WSJ: JPMorgan Chase launches the first tokenized money market fund "MONY" to allow assets to be settled faster through the blockchain
According to the Wall Street Journal, JPMorgan Chase announced the launch of the first tokenized money market fund "MONY" on December 15, which is built directly on the Ethereum public chain and uses US$100 million of its own funds as seed capital, marking the further integration of traditional finance and the encryption ecosystem.
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According to the "Wall Street Journal" report, JPMorgan Chase (JPMorgan) Chase announced today (15th) that it has launched its first tokenized money market fund, which is built directly on the Ethereum blockchain. This move signals that the global financial giant is further exploring blockchain and bringing traditional money market funds into the digital asset field.
Fund details
This new fund is called "My OnChain Net Yield Fund" (MONY for short) and is launched by JP Morgan Asset Management (with a management scale of US$4 trillion). The fund will initially be seeded with $100 million of JPMorgan's own capital and is expected to be open to external qualified investors starting on December 16.
MONY Fund is supported by Kinexys Digital Assets, JP Morgan’s internal tokenization platform, and is a private equity fund. Investors are required to meet strict qualifications: at least $5 million in investment assets for individuals and $25 million for institutions, with a minimum investment of $1 million. Qualified investors can subscribe through JPMorgan’s Morgan Money platform and receive digital tokens representing fund shares, which will be stored in encrypted wallets.
Similar to traditional money market funds, MONY mainly invests in short-term, low-risk debt securities (such as treasury bonds, commercial paper), aiming to provide a higher yield than bank deposits, and calculates daily interest and accumulated dividends. Investors can use cash or USDC stablecoins issued by Circle for subscription and redemption, allowing assets to be settled faster and have greater transparency on the blockchain.
The wave of tokenization on Wall Street is accelerating
John Donohue, head of liquidity at JP Morgan Asset Management, said: "Client interest in tokenization is extremely strong. We expect to be a leader in this area and work with clients to provide the same options as traditional money market funds, but on the blockchain."
The launch of the fund comes at a time when the U.S. regulatory environment is becoming clearer. The GENIUS Act stablecoin bill passed this year established a comprehensive regulatory framework for U.S. dollar-denominated stablecoins, and the progress of the Clarity Act is also providing a clearer division of regulatory responsibilities for blockchain financial products. These policy changes are encouraging traditional financial institutions to accelerate their RWA tokenization plans.
The launch of MONY not only strengthens JPMorgan Chase’s position in the field of institutional-level tokenization, but also reflects Wall Street’s recognition of the practical value of blockchain technology.
