JPMorgan Asset Management has unveiled MONY, an on-chain tokenized money market fund issued on the Ethereum blockchain and built on the Kinexys Digital Assets platform. The fund is seeded with about $100 million to support its operations and aims to bring traditional money market functionality onto a blockchain-enabled structure. The token is issued on Ethereum, leveraging JPMorgan’s Kinexys Digital Assets platform for on-chain issuance.
Initial seed capital is provided by the bank, and the offering will open to accredited investors on Tuesday. Investors can access MONY through JPMorgan’s Morgan Money fund portal and will receive digital tokens representing their stake stored in their crypto wallets. Subscriptions and redemptions can be settled in cash or USDC, Circle’s dollar-pegged stablecoin, signaling closer integration of traditional finance with digital settlement rails.
GENIUS Act provided regulatory clarity for dollar-backed stablecoins and reduces uncertainty around tokenized assets, enabling broader adoption. John Donnerhu, JPMorgan’s Global Liquidity Head, said there is enormous client interest in tokenization and that the bank intends to lead the market, ensuring clients have the same blockchain-based choices as with traditional MMFs. MONY remains available only to eligible investors for now, with individual minimums of $5 million, institutional minimums of $25 million, and a minimum investment of $1 million, but it demonstrates growing on-chain tokenization of traditional assets.
Leave a Reply