JPMorgan Debuts ‘MONY’ Fund on Ethereum Mainnet; Seeds $100M

JPMorgan Chase (assets: $4T) has launched the My OnChain Net Yield Fund (MONY) on the public Ethereum blockchain, marking the first time a Global Systemically Important Bank (GSIB) has deployed a money market fund directly on a permissionless network.

The move represents a distinct pivot for the bank’s asset management arm, which has historically favored its permissioned Kinexys (formerly Onyx) infrastructure. While the fund is powered by the Kinexys Digital Assets platform, the settlement and token issuance occur on public Ethereum, directly challenging BlackRock’s BUIDL fund.

The Mechanism

JPMorgan seeded the fund with $100 million of its own capital. The structure is a 506(c) private placement, strictly gated for qualified investors:

• Minimum Investment: $1 million.
• Eligibility: Individuals with $5M+ in assets, Institutions with $25M+.
• Rails: Subscriptions and redemptions are processed via cash or USDC.

By integrating USDC, the bank allows investors to move into yield-bearing Treasuries without off-ramping to fiat, a workflow that stablecoin issuers like Circle have lobbied for aggressively.

Institutional Context

The launch escalates the arms race for tokenized treasury products. BlackRock’s BUIDL currently holds over $1.8 billion in assets, while Franklin Templeton’s FOBXX operates on Stellar and Polygon. JPMorgan’s entry validates the public chain thesis: that liquidity is deepest on mainnet Ethereum, not private bank chains.

“There is a massive amount of interest from clients around tokenization,” John Donohue, Head of Global Liquidity at JPMorgan Asset Management, told the WSJ. “We expect to be a leader in this space.”

The fund invests exclusively in U.S. Treasury securities and fully collateralized repurchase agreements. Dividends are reinvested daily.