JP Morgan Asset Management has launched its first tokenized money market fund (MMF), My OnChain Net Yield Fund (MONY) on the public Ethereum blockchain. There’s been a flurry of similar announcements by systemically important banks in recent weeks, but JP Morgan is the largest to do so.

MONY will only be available to qualified investors and is a 506(c) private placement fund, the same structure used by BlackRock’s BUIDL, which has $1.8 billion in assets under management. The MMF will be available via Morgan Money, the bank’s institutional liquidity platform, and according to the Wall Street Journal, the bank is initially seeding the fund with $100 million.

The issuance was enabled by JP Morgan’s Kinexys distributed ledger arm, which also recently launched a deposit token on the Base public chain. However, since the deposit token is currently available on a different chain (Base), MONY subscriptions and redemptions can initially be settled using cash or stablecoins.

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