JPMorgan Pushes Deeper Into Crypto Strategy With MONY Fund On Ethereum: Report

• The product runs on Ethereum while being supported by the bank’s permissioned Kinexys blockchain platform.
• This is another step in JPMorgan's positioning of tokenization and blockchain rails as tools for asset management rather than retail trading.

JPMorgan Chase (JPM) is reportedly launching its first private tokenized money-market fund on the Ethereum (ETH) blockchain, deepening its steady expansion into institutional crypto this year.

According to a Monday report from the Wall Street Journal, the bank’s $4 trillion asset-management arm is rolling out its first on-chain money-market vehicle called My OnChain Net Yield Fund (MONY). JPMorgan plans to seed the fund with $100 million of its own capital before opening it to outside investors on Tuesday, the report said.

JPM’s stock edged 0.6% higher in pre-market trade on Monday. On Stocktwits, retail sentiment around the U.S. bank remained in ‘extremely bullish’ territory amid ‘extremely high’ levels of chatter over the past day. Meanwhile, Ethereum’s price was trading at around $3,157, up 2% in the last 24 hours and outperforming Bitcoin (BTC). On Stocktwits, retail sentiment around the leading altcoin trended in ‘neutral’ territory amid ‘normal’ levels of chatter over the past day.

The launch follows a string of blockchain-related initiatives by the bank, including its own permissioned network, a deposit-backed digital token, and plans to allow Bitcoin and Ethereum to be used as collateral for institutional lending.

From Crypto Pilots To Institutional Scale

JPMorgan’s latest move underscores a broader shift by large U.S. banks from limited blockchain experimentation toward larger systems aimed at institutional clients.

The bank rebranded its Onyx permissioned blockchain to Kinexys in November last year, positioning the platform as a core piece of its digital-asset infrastructure. Within that ecosystem, JPMorgan launched its own stablecoin, JPM Coin (JPMD), in June. Initially introduced as a pilot, JPMD has since moved closer to production use, with the bank announcing in November that it would deploy the token for institutional clients on Base.

In October, JPMorgan also said it was preparing to allow institutional clients to pledge BTC and ETH as collateral for loans beginning in 2026. 

Jamie Dimon’s Pivot

JPMorgan CEO Jamie Dimon has repeatedly questioned Bitcoin’s intrinsic value over the years and has often highlighted concerns tied to illicit finance. In 2017, he famously called Bitcoin a “fraud” and compared it to pet rocks, remarks that came to define the bank’s early public posture toward cryptocurrencies.

More recently, Dimon’s tone has softened. In an interview with Fox Business last week, he said blockchain technology is “real” and becoming more “efficient” and “effective” as adoption expands.

“As a payment system, a network, if we can use things like that to do something better, faster, cheaper for clients, we’re going to,” Dimon said.

Read also: Ethereum Co-Founder Vitalik Buterin Sells Uniswap, KNC, Dogey-Inu In Latest Wallet Move

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