The Lead
JPMorgan Chase has officially deployed its balance sheet onto the public Ethereum network. The bank announced the launch of the My OnChain Net Yield Fund (MONY) this week, seeding the vehicle with $100 million in proprietary capital. Unlike previous internal pilots, MONY operates on the public Ethereum blockchain, signaling a decisive shift from private experimentation to public network integration.
The Infrastructure
The fund is powered by Kinexys (formerly Onyx), JPMorgan’s blockchain unit that has quietly become a critical piece of market plumbing. Kinexys now processes over $2 billion in daily transaction volume and has settled more than $1.5 trillion since inception. This volume isn’t retail speculation; it is institutional repo and cross-border value transfer moving on-chain.
Why It Matters
MONY targets the specific friction points of traditional money market funds: settlement latency and collateral utility. By tokenizing the fund on Ethereum, JPMorgan allows qualified investors to use their holdings as collateral in real-time, 24/7. Functionality that traditional T+1 settlement cycles cannot support. This places the bank in direct competition with BlackRock’s BUIDL fund and the $190 billion stablecoin market.
We expect other GSIB banks to follow our lead in providing clients with greater optionality in how they invest in money market funds. — John Donohue, Head of Global Liquidity at J.P. Morgan Asset Management
Market Context
The move validates the “institutional DeFi” thesis. While Jamie Dimon historically dismissed Bitcoin, his bank is aggressively building infrastructure on the network that powers the crypto economy. With BlackRock and Franklin Templeton already active on-chain, Wall Street’s integration with public blockchains has graduated from “pilot” to “product.”
