JP Morgan bets on Ethereum for its MONY fund
JP Morgan Chase & Co. has formally entered the contest for on-chain cash, and the prize is not just a new product line. It is the billions of dollars in institutional capital that now sit in zero-yield stablecoins and early tokenized funds.
On Dec. 15, the $4 trillion banking giant launched the My OnChain Net Yield Fund (MONY) on the Ethereum blockchain, in its attempt to pull back liquidity into a structure it controls and regulators recognize.
MONY wraps a traditional money-market fund in a token that can live on public rails, pairing the speed of crypto with the one feature payment stablecoins such as Tether and Circle cannot legally offer under new US rules: yield.
That makes MONY less a DeFi experiment than JP Morgan’s attempt to…
