Is J.P. Morgan Asset Management launching a tokenized fund?

• J.P. Morgan Asset Management launched MONY on Ethereum for qualified investors
• MONY holds U.S. Treasuries and Treasury-collateralized repos
• Subscriptions and redemptions run through Morgan Money via cash or stablecoins

J.P. Morgan Asset Management has launched its first tokenized money market fund, called My OnChain Net Yield Fund (MONY), and made it available on the public Ethereum blockchain. The firm runs MONY through Kinexys Digital Assets, a multi-chain asset tokenization solution, while investors subscribe through Morgan Money, its liquidity management trading and analytics platform. MONY operates as a 506(c) private placement fund, so it targets qualified investors, and it delivers U.S. dollar yields through a token received at the investor’s blockchain address. J.P. Morgan Asset Management positions Morgan Money as an institutional liquidity trading platform that now integrates traditional assets alongside on-chain assets, and it frames MONY as a step toward a single access point for money market products with on-chain delivery.

J.P. Morgan Asset Management brings a tokenized money market fund to public Ethereum

J.P. Morgan Asset Management describes itself as the largest GSIB to launch a tokenized money market fund on a public blockchain, and it keeps access exclusive to Morgan Money. The subscription flow sits inside the same platform that institutions already use for liquidity workflows, but the delivery changes, because investors receive fund tokens directly at their blockchain addresses. J.P. Morgan Asset Management puts the token on Ethereum, rather than using a closed network, and it ties the fund to its broader tokenization infrastructure through Kinexys Digital Assets. The product name, MONY, signals a money-market orientation, and the structure aims to keep the familiar daily liquidity profile while representing ownership as a transferable token. J.P. Morgan Asset Management emphasizes the token format for operational handling and visibility, and it highlights transparency as a direct outcome of tokenized issuance on a public chain. The firm also highlights peer-to-peer transferability, which can matter for how holders move positions between eligible parties. In the same framing, J.P. Morgan Asset Management points to potential broader collateral usage inside blockchain markets, based on the token’s on-chain form and transfer mechanics. The launch also anchors the offering in existing institutional rails, because Morgan Money remains the single access gate, even while Ethereum provides the settlement environment for the token.

What J.P. Morgan Asset Management’s MONY holds and how yield is delivered

J.P. Morgan Asset Management states that MONY invests only in traditional U.S. Treasury securities and repurchase agreements that are fully collateralized by U.S. Treasury securities. The composition stays within a conservative money-market profile, and the yield comes from those underlying holdings rather than from crypto-native strategies. J.P. Morgan Asset Management also states that MONY offers daily dividend reinvestment, which fits money-market expectations for steady accrual and frequent reinvestment mechanics. The token represents the investor’s position while the fund holds the Treasury and repo exposures in traditional form, and the on-chain element centers on how ownership and transfers appear and settle. J.P. Morgan Asset Management also says investors will be able to subscribe and redeem using cash or stablecoins through the Morgan Money platform, which creates a bridge between traditional cash management and blockchain settlement options. The stablecoin option matters for operational flexibility, while cash remains part of the same subscription and redemption feature set. J.P. Morgan Asset Management frames the token’s role as a way to hold yield-bearing exposure on-chain, without changing the nature of the underlying instruments. The result is a structure where the investment assets remain in conventional markets, while the investor-facing representation and transfer path live on Ethereum. J.P. Morgan Asset Management also frames the tokenization layer as a route to increased transparency, which can include clearer tracking of issuance and movement, as well as more direct integration with blockchain-based workflows for eligible market participants.

How Morgan Money connects traditional liquidity tools to on-chain settlement

J.P. Morgan Asset Management ties MONY to Morgan Money®, describing it as an open architecture trading and analytics platform for liquidity management, and it presents the integration as a unified experience across traditional and on-chain assets. The platform acts as the exclusive access point for qualified investors, which allows J.P. Morgan Asset Management to control eligibility while still using a public blockchain for token issuance and delivery. Morgan Money also serves as the operational layer for subscribing and redeeming, including flows that use cash or stablecoins, which keeps the core fund interactions inside the institution’s existing platform environment. J.P. Morgan Asset Management also characterizes Morgan Money as the first institutional liquidity trading platform to integrate both traditional and on-chain assets, which places the MONY token beside a wider range of money market products. In that setup, MONY looks like a conventional liquidity product at the portfolio level, but it produces an on-chain token at the settlement level. J.P. Morgan Asset Management connects this arrangement to transaction efficiency language and highlights the possibility of faster and more streamlined processing, while keeping product access and risk controls under the Morgan Money framework. The firm also adds executive commentary that links active management and innovation to the launch, with the CEO, George Gatch, describing the combination of technology and active management expertise as a method for delivering new capabilities and cost considerations to clients. J.P. Morgan Asset Management also includes comments from John Donohue, Head of Global Liquidity, describing MONY as an early move that other GSIB banks may follow, while emphasizing optionality for how clients invest in money market funds and how tokenization changes the speed and efficiency of transactions inside the Morgan Money environment.

J.P. Morgan Asset Management MONY Onchain Features

J.P. Morgan Asset Management frames money market funds as tools that provide liquidity, stability, and yield, and it presents MONY as a continuation of that role with a new delivery format. The on-chain features emphasized in the launch focus on transparency, peer-to-peer transferability, and the potential for broader collateral usage within blockchain ecosystems. J.P. Morgan Asset Management links these features to tokenization on public networks, and it places MONY within a wider industry shift toward tokenized assets that live on open blockchain infrastructure. The token’s presence on Ethereum supports transferability between eligible parties, while the fund’s underlying holdings remain limited to U.S. Treasuries and fully collateralized Treasury repos, which keeps the yield source conventional. J.P. Morgan Asset Management also presents optionality in settlement, because investors can subscribe and redeem using either cash or stablecoins through Morgan Money, which fits a hybrid operating model for institutions that manage liquidity across multiple rails. The fund token can sit at a blockchain address, which can support on-chain handling and visibility, while the investment management stays aligned with standard money-market conventions. J.P. Morgan Asset Management positions the launch as part of a trading future where tokenized representations increase the range of ways assets move and settle, while still fitting inside controlled access and qualified investor frameworks. In this framing, MONY functions as a traditional liquidity product in portfolio terms, but it appears as a token in operational terms, which keeps the structure familiar while changing the representation, transfer path, and on-chain interoperability options that qualified investors may want.

Conclusion

J.P. Morgan Asset Management has introduced MONY as a 506(c) private placement tokenized money market fund on the public Ethereum blockchain, issued through Kinexys Digital Assets and accessed exclusively through Morgan Money. The fund holds only U.S. Treasury securities and fully collateralized Treasury repurchase agreements, provides daily dividend reinvestment, and supports subscription and redemption using cash or stablecoins through the Morgan Money platform. J.P. Morgan Asset Management also highlights increased transparency, peer-to-peer transferability, and potential collateral usage as practical characteristics of the tokenized format, while keeping the underlying assets in traditional instruments that target U.S. dollar yields for qualified investors.

Disclaimer

The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.

Featured image created by AI