JPMorgan Makes Crypto History: Tokenized Money Market Fund Marks Wall Street’s Boldest Digital Asset Move Yet

Wall Street's sleeping giant just woke up—and it's buying crypto.

JPMorgan Chase, the $500 billion banking titan that once called Bitcoin a 'fraud,' has launched its first tokenized money market fund. This isn't just a pilot program. It's a full-scale invasion of traditional finance into the digital asset frontier.

The Tokenization Gambit

Forget vague blockchain promises. JPMorgan is tokenizing a real-world, yield-bearing asset—a money market fund. The move instantly bridges trillions in traditional liquidity with the efficiency of distributed ledger technology. Settlement times? Slashed from days to minutes. Operational friction? Evaporated.

It bypasses the old correspondent banking maze entirely. The fund's shares exist as digital tokens on a permissioned blockchain, enabling near-instantaneous transfers and 24/7 availability. It’s the plumbing of finance, rebuilt.

Why This Changes Everything

This is institutional adoption on steroids. JPMorgan isn't dabbling in crypto ETFs or custody services. It's fundamentally re-engineering a core financial product at the atomic level. The signal is deafening: tokenization of real-world assets (RWA) is no longer a niche thesis—it's a strategic imperative for global finance.

The fund targets the massive, dormant liquidity held by corporate treasuries and institutional investors, offering them a familiar product with a radically better tech stack. It’s a Trojan horse, delivering blockchain efficiency under the trusted banner of JPMorgan.

The Cynical Take

Of course, the bank that famously dismissed an entire asset class now stands to profit from its infrastructure. Some might call that hypocrisy—on Wall Street, they call it business as usual. The real irony? The same institutions that spent years lobbying against crypto are now positioning themselves to become its primary toll collectors.

JPMorgan's vault door has swung open. The rush of traditional capital into tokenized assets isn't coming—it's already here. The race to rebuild finance, one blockchain ledger at a time, just found its most powerful contender. Watch what they do, not what they say.

JPMorgan Chase has launched its first tokenized money market fund on the Ethereum$3,093.86 network in response to increasing institutional demand for blockchain-based financial products. Named the My OnChain Net Yield Fund (MONY), this innovative product begins with a $100 million initial investment provided by the bank’s asset management division.

Institutional Rollout

With around $4 trillion in assets under management, JPMorgan plans to open MONY to qualified external investors as reported by the Wall Street Journal. The fund aims to combine the yield offered by traditional money market funds with the benefits of blockchain in terms of speed and transparency.

A Wave of Interest

JPMorgan’s MOVE is the latest in a series of major financial institutions gravitating towards tokenized funds. Franklin Templeton had previously ventured into this space in 2021 with its BENJI fund, while BlackRock partnered with Securitize in 2024 to amass about $2 billion through its BUIDL fund.

Tokenized money market funds offer investors the opportunity to generate returns on idle cash using blockchain technology. These structures stand out from traditional funds due to their faster settlement processes, 24/7 trade capabilities, and real-time tracking of ownership data.

According to data from RWA.xyz, the overall size of tokenized money market funds has increased from $3 billion to $9 billion in one year. RWA.xyz tracks real-world assets tokenized on blockchain, transparently showcasing the total size, growth rates, and distribution of such on-chain financial products.

John Donohue, Global Head of Liquidity at JPMorgan Asset Management, highlighted the significant interest from clients in tokenized products, emphasizing the bank’s ambition to be a pioneer in this field. MONY is built on JPMorgan’s internally developed Kinexys Digital Assets platform and serves as a test for the bank’s expanding portfolio of on-chain products.

The fund will invest in short-term debt instruments, offering daily interest payments similar to conventional money market funds. Investors can redeem shares in cash or USDC stablecoin, with a minimum investment threshold set at $1 million for qualified investors.

Considering JPMorgan’s historically cautious and sometimes negative stance towards cryptocurrencies, the launch of MONY signifies a notable shift in strategy. The bank is steering clear of speculative crypto assets while harnessing blockchain technology for regulated financial products, indicating a preference to redefine crypto within its own rules and the traditional financial framework.