JLTXX, JPMorgan's second tokenized money market fund on Ethereum, grew to $695M in July, designed for stablecoin reserves under the GENIUS Act.
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JPMorgan's second tokenized money market fund hit $694.95 million in on-chain assets by July 2, up roughly 250% from $200.3 million at the end of May, according to data platform Token Terminal.
The fund, JLTXX, launched May 13 on the public Ethereum blockchain. It is JPMorgan's second tokenized money market fund, following MONY, which debuted December 15, also on Ethereum. JLTXX invests entirely in US Treasuries and overnight repurchase agreements secured by Treasuries or cash. It runs on JPMorgan's Kinexys Digital Assets infrastructure and is accessible only through the Morgan Money platform. The minimum investment is $1 million, the net expense ratio is 0.16% after waivers, and the daily yield stands at 3.51%. Only qualified US investors can participate.
The fund seeded at roughly $100 million. JPMorgan itself put in the initial capital. Crypto-native custodian Anchorage Digital participated at launch.
One structural detail worth flagging: JLTXX was designed to help stablecoin issuers satisfy reserve requirements under the GENIUS Act, the recently passed US stablecoin legislation. JLTXX accepts both cash and stablecoins for subscriptions. That puts it at the exact intersection of regulated finance and crypto-native infrastructure.
Both of JPMorgan's tokenized funds live on public Ethereum, not on a permissioned chain or a proprietary ledger. That is a deliberate choice from a bank with its own blockchain infrastructure.
Anchorage Digital's participation at launch connects the traditional fund structure to infrastructure that institutional crypto clients already use. That makes JLTXX more accessible to crypto-native treasuries looking for compliant yield.
The growth comes as real-world asset deposits in DeFi have reached $7.4 billion, though utilization lags. JLTXX currently targets qualified US investors only. The GENIUS Act gives US issuers a first-mover advantage in compliant stablecoin reserves. Stablecoin issuers operating under the new framework need verifiable, compliant reserve assets. Tokenized Treasury funds that live on-chain, offer daily yield reinvestment, and support subscription and redemption in stablecoins are a structurally direct answer to that requirement.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.