JPMorgan Seeks SEC Clearance for Tokenized Money Market Fund on Blockchain

JPMorgan (JPM) is moving to bring money market funds on-chain, underscoring how large banks and Wall Street asset managers are accelerating efforts to shift traditional assets onto blockchain infrastructure. In a filing submitted Tuesday to the U.S. Securities and Exchange Commission (SEC), the bank detailed plans for a blockchain-based money market fund that would invest solely in short-term U.S. Treasuries, cash, and overnight repurchase agreements backed by government securities. The proposed vehicle, JPMorgan OnChain LiquidityToken Money Market Fund (JLTXX), would track investor ownership through blockchain-based token balances. The filing said approved users would be able to place purchase, redemption, and transfer requests via Ethereum. Kinexys Digital Assets—JPMorgan's blockchain unit formerly known as Onyx—would run the underlying blockchain infrastructure. JPMorgan said the fund is designed to meet reserve asset requirements under the GENIUS Act, legislation aimed at regulating stablecoin issuers in the U.S. The structure could make it a yield-bearing reserve option for stablecoin firms seeking compliant exposure to Treasuries. The filing arrives days after BlackRock (BLK), the world's largest asset manager, submitted paperwork for a new tokenized Treasury reserve vehicle and blockchain-based shares of an existing $7 billion money market fund. Tokenization—creating blockchain-based representations of traditional financial assets—has become a major theme across both finance and crypto. Proponents say it can shorten settlement times, improve transparency, and enable 24/7 trading and collateral use. The tokenized real-world asset market has expanded more than 200% over the past year and now tops $32 billion, according to rwa.xyz. Treasury-linked products have been among the fastest-growing segments as institutions look to earn yield on on-chain cash. JPMorgan has been one of the most active traditional banks in embedding blockchain infrastructure into mainstream finance. In December, it launched a tokenized money market fund called MONY on Ethereum, giving institutional investors blockchain-based access to short-term cash products. Through Kinexys, the bank has also processed tokenized collateral and settlement transactions for institutional clients.