JPMorgan Chase & Co.’s asset management arm is deepening its push into blockchain-based finance with plans to launch its second tokenized money market fund.
The New York-based bank on Tuesday submitted paperwork for the JPMorgan OnChain Liquidity-Token Money Market Fund (ticker JLTXX). The fund would issue digital tokens on the Ethereum blockchain representing shares in its underlying portfolio of Treasuries and repurchase agreements.
Those tokens can be held in digital wallets, transferred between investors, or used as collateral in crypto markets , with transactions settling in minutes rather than a day or two as is standard for conventional fund shares. The underlying assets would remain with a traditional custodian.
The fund would invest in United States Treasuries and overnight repurchase agreements collateralized by Treasuries or cash, according to the filing. The product is designed to comply with the Genius Act, the federal framework governing dollar-linked stablecoins that was signed into law last year.
Tokenization — the process of converting traditional financial assets such as stocks, bonds and private credit into blockchain-based digital tokens representing fractional ownership — has emerged as one of Wall Street’s fastest-growing areas as firms seek to attract crypto-native investors.
Other major asset managers have launched similar products as they race to capitalize on the trend. And firms are increasingly racing to introduce tokenized products aligned with the Genius Act framework. Last week, BlackRock Inc. filed paperwork for two tokenized money market funds aimed at investors holding cash in stablecoins .
JPMorgan’s latest filing follows the debut of My OnChain Net Yield Fund (MONY), its first tokenized money-market fund, which is powered by the bank’s tokenization platform Kinexys Digital Assets.
The market value of tokenized assets has surged more than 400 per cent since the start of 2025 to roughly US$32 billion, according to data provider rwa.xyz. While still small relative to the trillions of dollars held in mutual funds and exchange-traded funds, advocates expect the market to continue expanding.