J.P. Morgan, one of the largest banks in the world, is strengthening its presence in crypto finance by launching its first money market fund through its $4 trillion asset management arm.
J.P. Morgan said in an announcement shared with Cointelegraph on Monday that the fund, named "My Own Chain Net Yield Fund," will be traded under the symbol MONY and is now available on the public Ethereum blockchain.
MONY was launched through JPMorgan's Kinesis digital asset platform, which is a private placement 506(c) that offers qualified investors the opportunity to earn USD returns by subscribing via the Morgan Money institutional trading platform.
John Donohue, head of global liquidity at JPMorgan Asset Management, stated: "With Morgan Money, crypto can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products."
MONY investors can receive tokens at their blockchain addresses
By launching MONY, JPMorgan has become the largest globally systemically important bank to offer a crypto money market fund on a public blockchain, according to the bank's announcement.
He added that fund tokenization provides increased transparency, peer-to-peer transferability, and the potential for broader collateral utilization within the blockchain system.
The My Own Chain Net Yield Fund (MONY) from JPMorgan Asset Management is issued through Kinesis Digital Assets and is available to investors via Morgan Money. Source: JPMorgan
Donohue remarked: "This represents a significant step forward in how assets will be traded in the future," highlighting the role of Morgan Money, where qualified investors can access the fund and receive tokens at their blockchain addresses.
Morgan Money was launched in 2019, providing a real-time investment dashboard and a single point of access for operations, allowing investors to build stronger liquidity strategies.
JPMorgan stated: "Morgan Money is the first institutional liquidity trading platform that integrates traditional assets and blockchain assets, providing investors access to a full suite of money market products."
Subscriptions and redemptions in cash or stablecoins
According to the announcement, MONY will only invest in traditional U.S. Treasury securities and fully collateralized repurchase agreements backed by U.S. Treasuries, allowing qualified investors to earn yield while holding the token on the blockchain.
It also offers daily profit reinvestment, allowing investors to subscribe and redeem using cash or stablecoins through the Morgan Money platform.
Cointelegraph asked JPMorgan about the stablecoins that would be supported within the offering, but did not receive a response by the time of publication.
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The launch of MONY by JPMorgan represents another milestone in the race among traditional financial institutions to offer regulated crypto products. The news came after weeks of the company starting its first transaction via its upcoming fund tokenization platform, Kinesis Fund Flow, which is expected to launch in 2026.
On Thursday, JPMorgan also announced the issuance of a U.S. commercial paper for Galaxy Digital Holdings on the Solana blockchain, marking one of the first debt issuances executed on a public blockchain.
