JP Morgan Chase & Co. has entered the on-chain cash arena with the launch of the My OnChain Net Yield Fund (MONY) on the Ethereum blockchain. This move aims to attract institutional capital currently held in zero-yield stablecoins and tokenized funds. MONY, launched on December 15, wraps a traditional money-market fund in a token, offering the speed of crypto with yield, a feature payment stablecoins cannot legally provide under new U.S. rules. This positions JP Morgan in competition with BlackRock’s BUIDL and the tokenized Treasuries sector. The GENIUS Act, which regulates stablecoins, prohibits issuers from paying interest to token holders, creating an opportunity for funds like MONY to offer yield to accredited investors through private placements invested in U.S. Treasuries.

JP Morgan Chase & Co. has entered the on-chain cash arena with the launch of the My OnChain Net Yield Fund (MONY) on the Ethereum blockchain. This move aims to attract institutional capital currently held in zero-yield stablecoins and tokenized funds. MONY, launched on December 15, wraps a traditional money-market fund in a token, offering the speed of crypto with yield, a feature payment stablecoins cannot legally provide under new U.S. rules. This positions JP Morgan in competition with BlackRock’s BUIDL and the tokenized Treasuries sector. The GENIUS Act, which regulates stablecoins, prohibits issuers from paying interest to token holders, creating an opportunity for funds like MONY to offer yield to accredited investors through private placements invested in U.S. Treasuries.