to launch a tokenised money market fund on a public blockchain.
MONY is structured as a 506(c) private placement fund for qualified investors, who can access it exclusively through Morgan Money, JPMorgan's institutional liquidity trading and analytics platform. Morgan Money is described as the first institutional liquidity platform to integrate traditional and on-chain assets — giving qualified investors access to both conventional money market products and tokenised alternatives through a single platform.
The fund invests only in US Treasury securities and fully collateralised repurchase agreements, allowing investors to earn yield while holding tokens on the blockchain. Subscriptions and redemptions can be made in cash or stablecoins. The fund offers daily dividend reinvestment and peer-to-peer token transferability — features that conventional money market funds do not provide.
JPMorgan seeded the fund with $100 million at launch. The token runs on public Ethereum — confirmed by the published token contract address — rather than on JPMorgan's own permissioned Kinexys infrastructure, which has processed more than $1.5 trillion in institutional transactions since 2020. The choice of public Ethereum places MONY alongside BlackRock BUIDL, UBS uMINT, and Franklin Templeton FOBXX as major institutional fund products choosing public blockchain infrastructure.
John Donohue, Head of Global Liquidity at J.P. Morgan Asset Management, said the firm expects other GSIB banks to follow its lead in providing clients with greater optionality in how they invest in money market funds, and that tokenisation can fundamentally change the speed and efficiency of transactions while adding new capabilities to traditional products.