JPMorgan brings two tokenized money market funds to Solana after Ethereum

J.P. Morgan Asset Management, the asset management arm of U.S. bank JPMorganChase, said in a press release on Oct. 22 that two of its tokenized money market funds (MMFs) are now available on the Solana (SOL) blockchain. The funds are MONY (My OnChain Net Yield Fund), a private placement, and JLTXX (JPMorgan OnChain Liquidity-Token Money Market Fund), a U.S. registered government money market fund. Both launched on Ethereum first, making Solana the second blockchain for each.

A money market fund invests in short-term instruments such as Treasury bills and is used much like a deposit that pays interest. In a tokenized MMF, fund shares are issued as blockchain tokens that investors can hold at their own wallet addresses.

Subscriptions still run through Morgan Money

Investors subscribe to and redeem the funds through Morgan Money, J.P. Morgan Asset Management's institutional liquidity management platform. Once they subscribe, their shares arrive as tokens at their blockchain addresses. With this launch, investors can receive tokens at Solana addresses as well as Ethereum ones on the same platform.

Eligibility is restricted. MONY is a 506(c) private placement under U.S. securities law and is meant for investors who qualify to invest in private placement funds. The firm said these generally include investors who are both Qualified Purchasers and Accredited Investors. JLTXX is a U.S. registered government money market fund, and the firm said it is designed to invest in a manner to support stablecoin issuers under the GENIUS Act, the U.S. stablecoin law.

"Our clients operate across more than one network, and their liquidity should too."

Paul Przybylski, Global Head of Product, Digital & Tokenized Assets, J.P. Morgan Asset Management

Ten months on Ethereum before the move to Solana

1. Dec. 15, 2025MONY launched on Ethereum. JPMorgan said it was the largest global systemically important bank (G-SIB) to launch a tokenized MMF on a public blockchain.
2. May 13, 2026JLTXX launched on Ethereum. The firm invested $100 million, with additional participation from Anchorage Digital.
3. Oct. 22, 2026MONY and JLTXX launched on Solana.

Both funds invest only in U.S. Treasury securities and repurchase agreements (repos) collateralized by Treasuries. JLTXX invests in overnight repos, and its collateral can also include cash. Dividends are reinvested daily, and investors can subscribe and redeem with stablecoins as well as cash. For JLTXX, stablecoin subscriptions and redemptions go through a third-party vendor. The firm noted that the funds seek to preserve a value of $1.00 per share but cannot guarantee it, and that they are not bank deposits and are not insured by the FDIC.

No figures on how much will move

The press release did not say how much of either fund the firm expects to hold on Solana or which clients have subscribed there. It published the Solana token addresses as EToDtBM2…CKYY for MONY and J4cTuCH6…no8Cz for JLTXX. Solana blockchain records on the morning of Oct. 23 showed a token supply of about 450.08 million for JLTXX and 6 for MONY at those addresses. At the same time, supply on Ethereum stood at about 341.85 million for JLTXX and about 103.07 million for MONY. Token supply is only a count of tokens; the firm has not said it equals the amount investors have put in.

J.P. Morgan Asset Management had $4.8 trillion in assets under management as of Sept. 30. The firm said the launch supports the continued growth of its tokenized cash management platform.

SOL trades around 139,000 won on Upbit

Solana is listed on the Korean won markets of both Upbit and Bithumb. As of 10:30 a.m. KST on Oct. 23, SOL traded at 139,100 won on Upbit. That was about 1.0% above the Binance price of $103.99 converted into won at the same time, a gap known as the kimchi premium (the gap between prices on Korean exchanges and global markets). SOL on Binance was down about 3% from 24 hours earlier, as bitcoin and the broader market fell over the same period. The funding rate on Binance's SOL perpetual futures (per eight hours) was 0.01%.