Digital assets are quickly becoming the norm. Today, JP Morgan (NYSE:JPM) announced a new tokenized money market fund –My OnChain Net Yield Fund (MONY). The Fund is available on the Ethereum blockchain and is powered by Kinexys Digital Assets.
While it is available today, it is only being offered to Accredited Investors. MONY is a Reg D 506(c) private placement that earns US dollar yields by subscribing through Morgan Money, which is an institutional investing platform. Morgan Money is said to be the first institutional liquidity trading platform to integrate traditional and on-chain assets, offering investors access to a range of money market products. Morgan Money reports daily trading volume of $31.1 billion and $400 billion in AUM as of June.
MONY invests only in traditional U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasurys. It offers daily dividend reinvestment, and investors can subscribe and redeem using cash or stablecoins. The fund enables peer-to-peer transferability and the potential for collateral usage within the blockchain ecosystem.
John Donohue, Head of Global Liquidity at JP Morgan Asset Management, says tokenization can fundamentally change the speed and efficiency of transactions.
“This marks a significant step forward in how assets will be traded in the future, and we’re excited about the opportunities this creates for our clients and for the whole industry.”
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