JPMorgan Chase has officially entered the public blockchain arena, launching its first tokenized money market fund on Ethereum with $100 million in seed capital. The fund, dubbed the My OnChain Net Yield Fund (MONY), marks a decisive pivot from the bank’s historical reliance on private ledgers to public network infrastructure.
According to a report by The Wall Street Journal, the bank’s asset management arm will open the fund to qualified investors on Tuesday. Operating through the newly rebranded Kinexys Digital Assets platform (formerly Onyx), MONY allows for subscriptions and redemptions using both fiat cash and USDC.
The Institutional Pivot
This deployment is not a pilot. The $100 million seed indicates immediate scale, targeting qualified purchasers with a minimum investment threshold of $1 million. By leveraging Ethereum, JPMorgan is signaling that public blockchains, not just permissioned silos, are now viable for high-value settlement layers. John Donohue, Head of Global Liquidity at JPMorgan Asset Management, noted the move was driven by "massive interest" from clients demanding on-chain utility comparable to traditional instruments.
"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.", John Donohue
Multi-Chain Aggression
The Ethereum launch follows a busy week for the bank’s digital asset division. Just days prior, JPMorgan facilitated a $50 million commercial paper issuance for Galaxy Digital on Solana. That transaction, purchased by Coinbase and Franklin Templeton, was settled entirely in USDC, highlighting a chain-agnostic strategy focused on liquidity rather than loyalty to a single network.
Market reaction reflected the broader institutional bid. Ethereum (ETH) held steady around $3,122 following the news, while the bank’s continued integration of stablecoin settlement rails suggests a permanent shift in how Wall Street views public ledger latency.
