{"id":511130,"date":"2025-12-16T19:45:37","date_gmt":"2025-12-16T19:45:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=511130"},"modified":"2025-12-17T12:49:31","modified_gmt":"2025-12-17T12:49:31","slug":"jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives\/","title":{"rendered":"JP Morgan\u2019s move to Ethereum proves Wall Street is quietly hijacking the digital dollar from crypto natives"},"content":{"rendered":"

JP Morgan Chase & Co.<\/a> 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.<\/p>\n

On Dec. 15, the $4 trillion banking giant launched<\/a> the My OnChain Net Yield Fund (MONY) on the Ethereum<\/a> blockchain, in its attempt to pull back liquidity into a structure it controls and regulators recognize.<\/p>\n

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.<\/p>\n

That makes MONY less a DeFi experiment than JP Morgan\u2019s attempt to redefine what \u201ccash on-chain\u201d means for large, KYC\u2019d pools of capital.<\/p>\n

It also puts the bank in more direct competition with BlackRock\u2019s<\/a> BUIDL and the broader tokenized Treasuries sector, which has grown into a mid\u2013tens of billions market as institutions look for yield-bearing, blockchain-native cash equivalents.<\/p>\n

How GENIUS tilts the field<\/h2>\n

To understand the timing, one has to start with the GENIUS Act,<\/a> the US stablecoin law passed earlier this year.<\/p>\n

The statute created a full licensing regime for payment stablecoins and, crucially, banned issuers from paying interest to token holders simply for holding the token.<\/p>\n

As a result, the core business model for regulated dollar stablecoins is now codified: issuers hold reserves in safe assets, collect the yield, and pass none of it through directly<\/a>.<\/p>\n

For corporate treasurers and crypto funds that hold large stablecoin balances for weeks or months, that embeds a structural opportunity cost. In a world where front-end rates hover in the mid-single digits, that \u201cstablecoin tax\u201d can run at roughly 4\u20135% per year on idle balances.<\/p>\n

MONY is designed to sit outside that perimeter. It is structured as a Rule 506(c) private placement money-market fund, not a payment stablecoin.<\/p>\n

That means it is treated as a security, sold only to accredited investors, and invested in US Treasuries and fully collateralized Treasury repos.<\/p>\n

As a money fund, it is structured to pass most of the underlying income back to shareholders after fees, not to trap the entire yield at the issuer level.<\/p>\n

Crypto research firm Asva Capital noted<\/a>:<\/p>\n

\u201cTokenized money-market funds solve a key problem: idle stablecoins earning zero yield.”<\/p><\/blockquote>\n

By letting qualified investors subscribe and redeem in either cash or USDC via JP Morgan\u2019s Morgan Money platform, MONY effectively creates a two-step workflow.<\/p>\n

This allows the investors to use USDC or other payment tokens for transactions, then rotate into MONY when the priority shifts to holding and earning.<\/p>\n

For JP Morgan, this is not a side bet. The bank seeded MONY with around $100 million of its own capital and is marketing it directly into its global liquidity client base.<\/p>\n

As John Donohue, head of Global Liquidity at JP Morgan Asset Management, put it, the firm expects other global systemically important banks to follow.<\/p>\n

So, the message is that tokenization has progressed past pilots; it is now a delivery mechanism for core cash products.<\/p>\n

The collateral contest<\/h2>\n

The economic logic becomes clearer when you look at collateral, not wallets.<\/p>\n

Crypto derivatives markets, prime brokerage platforms and OTC desks require margin and collateral around the clock.<\/p>\n

Historically, stablecoins like USDT and USDC have been the default because they are fast and broadly accepted. They are not, however, capital efficient in a high-rate regime.<\/p>\n

Tokenized money funds are built to fill that gap. Instead of parking $100 million in stablecoins that earn nothing, a fund or trading desk can hold $100 million of MMF tokens that track a conservative portfolio of short-term government assets and still move at blockchain speed between vetted venues.<\/p>\n

BlackRock\u2019s BUIDL product<\/a> has already shown how that can evolve. Once it gained acceptance as collateral on large exchanges\u2019 institutional rails<\/a>, it stopped being \u201ctokenization as demo\u201d and became part of the funding stack.<\/p>\n

MONY is aimed at the same corridor, but with a different perimeter.<\/p>\n

While BUIDL has pushed aggressively into crypto-native platforms through partnerships with tokenization specialists, JP Morgan is tying MONY tightly to its own Kinexys Digital Assets stack and the existing Morgan Money distribution network.<\/p>\n

So, the pitch for MONY is not to the offshore, high-frequency trading crowd. It is to pensions, insurers, asset managers and corporates that already use money-market funds and JP Morgan\u2019s liquidity platforms today.<\/p>\n

Donohue has argued that tokenization can \u201cfundamentally change the speed and efficiency of transactions.\u201d In practical terms, that means shrinking settlement windows for collateral moves from T+1 into intraday, and doing it without moving out of the banking and fund-regulation perimeter.<\/p>\n

Moreover, the risk for stablecoins is not that they disappear. It is that a meaningful slice of the large, institutional balances that currently sit in USDC or USDT<\/a> for collateral and treasury purposes migrate into tokenized MMFs instead, leaving stablecoins more concentrated in payments and open DeFi.<\/p>\n

The Ethereum signal<\/h2>\n

Perhaps the clearest signal in MONY\u2019s design is the choice of Ethereum as its base chain<\/a>.<\/p>\n

JP Morgan has run private ledgers and permissioned networks for years; putting a flagship cash product on a public blockchain is an acknowledgment that liquidity, tooling and counterparties have converged there.<\/p>\n

Thomas Lee of BitMine views the move as a watershed moment, stating<\/a> simply that \u201cEthereum is the future of finance.” This is a claim now supported by the fact that the world\u2019s largest bank is deploying its flagship tokenized cash product on the network.<\/p>\n

However, the \u201cpublic\u201d blockchain launch here comes with an asterisk. MONY is still a 506(c) security.<\/p>\n

This means that its tokens can only sit in allowlisted, KYC\u2019d wallets, and transfers are controlled to comply with securities law and the fund\u2019s own restrictions. That effectively splits on-chain dollar instruments into two overlapping layers.<\/p>\n

On the permissionless layer, retail users, high-frequency traders and DeFi protocols will continue to rely on Tether, USDC and similar tokens. Their value proposition is censorship resistance, universal composability and ubiquity across protocols and chains.<\/p>\n

On the permissioned layer, MONY and peer funds like BUIDL and Goldman\u2019s and BNY Mellon\u2019s tokenized MMFs offer regulated, yield-bearing cash equivalents to institutions that care more about audit trails, governance and counterparty risk than about permissionless composability. Their liquidity is thinner but more curated; their use cases are narrower but higher-value per dollar.<\/p>\n

Considering this, JP Morgan is betting<\/a> that the next meaningful wave of on-chain volume will come from that second group: treasurers who want Ethereum\u2019s speed and integration without taking on the regulatory ambiguity that still surrounds a large part of DeFi.<\/p>\n

A defensive pivot<\/h2>\n

Ultimately, MONY looks less like a revolution against the existing system and more like a defensive pivot inside it.<\/p>\n

For a decade, fintech and crypto firms chipped away at banks\u2019 payment, FX and custody businesses. Stablecoins then went after the most fundamental layer: deposits and cash management, offering a digital bearer-like alternative that could sit outside bank balance sheets entirely.<\/p>\n

By launching a tokenized money-market fund on public rails, JP Morgan is trying<\/a> to pull some of that migration back inside its own perimeter, even if it means cannibalizing parts of its traditional deposit base.<\/p>\n

George Gatch, CEO of J.P. Morgan Asset Management, has emphasized \u201cactive management and innovation\u201d as the core of the offering, implicitly contrasting it with the passive float-skimming model of stablecoin issuers.<\/p>\n

Meanwhile, bank is not alone. BlackRock, Goldman Sachs and BNY Mellon have already moved into tokenized MMFs and tokenized cash-equivalent products.<\/p>\n

So, JP Morgan\u2019s entry shifts that trend from early experimentation to open competition among incumbents over who will own institutional \u201cdigital dollars\u201d on public chains.<\/p>\n

If that competition succeeds, the effect will not be the end of stablecoins or the triumph of DeFi.<\/p>\n

Instead, it would be a quiet re-bundling as the settlement rails will be public, and the instruments running on them will look a lot like traditional money-market funds.<\/p>\n

However, the institutions earning a spread on the world\u2019s cash will, once again, be the same Wall Street names that dominated the pre-tokenization era.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":720,"featured_media":511333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,77968,77911,76736,79849],"tags":[72190,77164,80836],"post_folder":[],"acf":[],"yoast_head":"\nJP Morgan bets on Ethereum for its MONY fund<\/title>\n<meta name=\"description\" content=\"JP Morgan\u2019s MONY fund aims to redefine on-chain cash for institutional investors amid tightening US stablecoin regulations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JP Morgan\u2019s move to Ethereum proves Wall Street is quietly hijacking the digital dollar from crypto natives\" \/>\n<meta property=\"og:description\" content=\"JP Morgan\u2019s MONY fund aims to redefine on-chain cash for institutional investors amid tightening US stablecoin regulations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-16T19:45:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-17T12:49:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/jpmorgan-ethereum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/jp-morgans-move-to-ethereum-proves-wall-street-is-quietly-hijacking-the-digital-dollar-from-crypto-natives\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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