A press release titled, "J.P. Morgan Asset Management Launches Its First Tokenized Money Market Fund," states, "J.P. Morgan Asset Management ... announced the launch of its first tokenized money market fund, My OnChain Net Yield Fund ('MONY'), now available on the public Ethereum blockchain. Powered by Kinexys Digital Assets, the firm's industry-leading, multi-chain asset tokenization solution, MONY is a 506(c) private placement fund providing qualified investors the opportunity to earn U.S. dollar yields by subscribing through Morgan Money, the firm's open architecture trading and analytics platform for liquidity management. Morgan Money is the first institutional liquidity trading platform to integrate traditional and on-chain assets offering investors access to a full-range of money market products." (Note: Please join us for our "basic training" event, Money Fund University, which takes place Dec. 18-19, in Pittsburgh! Attendees and subscribers may access the conference materials via our "Money Fund University 2025 Download Center.")
It continues, "J.P. Morgan is the largest GSIB (global systemically important bank) to launch a tokenized money market fund on a public blockchain. Qualified investors can access MONY exclusively through the Morgan Money platform, receiving tokens at their blockchain addresses. MONY invests only in traditional U.S. Treasury securities, and repurchase agreements fully collateralized by U.S. Treasury securities, allowing qualified investors to earn yield while holding the token on the blockchain."
The release tells us, "It offers daily dividend reinvestment and investors will be able to subscribe and redeem using cash or stablecoins through the Morgan Money platform. The fund's tokenization provides increased transparency, peer-to-peer transferability and the potential for broader collateral usage within the blockchain ecosystem."
George Gatch, CEO of J.P. Morgan Asset Management, comments, "Active management and innovation are at the heart of how we deliver new solutions for investors navigating today's financial landscape. By harnessing technology alongside our deep expertise in active management, we're able to provide clients with advanced, innovative, and cost-effective capabilities that help them achieve their investment goals."
The release also says, "Money market funds have historically played an important role in portfolios, providing investors liquidity, stability, and yield. The launch of MONY reflects the industry's growing shift toward tokenization of assets on public networks. As demand for tokenized assets grows, tokenized money market funds can help meet investor needs while introducing new features enabled by blockchain technology."
JPMAM Head of Global Liquidity John Donohue adds, "We are excited to be a first mover with the launch of MONY, and we expect other GSIB banks to follow our lead in providing clients with greater optionality in how they invest in money market funds. With Morgan Money, tokenization can fundamentally change the speed and efficiency of transactions, adding new capabilities to traditional products. This marks a significant step forward in how assets will be traded in the future, and we're excited about the opportunities this creates for our clients and for the whole industry."
For more on Tokenized MMFs, see the Wall Street Journal's "JPMorgan Steps Further Into Crypto With Tokenized Money Fund," and see these Crane Data News stories: "Bank for International Settlements Primer on Tokenized Money Funds" (12/2/25), "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (11/5/25), "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" (9/25/25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (9/22/25), and "BNY's LiquidityDirect Portal Announces Plans to Tokenize Money Funds" (7/24/25).
In related news, a release, "State Street Investment Management and Galaxy Digital Partner to Tokenize Private Liquidity Fund, With Planned Seed Investment from Ondo," tells us, "State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (GLXY), ... announced the forthcoming launch of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized private liquidity fund that will unlock the potential for 24/7 onchain liquidity by utilizing PYUSD stablecoins for subscriptions and redemptions, subject to availability from the fund's portfolio. SWEEP will be available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts. Ondo Finance is anticipated to seed the fund with approximately $200 million."
Finally, the ICI recently released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in November, prime money market funds held 48.3 percent of their portfolios in daily liquid assets and 61.8 percent in weekly liquid assets, while government money market funds held 76.9 percent of their portfolios in daily liquid assets and 87.9 percent in weekly liquid assets." Prime DLA was up from 47.0% in October, and Prime WLA was up from 60.8%. Govt MMFs' DLA rose from 76.6% and Govt WLA was unchanged at 87.9% for the previous month.
ICI explains, "At the end of November, prime funds had a weighted average maturity (WAM) of 32 days and a weighted average life (WAL) of 53 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 41 days and a WAL of 93 days. "Prime WAMs were unchanged while WALs were 1 day longer from the previous month. Govt WAMs and WALs were both down from the previous month, WAMs were 2 days shorter and WALs were 1 day shorter.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas rose from $736.56 billion in October to $760.47 billion in November. Government money market funds' holdings attributable to the Americas rose from $5,623.40 billion in October to $5,748.58 billion in November."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $760.5 billion, or 62.9%; Asia and Pacific at $158.4 billion, or 13.1%; Europe at $259.6 billion, or 21.5%; and, Other (including Supranational) at $29.6 billion, or 2.5%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.749 trillion, or 92.2%; Asia and Pacific at $116.5 or 1.9%; Europe at $355.1 billion, 5.7%, and Other (Including Supranational) at $12.5 billion, or 0.2%.
