JPMorgan Chase & Co. has taken its most concrete step yet into blockchain-based investing, launching a tokenized money market fund that underscores how even the fiercest critics of cryptocurrency are adapting to the technology's growing role in global finance.
The fund, formally named the My OnChain Net Yield Fund, or MONY, represents a notable shift for a bank whose chief executive, Jamie Dimon, has spent years publicly criticizing cryptocurrencies such as bitcoin. While Dimon's skepticism toward speculative digital assets remains intact, JPMorgan's move signals that blockchain infrastructure itself has become too consequential for major financial institutions to ignore.
The new fund will operate on the Ethereum network and be seeded with $100 million from JPMorgan's asset management division, which oversees roughly $4 trillion in client assets. The product is structured to function like a traditional money market fund, emphasizing capital preservation and daily yield rather than price appreciation.
Unlike conventional funds, investor ownership in MONY is represented by digital tokens recorded on a blockchain. Those tokens can be transferred peer-to-peer and settled continuously, eliminating reliance on legacy clearing systems that operate only during market hours. Subscriptions and redemptions can be executed using either cash or the USDC stablecoin.
JPMorgan's Kinexys Digital Assets platform supports the fund's issuance, custody and transaction processing. The bank has positioned the platform as a compliance-focused bridge between traditional finance and blockchain, maintaining existing regulatory controls while allowing real-time settlement.
Access to the fund is deliberately restricted, reflecting JPMorgan's cautious approach. Eligibility requirements include:
- Individual investors: At least $5 million in investable assets
- Institutional investors: Minimum $25 million threshold
- Minimum fund investment: $1 million
By limiting participation to high-net-worth and institutional clients, JPMorgan avoids the volatility and reputational risks that have plagued retail crypto markets, while still testing blockchain-based fund operations at scale.
The launch places JPMorgan alongside a growing group of asset managers exploring tokenization as regulators clarify rules around digital assets. Recent legislation, including the Genius Act governing stablecoins, has introduced requirements for full dollar backing, anti-money laundering safeguards and constraints on market concentration-conditions that have helped bring large banks off the sidelines.
Internally, JPMorgan has been developing blockchain capabilities for years, even as Dimon continued to publicly dismiss cryptocurrencies as lacking intrinsic value. The MONY fund marks the clearest outward expression yet of that parallel strategy: separating blockchain as financial plumbing from crypto as a speculative asset class.
