JPMorgan’s MONY Tokenized Fund Hits Ethereum: Wall Street’s Crypto Invasion Accelerates

Wall Street just planted its flag deeper in crypto territory. JPMorgan—the banking titan that once dismissed Bitcoin as a fraud—has launched a tokenized money-market fund directly on the Ethereum blockchain. Meet MONY.

The Tokenized Tidal Wave

This isn't a side experiment. It's a strategic deployment. By moving a traditional, yield-bearing product like a money-market fund onto a public blockchain, JPMorgan is effectively bridging trillions in legacy finance liquidity with the programmable efficiency of DeFi rails. The fund's shares become digital tokens, tradable and settleable 24/7. It bypasses the old, batch-processed settlement systems that can take days.

Why Ethereum? Why Now?

The choice of Ethereum is a massive endorsement for the network's security and institutional readiness. It signals that for large-scale, compliant asset tokenization, public chains are now viable. The timing is no accident—regulatory frameworks are crystallizing, and client demand for on-chain exposure to real-world assets (RWA) is exploding. Other banks are watching; the race to tokenize everything from treasury bonds to real estate just entered a new, more serious phase.

A Cynical Take from Finance

Of course, there's a classic Wall Street twist: they've found a way to repackage a centuries-old concept (lending cash for interest) with a new tech wrapper and call it innovation. Some things never change—the fee structure likely remains as impenetrable as ever.

The final takeaway is clear. The narrative has flipped. This isn't crypto begging for Wall Street's approval anymore. It's Wall Street racing to build on crypto's infrastructure before it gets left behind. The old guard is building the new system, and the lines between TradFi and DeFi are blurring into irrelevance.

JPMorgan fuels Wall Street’s tokenization push

The New York-based $4 trillion multinational banking firm’s launch is in tandem with a wave of institutional tokenization kickstarted by the Genius Act, passed and signed by US President Donald TRUMP on July 18. 

The legislation provides a regulatory framework for tokenized dollars, known as stablecoins, and has encouraged financial firms to adopt blockchain-based stocks. For JPMorgan Chase, tokenized products promise faster settlement, transparency, and programmable dividend and interest distribution.

“There is a massive amount of interest from clients around tokenization,” said John Donohue, head of global liquidity at JPMorgan Asset Management. “And we expect to be a leader in this space and work with clients to make sure that we have a product lineup that allows them to have the choices that we have in traditional money-market funds on blockchain.”

Through the MONY fund, investors can subscribe via JPMorgan’s Morgan Money portal, the bank’s platform for money-market investments. Subscribers will receive digital tokens directly in their crypto wallets for their immediate blockchain-based ownership and transfer.

MONY, much like conventional money-market funds, holds diversified baskets of relatively SAFE short-term debt securities. The fund pays interest and accrues dividends daily, providing investors with predictable returns that could peak bank deposits. 

“Clients want the options that exist in traditional money-market funds but on blockchain,” Donohue said, reiterating JPMorgan’s plan to provide a “familiar investment experience” for stock market enthusiasts on the blockchain.

Money-market funds have been a mainstay of investing since the 1970s, and their popularity has surged in recent years. Assets in money funds reached approximately $7.7 trillion, up from $6.9 trillion at the start of 2025, according to the Investment Company Institute. The total market capitalization of stablecoins has grown to over $300 billion, per data from CoinGecko.

As reported by Cryptopolitan last Thursday, JPMorgan Chase arranged a $50 million short-term bond for Galaxy Digital Holdings on the Solana blockchain. As reported by Reuters, crypto exchange Coinbase Global and investment management firm Franklin Templeton purchased the commercial paper, a short-term unsecured debt instrument. 

Head of Markets Digital Assets at JPMorgan Scott Lucas talked about the bank’s plans to build on this momentum in an interview with Reuters, saying the bank intends to build on this momentum by seeing how its role in it can be expanded in the first half of next year. 

“We’re confident there is strong demand for this type of innovation, and we’re committed to supporting our clients and the market as we MOVE forward,” Lucas concluded.

US-based banks continue with tokenization plans 

JPMorgan’s expansion into tokenization follows a trend among other major asset managers. BlackRock, for instance, operates the largest tokenized money-market fund, managing over $1.8 billion in assets. 

Since the Trump administration eased regulations on the broader cryptocurrency industry, several companies have been contributing to the growth in the valuation of crypto-related securities. 

In July, Goldman Sachs and Bank of New York Mellon announced a partnership to issue digital tokens representing ownership of money-market funds managed by leading firms, including BlackRock, Fidelity Investments, and their own asset-management divisions.

“We’ve always used technology to do a better job for clients. And we’re gonna do the same thing with tokenization. Blockchain is real, and it’s been around for quite a while, now becoming more efficient,” said JPMorgan CEO Jamie Dimon.

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