JPMorgan Chase & Co. is taking a notable step into the cryptocurrency world, which is quite a turn for CEO Jamie Dimon, who has previously referred to Bitcoin as a “scam” and compared cryptocurrencies to a “Ponzi scheme.”
The bank’s $4 trillion asset management division is set to launch its first tokenized money market fund called the My OnChain Net Yield Fund (MONY), reportedly investing $100 million of its own funds on the Ethereum network, according to The Wall Street Journal.
This fund will become available to outside investors on Tuesday, but only those with significant capital can participate. The entry threshold is $1 million, with individual investors needing at least $5 million and institutional investors required to invest a minimum of $25 million.
Money market funds serve as a safer savings option, investing in short-term government and corporate debt, often yielding a bit more interest than standard bank accounts.
Tokenization refers to the process of turning assets into digital tokens on a blockchain, which is essentially a decentralized record-keeping system, independent of central banks or corporations.
The Ethereum blockchain is one of the more prominent networks, and investors will be able to access this fund through JPMorgan’s online platform, receiving digital tokens in a crypto wallet, which functions as a storage option for digital assets.
Investors can use either cash or USDC— a stablecoin from Circle Internet Group, which maintains a value tied to the US dollar. This fund will pay out interest and dividends daily, much like traditional money market funds.
This initiative comes on the heels of the Genius Act passed earlier this year, which established regulations around stablecoins, and has led to a rising interest in tokenizing various assets including stocks, bonds, and even real estate.
According to John Donahue, who heads up global liquidity at JPMorgan Asset Management, there’s been a notable uptick in client interest regarding tokenization.
He mentioned, “We’re excited about taking a leadership role in this arena and working alongside our clients to provide products that mirror the choices available in traditional money market funds but on the blockchain.”
As for money market funds, they’ve been gaining traction, growing from around $6.9 trillion at the beginning of 2025 to approximately $7.7 trillion now, based on data from the Investment Company Institute.
Stablecoin market value has surpassed $300 billion, according to CoinGecko.
Many cryptocurrency users find tokenized funds appealing because they generate yield while remaining entirely on the blockchain, as opposed to stablecoins that usually don’t earn interest while held.
For fund managers, this approach can lower costs and accelerate transaction speeds. Some funds even serve as collateral on cryptocurrency exchanges, which can draw in more customers interested in digital assets.
JPMorgan’s strategy changes how it engages with digital assets, transitioning from its past criticisms. Dimon himself had some strong words about Bitcoin, calling it “a grandiose fraud” and previously labeling it a “decentralized Ponzi scheme.”
Still, he does acknowledge that while he remains skeptical of cryptocurrencies, the underlying blockchain technology is beneficial and practical. Other firms are also venturing into this area.
For example, BlackRock has already launched the largest tokenized money fund, valued at over $1.8 billion. Recently, Goldman Sachs and Bank of New York Mellon teamed up to introduce tokens for funds, including those from BlackRock and Fidelity.
Additionally, JPMorgan has recently tokenized its private equity fund targeted at affluent investors.
Companies like Robinhood, Kraken, and Gemini have also initiated the launch of tokenized stocks and exchange-traded funds for international investors earlier this year.
