The Big Story: "MONY" Talks on Ethereum
While Wall Street has been experimenting with "private" blockchains for years, the world’s biggest bank just took the plunge into the public square. JPMorgan has launched MONY, its first tokenized money market fund, directly on the Ethereum blockchain.
What is it? MONY is a private placement fund (under Reg D 506(c)) that invests exclusively in ultra-safe assets: U.S. Treasury securities and fully collateralized repurchase agreements (repos).
The Details: High-Stakes Entry
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The Seed: JPMorgan seeded the fund with $100 million of its own capital to get the gears turning.
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The Barrier to Entry: This isn't for retail (yet). It requires a $1 million minimum investment and is limited to "qualified investors"—individuals with $5M+ or institutions with $25M+ in assets.
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The Infrastructure: It is powered by Kinexys Digital Assets (the bank's rebranded blockchain division) and distributed via Morgan Money®, their flagship $400B institutional trading platform.
Why This Actually Matters
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Stablecoin Integration: For the first time, institutional clients can subscribe or redeem their shares using Circle’s USDC stablecoin alongside traditional cash. This bridges the gap between the "crypto native" and "traditional finance" worlds.
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Instant Utility (The "TCN" Factor): Through JPMorgan’s Tokenized Collateral Network (TCN), these fund tokens can be used as collateral for other trades instantly. In the old world, moving collateral takes days; on-chain, it takes seconds.
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Peer-to-Peer Mobility: Investors can move these tokens peer-to-peer on Ethereum, potentially creating a "liquid treasury" that lives on-chain but is backed by the full faith of the U.S. government.
The competitive landscape
JPMorgan is "chasing" a trend pioneered by BlackRock’s BUIDL fund, which has already amassed over $2 billion in assets since 2024. However, having the world's largest bank embrace public Ethereum validates the "Real World Asset" (RWA) narrative more than any headline before it.
"Tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products." — John Donohue, Head of Global Liquidity, J.P. Morgan Asset Management
