Why JPMorgan’s Onchain Fund Is a Big Signal for Ethereum
▪︎ JPMorgan launched MONY, a tokenized money market fund, directly on Ethereum mainnet
▪︎ Backed by US Treasurys + Treasury-collateralized repos (very conservative cash product)
▪︎ Daily yield, daily reinvestment — but ownership lives onchain
▪︎ Access via Morgan Money, tokenization via Kinexys Digital Assets
Why this matters for Ethereum 👇
▪︎ This is regulated institutional cash moving onto a public blockchain, not a private bank chain
▪︎ Ethereum already hosts the deepest liquidity:
▪︎ ~$299B stablecoins
▪︎ ~$9B tokenized Treasurys
▪︎ MONY sits naturally alongside stablecoins and RWAs as onchain cash
The real signal is collateral
▪︎ Tokenized MMF shares can be used as onchain collateral
▪︎ Faster settlement, programmable transfer rules, 24/7 operations
▪︎ Becomes the cash leg for tokenized securities, RWAs, and future onchain markets
Competitive context
▪︎ BlackRock BUIDL
▪︎ Franklin Templeton BENJI
▪︎ Now JPMorgan joins — on public Ethereum
What to watch next
▪︎ Will MONY be used in repo, lending, or prime-style onchain workflows?
▪︎ Will other GSIB banks follow JPMorgan onto Ethereum?
▪︎ Will stablecoins move beyond subscriptions into secondary settlement?
If tokenized cash starts moving freely and being accepted as collateral, Ethereum isn’t just hosting crypto — it’s becoming financial market infrastructure.
