JPMorgan Chase Launches Tokenized Money-Market Fund. Crypto and Wall Street Collide. — Barrons.com
By Nate WolfJPMorgan Chase's asset-management arm is launching its first tokenized money-market fund, The Wall Street Journal first reported on Monday.The bank will seed the fund with $100 million in capital before opening it on Tuesday to institutional investors with at least $25 million in investments and individuals with at least $5 million. The private fund, called My OnChain Net Yield Fund, or "MONY," has a minimum investment of $1 million.Tokenization refers to digitizing equities to trade through decentralized blockchains rather than a traditional exchange. Wall Street has grown increasingly comfortable with tokenization and other crypto-adjacent products since the passage of the Genius Act in July, which established a regulatory framework for dollar-pegged stablecoins.JPMorgan didn't immediately respond to a request from Barron's for comment.JPMorgan stock was up 0.4% in premarket trading Monday. Shares have climbed 33% this year.Over the last few years, the bank has rolled out its own tokenization platform called Kinexys Digital Assets, which will support the MONY fund, the Journal reported.Write to Nate Wolf at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.