In a significant move for the financial industry, JPMorgan has introduced a tokenized money market fund named My OnChain Net Yield Fund (MONY) on the Ethereum mainnet. This launch took place on December 15, 2025, and operates through the bank”s Kinexys Digital Assets platform. MONY is designed to provide investors with a secure way to park their short-term cash while benefiting from steady yields.
The fund primarily invests in US Treasurys and Treasury-backed repurchase agreements, ensuring a conservative cash portfolio. Investors can access the fund via Morgan Money, with ownership interests represented as blockchain tokens delivered directly to their on-chain addresses. This innovative approach allows for daily dividend reinvestment and the flexibility of subscriptions and redemptions using either cash or stablecoins.
The choice of Ethereum as the settlement layer is particularly noteworthy. It positions MONY within an ecosystem that already includes stablecoins, tokenized Treasurys, and other on-chain liquidity options. According to RWA.xyz, stablecoins currently account for approximately $299 billion in market activity, making Ethereum a vital hub for cash management and settlement in the tokenized finance space.
MONY not only enhances transparency but also encourages peer-to-peer transfers, which could revolutionize how traditional financial products are utilized within the blockchain environment. It retains familiar money market fund mechanics, such as daily dividends and straightforward subscription and redemption processes, while also exploring the potential for broader collateral usage in blockchain-based markets.
As the demand for tokenized cash products grows, MONY enters a competitive landscape already populated by key players like BlackRock and Franklin Templeton, both of which have launched similar offerings on Ethereum. The market is witnessing a buildout phase, with improvements in transfer infrastructure and clearer paths for collateral usage, indicating a robust future for tokenized financial assets.
Looking ahead, the success of MONY will hinge on its acceptance as collateral in secondary markets and whether other global systemically important banks (GSIBs) will follow suit by launching their own tokenized cash products on the Ethereum platform. As this trend develops, MONY could become an integral part of traditional finance”s integration with blockchain technology.
