JPMorgan launches Ethereum-based tokenized money market fund

JPMorgan has launched an Ethereum-based tokenized money market fund (MMF) called MONY (My Onchain Net Yield Fund), the Wall Street Journal exclusively reported. The fund is supported by JPMorgan's tokenization platform, Kinexys, and is scheduled to open to external investors on Dec. 16 following an initial $100 million investment from the bank. Similar to other MMFs, MONY will primarily invest in short-term bonds using cash or USDC, with investors receiving digital tokens upon subscription. JPMorgan stated that it launched the fund after confirming significant client demand for tokenization.