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JP Morgan Asset Management has launched My OnChain Net Yield Fund, branded as MONY on Ethereum’s public mainnet. The firm seeded the tokenized money market fund with $100 million of its own capital on December 15, 2025.
JPMorgan plans to distribute MONY through Morgan Money to qualified investors. Reports set the fund minimum at $1 million, with eligibility thresholds of $25 million for institutions and $5 million for individuals. The Wall Street Journal reported that investors can transact in USDC.
The firm structured MONY as a 506(c) private placement and limited access to qualified investors via Morgan Money. MONY invests in US Treasury securities and repurchase agreements backed by Treasuries. Investors receive blockchain tokens and transact using cash or USDC, depending on the workflow.
MONY runs on Kinexys Digital Assets, JP Morgan’s tokenization and settlement platform. The bank has used permissioned networks for many projects. The Ethereum deployment widens its public-chain footprint for regulated cash instruments.
The structure aims to keep money-market exposure on-chain while maintaining frequent settlement windows. The Wall Street Journal reported that MONY works like a traditional money market fund. It accrues daily interest to token holders.
The launch follows other public-chain activity from the bank. JP Morgan has rolled out the JPMD USD deposit token for institutional clients on Coinbase’s Base network, targeting 24/7 settlement. It also arranged a $50 million US commercial paper issuance for Galaxy Digital on the Solana network. Coinbase and Franklin Templeton bought the paper, and USDC handled the cash flows.
Tokenized Treasury and cash-equivalent products have risen through 2025, and market trackers show inflows. RWA.xyz indicates tokenized US Treasuries, bonds, and cash equivalents near $9 billion in total value in mid-December 2025.
A New York Fed analysis described tokenized money market funds and tokenized private funds as leading “money-like” on-chain products in the United States. It cited Franklin Templeton’s FOBXX and Circle/Hashnote’s USYC among prominent tokenized MMFs. It also listed BlackRock’s BUIDL as the largest tokenized private fund in its sample.
Banks and market utilities have also built tokenization rails around existing money market fund shares. BNY Mellon and Goldman Sachs announced a tokenized money market fund initiative in July 2025. The plan uses Goldman’s GS DAP, while BNY keeps traditional books and records in place.
