JPMorgan Launches Tokenized Money-Market Fund

Quiet, please! Genius (Act) at work.

Today, JPMorgan is rolling out its first-ever tokenized money-market fund on the Ethereum blockchain, the bank announced on Monday. The move comes after the passage of the Genius Act in July, which created a new nationwide regulatory framework for the burgeoning economy of tokenized-dollar stablecoins. But JPMorgan is capitalizing on not one, but two, booming trends.

Stable Setting

Stablecoins, obviously, are a popular asset class: According to CoinGecko data seen by The Wall Street Journal, the total market cap of all stablecoins has reached $300 billion. That’s staggering, but still small potatoes compared with the enormous growth in demand for money-market funds, whose assets have grown from $6.9 trillion to $7.7 trillion over the course of 2025 alone, according to data from the Investment Company Institute seen by the WSJ. 

With the My OnChain Net Yield Fund, or MONY (our hat-tip to whoever coined that one), JPMorgan is offering qualified investors the best of both worlds. (To be clear, qualified investors include individuals with at least $5 million in investments or institutions with at least $25 million, who can invest a minimum of $1 million into MONY). Typical for money-market funds, it invests in safe assets that usually yield more than bank accounts, like US Treasury securities. Meanwhile, the tokenization “provides increased transparency, peer-to-peer transferability and the potential for broader collateral usage within the blockchain ecosystem,” the bank said in a statement on Monday.

Innovative it may be for JPMorgan, but the bank is actually chasing an existing trend on Wall Street:

• The BlackRock USD Institutional Digital Liquidity Fund launched in March of last year, before the Genius Act, and remains the world’s largest tokenized money-market fund with more than $1.8 billion in assets under management.
• In July, just a week after the passage of the Genius Act, Goldman Sachs and Bank of New York Mellon partnered to launch digital tokens that show ownership of existing money-market funds run by Wall Street institutions.

New Year’s Resolution: Ahead of Congress’s holiday recess, lawmakers have been batting around a second major bill regulating cryptocurrency markets that would split the industry’s oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. On Monday, however, Politico reported that a vote on the bill has now likely been punted until January. Passage of the bill is probably a major New Year’s resolution for the crypto lobby. Well, that and getting bitcoin’s price back above $90,000.