JP Morgan Launches Tokenized Money Market Fund on Ethereum
- On December 15, JP Morgan Chase & Co. launched the My OnChain Net Yield Fund (MONY) on the Ethereum blockchain.
- MONY is structured as a private placement money-market fund, allowing it to offer yield, unlike traditional payment stablecoins.
- The fund was seeded with approximately $100 million of JP Morgan’s own capital and targets accredited investors.
- This move positions JP Morgan against competitors like BlackRock’s BUIDL in the growing tokenized Treasuries market.
- The launch aligns with the GENIUS Act, which restricts regulated stablecoins from offering interest to holders.
JP Morgan’s MONY aims to attract institutional capital currently held in zero-yield stablecoins by providing a regulated, yield-bearing alternative within its liquidity platforms. This reflects a strategic shift towards integrating traditional finance with blockchain technology.
By launching MONY, JP Morgan seeks to reclaim institutional funds from stablecoins and enhance transaction efficiency, potentially reshaping cash management for large investors in the digital space.(Source)
