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JPMorgan Chase & Co. on December 15 launched a tokenized money market fund on the public Ethereum blockchain, seeding the product with $100 million in internal capital and signaling a deepening commitment by major banks to onchain financial infrastructure.
The fund, announced on Monday, is aimed at institutional treasury clients and operates on Ethereum’s main network. JPMorgan said the tokenized money market fund is designed to provide continuous access and near real-time settlement, in contrast to traditional money market funds that can take days to process subscriptions and redemptions. The launch comes amid rapid growth in tokenized short-term funds, whose assets have more than doubled this year.
According to JPMorgan, the tokenized money market fund went live on December 15 and was seeded with $100 million of the bank’s own capital. The product is built to give institutional clients exposure to low-risk, short-term instruments through blockchain-based rails, allowing treasurers to move and manage cash more efficiently.
The bank described the product as a “tokenized money market fund,” underscoring its intent to replicate familiar financial structures while upgrading the underlying infrastructure.
By deploying the fund on Ethereum’s public network, JPMorgan is extending beyond permissioned systems and signaling confidence in public blockchains as viable platforms for regulated financial products.
The fund runs on Ethereum’s mainnet, which the bank said enables continuous availability and faster settlement cycles. In the announcement, JPMorgan emphasized “near real-time settlement” as a core benefit of using blockchain infrastructure, compared with legacy systems that often rely on batch processing and limited operating hours.
The new tokenized money market fund builds on JPMorgan’s broader blockchain strategy under its Kinexys platform. Historically, Kinexys focused on permissioned distributed ledger technology used internally or among a closed set of counterparties. Previous initiatives included JPM Coin for wholesale payments and, more recently, the JPMD USD deposit token launched on Coinbase’s Layer 2 network, Base.
By contrast, the Ethereum-based fund represents a notable expansion into public blockchain infrastructure. The bank has increasingly positioned deposit-based tokenized products as an alternative to stablecoins for institutional clients, arguing that regulated bank-issued instruments can deliver yield and compliance within existing financial frameworks.
JPMorgan said it plans to expand access to the tokenized money market fund over time and introduce additional currencies, subject to regulatory approval. The announcement framed the fund as part of a longer-term strategy to modernize cash management and settlement for large institutions using blockchain technology.
The launch follows JPMorgan’s recent $50 million tokenized commercial paper issuance on the Solana public blockchain, executed just one week earlier. Together, the deals highlight how large financial institutions are experimenting with multiple public networks as infrastructure for capital markets activity.
Industry data shows that tokenized money market funds have grown rapidly in 2025, with assets under management rising from about $4 billion at the start of the year to $8.6 billion by November. JPMorgan’s entry with a tokenized money market fund seeded at $100 million adds further validation to a sector that has attracted asset managers, blockchain firms, and now global banks.
The bank said the Ethereum deployment reflects growing confidence in public blockchains as a foundation for global financial markets. In the announcement, JPMorgan referred to the Ethereum network as “public blockchain infrastructure,” highlighting its view that open networks can support regulated products at institutional scale.
For crypto investors, the move reinforces Ethereum’s position as the dominant platform for tokenized real-world assets. For policymakers, it illustrates how established banks are engaging with public blockchains while remaining within regulatory boundaries.
And for the general public, the launch signals that blockchain technology is increasingly being integrated into familiar financial products, not just speculative assets.
As tokenization expands beyond pilot projects into production-scale funds, JPMorgan’s tokenized money market fund may serve as a template for how traditional finance and decentralized infrastructure converge.
With assets in tokenized cash products rising sharply, the bank’s decision to go live on Ethereum suggests that public blockchains are becoming a permanent fixture in institutional finance rather than an experimental edge case.
