JPMorgan tokenized money fund hits $693M, doubling in June

JPMorganChase's tokenized money market fund reached $693 million in assets in June, more than double the prior month. The OnChain Liquidity-Token Money Market Fund launched on May 12 as a registered SEC vehicle, giving stablecoin issuers a compliant place to park reserve assets.

The fund buys only U.S. Treasuries and Treasury- or cash-backed overnight repos. It operates on JPMorgan's Kinexys Digital Assets blockchain and is accessible through the Morgan Money platform. Minimum investment is $1 million. Transactions settle on the public Ethereum network.

Growth is tied directly to the GENIUS Act, which bars stablecoin issuers from paying interest on their own coins. Issuers "park Treasury reserves in vehicles like this to earn yield while staying compliant," JPMorgan spokeswoman Kristen Chambers said.

Paul Przybylski, the bank's global head of product for digital and tokenized assets, said the fund is "very well positioned to capture a good amount of that asset base that's going to be coming out to market." He noted that most competitors use private placement vehicles domiciled in the Cayman Islands or British Virgin Islands. JPMorgan wanted a fully registered structure, he said, after earlier launching the My Onchain Net Yield Fund (MONY) in December 2025 as a private placement.

JPMorgan sits sixth among stablecoin vault curators by assets, according to Trading Strategy data. Janus Henderson leads with $3.7 billion. The next four are Steakhouse Finance, Spark, Sentora, and Gauntlet.

CEO Jamie Dimon acknowledged the competitive pressure in his April letter to shareholders. "A whole new set of competitors is emerging based on blockchain, which includes stablecoins, smart contracts and other forms of tokenization," he wrote. He said the bank must "roll out our own blockchain technology and continually focus on what our customers want."

The registered SEC structure gives JPMorgan a compliance edge over offshore private placements. BlackRock, Franklin Templeton, and Goldman Sachs have also launched or piloted tokenized funds. As more institutions bring compliant on-chain reserve vehicles to market, the competition for stablecoin issuer deposits will tighten.

The fund's rapid doubling shows that demand is real. The race to capture stablecoin reserves is just beginning.

Disclosure: The author holds no position in any security mentioned. For a full list of AlphaScala's stock market analysis, visit the site.