Daily Crypto Briefs 
NEW YORK, December 15, 2025
JPMorgan’s $4 trillion asset manager is bringing a money market fund onto Ethereum. That sounds niche until you connect it to what investors actually do with dollars. They park cash, they earn yield, and they want liquidity on demand.
The fund is called My OnChain Net Yield Fund, or MONY. It tokenizes money market fund shares so ownership can live in a crypto wallet while the underlying portfolio still looks like traditional cash management, based on reporting from Livemint.
What JPMorgan is launching on Ethereum
JPMorgan Asset Management is rolling out its first tokenized money market fund on Ethereum, seeded with $100 million of its own capital, as reported by Livemint. The product targets qualified investors and has a $1 million minimum.
Investors subscribe and redeem using cash or USDC, and receive digital tokens in their wallets that represent their fund position. JPMorgan is supporting the launch through its tokenization platform, Kinexys Digital Assets, described on the Kinexys site.
Livemint reports eligibility starts at $5 million in investments for individuals and $25 million for organizations, with subscriptions handled through JPMorgan’s Morgan Money portal.
What a tokenized money market fund is
A money market fund is a mutual fund built for cash management. It buys short-term, high-quality debt like Treasury bills and repurchase agreements, then passes the interest back to shareholders. If you want the plain-English definition and how these funds work, Investopedia breaks it down in its money market fund explainer.
Tokenized is the wrapper. Instead of your ownership living only inside a broker’s back office, the fund issues blockchain tokens that represent shares. Transfers can still be restricted by the fund’s rules, so this is not an open DeFi token you can send to anyone. The difference is the settlement layer. Ownership can move onchain with the wallet and custody tooling crypto markets already use.
Why Ethereum is the venue large funds keep choosing
Ethereum is where most tokenized asset activity has concentrated because it has the deepest base of wallets, custody providers, and onchain infrastructure. When a fund chooses Ethereum, it is choosing the widest distribution surface in crypto, not a smaller private network.
JPMorgan also gets a clean separation between product logic and asset management. Kinexys can handle the tokenization and controls, and Ethereum acts as the shared ledger where the token lives and settles.
What this changes for stablecoins and onchain yield
Stablecoins are great at moving dollars, but most do not pay yield directly. That gap is why tokenized Treasury and money market products have been climbing. They give investors a way to keep funds onchain and still earn a rate linked to short-term government debt.
The scale on both sides is already big. U.S. money market fund assets sit in the trillions, tracked in the Investment Company Institute’s money market fund data. Stablecoins are also a major pool of crypto capital, tracked on CoinGecko’s stablecoin category page.
USDC matters here because it is becoming the settlement rail for regulated yield products. If investors can subscribe and redeem a money market fund using USDC, the stablecoin starts acting like a bridge between banking hours and onchain markets. Circle’s overview of how USDC works is on its USDC page.
If you want the policy angle, this also fits the post-GENIUS Act direction we covered in our deep dive on the stablecoin market. When stablecoin issuers are pushed away from paying yield, yield demand moves into wrappers like tokenized funds.
What to watch next
Whether MONY becomes collateral
The killer use case is collateral. If prime brokers, exchanges, and crypto lenders accept tokenized money market fund shares as margin, this stops being a niche product. It becomes the new cash equivalent in crypto trading stacks.
How access rules shape growth
This is not built for retail traders. High minimums and investor eligibility checks limit who can buy it. The early traction will come from professional allocators who already use money market funds and now want onchain settlement.
Whether USDC wins more settlement share
USDC already sits in the middle of a lot of crypto market plumbing. A JPMorgan fund that supports USDC subscriptions and redemptions puts more real cash management flow through that rail. Watch whether this becomes a template other managers copy.
The big picture is simple. JPMorgan is not tokenizing a meme asset. It is tokenizing the place where real money parks when risk is high and yields are attractive. If MONY scales, tokenized money market funds move from a crypto side quest to a core part of how dollars settle onchain.
Primary sources and further reading
| Source | Title |
|---|---|
| | Livemint (via WSJ) — JPMorgan steps further into crypto with tokenized money fund |
| | J.P. Morgan — Kinexys |
| | Investment Company Institute — Money Market Fund Assets |
| | Circle — USDC |
| | CoinGecko — Stablecoins |
| | Investopedia — Money market funds |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
Frequently Asked Questions
What is JPMorgan’s tokenized money market fund called?
The fund is called My OnChain Net Yield Fund, or MONY, and it issues digital tokens that represent ownership in the fund, according to Livemint’s report.
Can regular investors buy MONY?
No. JPMorgan is limiting access to qualified investors and setting high minimums, per the reported terms, so this is not a retail product.
What does “tokenized” mean in this context?
Tokenized means fund shares are represented as blockchain tokens. Instead of relying only on traditional account records, ownership can be tracked and transferred onchain under the fund’s rules.
Why does USDC matter for this launch?
JPMorgan’s reported plan lets investors subscribe and redeem using cash or USDC, which makes the stablecoin a settlement rail for a regulated yield product rather than a standalone yield asset.