JPMorgan Asset Management has launched a tokenized money-market fund on Ethereum, marking a notable step by a major bank into on-chain cash management. What launched - Product name: My OnChain Net Yield Fund (MONY). - Technology: Shares issued as digital tokens on the public Ethereum blockchain. - Distribution: Offered through JPMorgan’s Morgan Money platform to qualified investors only. What the fund holds - MONY is built on familiar, low-risk cash instruments — U.S. Treasury securities and repurchase agreements fully backed by Treasuries — so the underlying economics mirror a conventional money-market fund. Key mechanics and investor access - Token shares represent direct ownership of the fund and can be held at blockchain addresses, enabling on-chain settlement and ledgered recordkeeping instead of—or alongside—traditional custody records. - JPMorgan reportedly seeded the fund with $100 million of its own capital at launch to provide initial liquidity and signal institutional commitment. - Access is restricted: the offering targets institutional clients and wealthy accredited investors (reports indicate eligibility thresholds such as institutions with assets above $25 million and accredited individuals with at least $5 million), with a rough minimum initial investment around $1 million. The fund is not open to the general retail public. Who built it - The tokenization was carried out by JPMorgan teams linked to the bank’s digital-assets efforts; the firm has been experimenting with converting conventional securities into tokens for several years. Why it matters - For JPMorgan, MONY is both a product push and a technology test: it keeps the conservative profile of money-market economics while experimenting with on-chain settlement, transparency, and the potential for new forms of institutional liquidity. - Industry context: Other asset managers have run pilots and launched similar cash-like tokens on Ethereum, and analysts view MONY as part of a broader institutional move to trial tokenized share classes and blockchain-based settlement. Limits and implications - The product’s narrow eligibility and large minimums reflect regulatory guardrails for tokenized securities and JPMorgan’s strategy to target sophisticated cash managers first. - The launch will be watched for whether on-chain mechanics actually speed settlement, cut operational frictions, or create meaningful new liquidity channels for institutional cash flows. Bottom line MONY combines the traditional safety profile of Treasury-backed cash management with blockchain-native ownership and recordkeeping, and JPMorgan’s $100 million seed suggests the bank is serious about exploring how tokenization could reshape parts of institutional cash management. Read more AI-generated news on: undefined/news