JPMorgan Kills the Pilot Phase: Kinexys and MONY Fund Move Wall Street On-Chain

The Brief

The era of “blockchain tourism” is over. JPMorgan has aggressively pivoted its tokenized infrastructure from sandbox experiments to live commercial execution, rebranding its Onyx division to Kinexys and launching the My OnChain Net Yield (MONY) Fund on the public Ethereum mainnet. This isn’t a test. It’s a $100 million seeded commitment that effectively integrates a Global Systemically Important Bank (GSIB) directly with public permissionless infrastructure.

The Receipt

This week’s moves dismantle the narrative that institutions will only use private, walled-garden blockchains. Two critical developments confirm the shift:

• Public Chain Integration: The MONY fund now allows institutional clients to subscribe and redeem via Circle’s USDC, settling directly on Ethereum. This bypasses the T+1 settlement lag of legacy rails entirely.
• Solana Debut: In a move that surprised market observers, JPMorgan facilitated a commercial paper issuance for Galaxy Digital on the Solana blockchain on December 11.

This transaction marks a pivotal moment… It represented one of the first times a major U.S. bank has issued and serviced debt securities on a public blockchain. — CryptoSlate Reports

The Numbers

The volume moving through these pipes is no longer theoretical. Qatar National Bank (QNB) is now reportedly processing $3 billion in daily transactions via the bank’s rail, a figure that rivals the daily active volume of many Layer 1 networks. Meanwhile, the bank’s rebranding of Onyx to Kinexys signals a permanent operational division rather than an innovation lab side-project.

Market Reaction

The market response has been swift but bifurcated. Ethereum (ETH) ticked up 2% as the MONY fund validates its mainnet as a settlement layer for high-value traditional finance (TradFi). Solana (SOL) saw renewed interest following the Galaxy deal, proving its high-throughput architecture can meet Wall Street’s compliance standards. JPM stock remained flat, pricing this as infrastructure evolution rather than a short-term revenue driver.

Institutional Context

Why now? Liquidity fragmentation. Treasurers at firms like Siemens and FedEx, early adopters of JPM Coin, demanded programmable payments that don’t sleep on weekends. By moving to public chains like Ethereum and Solana, JPMorgan is acknowledging that the future of liquidity is not in a closed JPM intranet, but on the open internet of value. They aren’t just adopting crypto; they are attempting to become the bridge that controls it.