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JPMorgan Chase (NYSE: $JPM ) has launched a new tokenized money-market fund on the Ethereum (CRYPTO: $ETH ) network as Wall Street pushes further into digital assets and blockchain-based finance.

The move marks JPMorgan's first tokenized money-market fund and makes it the largest bank to launch such an investment vehicle on a public blockchain.

Based in New York, JPMorgan is the world's biggest bank with $4 trillion U.S. of assets under management (AUM).

The new tokenized fund is called "My OnChain Net Yield Fund" (MONY) and is seeded with $100 million U.S. from JPMorgan's asset management division.

The fund is now available to external, qualified investors.

JPMorgan is joining a number of high-profile financial institutions that have launched tokenized funds on blockchain, with money-market funds the preferred investment vehicle.

BlackRock (BLK) started its BUIDL fund in 2024 with tokenization specialist Securitize, attracting $2 billion U.S. in total assets.

The funds allow investors to park idle cash on blockchains and earn a yield or interest, similar to a money market fund but with faster settlement times.

Tokenized money-market funds are also used as a reserve asset for decentralized finance (DeFi) and as collateral in trading and asset management.

The broader tokenized asset market is projected to grow to $18.9 trillion U.S. by 2033, according to a forecast from cryptocurrency firm Ripple.

JPMorgan Chase built the MONY fund on Kinexys Digital Assets, the bank's in-house tokenization platform.

Analysts say the new product will likely serve as a test case for expanding JPMorgan's on-chain offerings.

Like traditional money-market funds, MONY is set to hold short-term debt instruments and pays interest on a daily basis.

Investors can redeem shares using either cash or Circle's (NYSE: $CRCL ) USDC stablecoin. The fund will be accessible to qualified investors with a $1 million U.S. minimum investment.

JPM stock has risen 34% this year to trade at $321.58 U.S. per share.