JPMorgan (JPM) is making its most aggressive move into public blockchain yet, launching its first tokenized money-market fund on the Ethereum network. Seeded with $100 million of the bank’s own capital, the “My OnChain Net Yield Fund,” or MONY, allows qualified investors to hold digital tokens representing direct ownership of the fund.
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The fund targets the “qualified” elite, individuals with at least $5 million in assets and institutions with $25 million or more, with a minimum buy-in of $1 million. By utilizing the Ethereum blockchain, JPMorgan is betting that “on-chain” assets can be moved with a speed and efficiency that legacy banking systems simply cannot match.
JPMorgan’s MONY Allows Investors to Earn a Daily Dividend
For years, crypto investors faced a “yield dilemma” where idle cash sat in stablecoins that paid zero interest to the holder. JPMorgan’s MONY solves this by allowing investors to subscribe using cash or USDC and earn a daily dividend; all while staying entirely within the blockchain ecosystem.
This launch follows the passage of the Genius Act earlier this year, a landmark regulatory framework that has turned tokenization from a “fringe experiment” into a core Wall Street strategy. JPMorgan is now competing directly with BlackRock (BLK), which currently manages the world’s largest tokenized fund with over $1.8 billion in assets.
Why $18.9 Trillion Is at Stake
While the initial seeding is $100 million, the broader implications are massive. Analysts project the tokenized asset sector could reach $18.9 trillion by 2033. JPMorgan’s MONY isn’t just a new product; it’s a test of the bank’s Kinexys Digital Assets platform, designed to bring traditional U.S. Treasury securities and repurchase agreements onto public ledgers.
However, critics argue that the $1 million minimum and “qualified investor” status keep the benefits of blockchain locked behind a $1.5 trillion institutional wall. However, as more global systemically important banks (GSIBs) like Goldman Sachs (GS) and BNY (BK) follow suit, the line between traditional finance and decentralized finance (DeFi) continues to blur into a single, on-chain reality.
Is JPMorgan a Good Stock to Buy?
JPMorgan Chase (JPM) is currently maintaining a “Moderate Buy” consensus rating from Wall Street. Based on 18 analysts providing 12-month price targets, the average forecast is $336.43, representing a modest 5.62% upside from its last price of $318.52. Of the 18 ratings, 11 analysts recommend a Buy, while 7 suggest a Hold, with no analysts currently advising a Sell.
