JPMorgan Chase has delved deeper into the world of blockchain-based finance with the launch of its first tokenized money market fund, My OnChain Net Yield Fund (MONY), in December 2025.
With the launch of MONY, JPMorgan joins other high-profile financial giants, such as Franklin Templeton and BlackRock, to launch tokenized funds on blockchain. But what is MONY? Let’s take a closer look.
MONY key facts
| Issuer | JPMorgan Asset Management |
| Operates on | Ethereum blockchain |
| Built on | Kinexys Digital Assets |
| Accessible through | JPMorgan’s Morgan Money platform |
| Invests in | U.S. Treasury securities and repurchase agreements |
| Who can invest | Qualified individual and institutional investors |
| Minimum investment | $1 million |
| Redemption | Cash or USDC |
| Blockchain token address | 0x6a7c6aa2b8b8a6A891dE552bDEFFa87c3F53bD46 |
| Initial Investor | JPMorgan Chase initially seeded $100 million |
What is My OnChain Net Yield Fund (MONY)?
JPMorgan’s MONY is a 506(c) private placement fund built on Kinexys Digital Assets, the bank’s in-house tokenization platform. Experts see MONY as the bank’s debut product to expand its on-chain offerings.
MONY is a tokenized money market (MMF) fund that leverages the speed and transparency of blockchain technology to give qualified investors an easy and efficient way to park their idle funds and earn returns through on-chain transactions on Ethereum.
Similar to traditional MMFs, MONY will also hold short-term debt instruments and pay daily interest to investors. Qualified investors can subscribe to the MMF through Morgan Money, which is JPMorgan’s open architecture trading and analytics platform for liquidity management.
JPMorgan’s MONY is accessible to investors with a minimum investment of $1 million. Qualified investors will be able to redeem shares via USDC stablecoin or cash.
Why is JPMorgan going on-chain?
With the launch of MONY, JPMorgan joins a growing list of major financial institutions to develop tokenized funds. In 2021, Franklin Templeton became the first traditional finance firm to launch such a project, launching its BENJI fund. In 2024, BlackRock launched its BUIDL fund.
Tokenized securities, especially from established traditional finance firms, are growing popular among investors as a convenient way to park idle cash on blockchains to earn a yield. In addition to yield, such investments offer the added advantage of faster settlement and around-the-clock trading.
In fact, a report from BCG and Ripple expects the tokenized asset market to grow to $18.9 trillion by 2033.
MONY’s launch makes JPMorgan the largest Global Systemically Important Bank (GSIB) to come up with such an asset on a public blockchain.
How does MONY work?
MONY allows investors to easily put their funds in a decentralized and tokenized money market product. The fund offers daily dividend reinvestment and is seeded with $100 million from JPMorgan’s own asset management division.
Investors can access MONY through the Morgan Money platform, while investors receive tokens from the fund in their blockchain address. Such an investment allows investors to earn returns quickly and without any working hour restrictions, as seen in traditional money markets.
MONY invests the funds only in US Treasury securities and in repurchase agreements backed by the US Treasury securities, according to the bank’s press release. Each transaction is settled automatically using Ethereum without any need for intervention of traditional intermediaries.
Who can invest and how to buy?
MONY isn’t available to the general public. Rather, it is available to high-net-worth individuals and institutional investors.
Individuals with at least $5 million in investments and institutions managing $25 million or more are qualified to invest in MONY. Furthermore, the minimum investment threshold to invest in MONY is $1 million.
MONY isn’t available to purchase on a typical crypto exchange. Since it is a private placement, it can be accessed through JPMorgan’s institutional liquidity trading platform, Morgan Money.
Once qualified investors have access to the platform, they can subscribe to the tokenized fund using traditional cash or stablecoins like USDC.
Pros and Cons
MONY offers several advantages over traditional investments, but it is not without drawbacks. Investors need to consider all the pros and cons before putting their money in the fund.
Pros
- Each transaction is recorded clearly on the blockchain, ensuring full transparency to all parties.
- Use of blockchain also means transactions can be conducted 24/7, and that too at a much higher speed when compared to conventional banking transactions.
- Use of Ethereum increases efficiency by reducing transaction fees and boosting the transaction and settlement speed.
- MONY is easily accessible to qualified investors through JPMorgan’s liquidity platform.
Cons
- MONY is accessible only to qualified investors meeting the minimum investment threshold.
- A money market fund is a low-risk instrument, but it is still subject to a few inherent risks, including interest rate risk, credit risk and liquidity risk.
- Tokenized asset is a new asset class with an evolving regulatory landscape, and this may result in future uncertainties.
- An average investor may lack the basic understanding of blockchain technology.
MONY’s return on investment
MONY invests in U.S. Treasury securities and repurchase agreements (collateralized by U.S. Treasury securities), allowing investors to earn yield. The tokenized MMF provides investors with daily dividend reinvestment, and is redeemable through cash or USDC stablecoin.
Since MONY is a newly launched tokenized money market fund and a private placement fund, there is no public data on its daily or historical returns. However, considering the tokenized fund aims to offer U.S. dollar yields competitive to traditional MMF funds, we may expect it to offer similar yields.
For instance, JPMorgan’s Prime Money Market Fund (VMVXX) had given a yield of 4.12% (7-day) as of November 30, 2025, while the Crane’s Retail Money Fund Index has averaged around 3.47% (as of Dec 11, 2025).
Investors in MONY can access their yield and performance data through JPMorgan’s Morgan Money platform.
MONY vs traditional funds
Traditional funds have been the choice of investors for stable and steady growth. With the advent of blockchain, however, investors are going beyond traditional products to capture the speed and efficiency of blockchain to get a stable and steady return.
Below is a quick comparison of MONY and traditional funds:
| MONY | Traditional funds | |
| Technology | Use a public blockchain | Use conventional methods, such as those managed by fund managers |
| Liquidity | Improved liquidity through 24*7 operation and on-chain peer-to-peer transferability | The presence of intermediaries and limited speed makes it less efficient |
| Efficiency | Higher efficiency due to high speed and lack of intermediaries | Presence of intermediaries and limited speed makes it less efficient |
| Transparency | On-chain data accessible to anyone, anytime | Financial reporting and disclosures at periodic intervals |
| Invests in | U.S. Treasury bills and repurchase agreements | Multiple assets, such as stocks, bonds, mutual funds, and more |
| Minimum investment | $1 million | Varies by fund |
| Open to | Qualified individual and institutional investors | All investors |
| Subscription/Redemptions | Cash or USDC stablecoin | Cash/fiat currency via bank transfers or brokerage platforms |
| Risk level | Low risk | Varies by fund type |
The bottom line
JPMorgan’s entry into the blockchain world is still in its early stages, but the move highlights a broader shift in strategy for many major financial institutions.
Tokenized money-market funds like MONY provide qualified investors with a short-term offering to help them with liquidity management. But what makes MONY different is JPMorgan’s leadership in embedding tokenization into its infrastructure.
MONY’s launch, along with the broader adoption of tokenized products, will likely have a significant impact on how Wall Street operates. Moreover, it positions JPMorgan at the forefront of the evolving financial landscape that revolves around decentralized finance.
