JPMorgan Seeks SEC Approval for Tokenized Money Market Fund Aimed at Stablecoin Issuers

JPMorgan has filed with the U.S. Securities and Exchange Commission for a blockchain-enabled money market fund intended to serve stablecoin issuers gearing up for a regulated U.S. market under the proposed Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act). The registration, submitted on 12 May, covers the JPMorgan OnChain LiquidityToken Money Market Fund, which would trade under the ticker JLTXX. The prospectus says the fund would invest mainly in short-term U.S. Treasury securities and overnight repurchase agreements, while using blockchain infrastructure to tokenize ownership records. Ethereum is listed as the first supported network. Positioned as reserve infrastructure for stablecoins JPMorgan frames the product as a compliant reserve-asset option for stablecoin issuers anticipating U.S. requirements. The bank stresses the fund is not itself a stablecoin. Instead, it is a tokenized money market fund whose shares can be transferred over blockchain rails. Eligible users would be able to move tokenized shares peer-to-peer on supported networks, though access is tightly permissioned. The official shareholder register remains off-chain with the transfer agent, and blockchain addresses interacting with the fund must be approved and subject to monitoring. The filing also notes JPMorgan can correct or reverse token-balance discrepancies when needed. A $1 million minimum investment indicates the initial focus is institutional investors rather than retail. Wall Street expands on-chain efforts The filing underscores how large financial institutions are building blockchain-based market infrastructure as stablecoin legislation advances in Washington. It also reflects banks' positioning for a market where stablecoins, tokenized Treasuries and blockchain settlement become more integrated with mainstream finance, as lawmakers continue debating stablecoin rules amid tension between crypto firms and banking groups over the future architecture of digital-dollar infrastructure.