JPMorgan Asset Management has filed with the U.S. Securities and Exchange Commission to launch a second tokenized money market fund on the Ethereum network. The move comes roughly five months after the bank rolled out its first tokenized fund, signaling a steady push into onchain asset management. The infrastructure behind both funds is powered by Kinexys, JPMorgan's in-house blockchain platform.
Second fund, same chain
The filing, submitted this week, doesn't name the fund or disclose its target size. What's clear is that JPMorgan is sticking with Ethereum. The first fund, launched in late 2025, also ran on Ethereum. That choice matters because Ethereum's network handles the majority of tokenized real-world assets, but it's also faced congestion and high gas fees during volatile periods. JPMorgan appears to be betting that the tradeoffs are acceptable for institutional investors who want 24/7 settlement and programmatic yield distribution.
Kinexys keeps the engine running
Kinexys is the onchain layer that JPMorgan built to tokenize traditional assets like money market fund shares. It handles issuance, redemptions, and record-keeping on Ethereum. The platform isn't new — it's been used for intraday repo transactions and cross-border payments — but tokenized funds are becoming its marquee use case. By reusing the same infrastructure, JPMorgan can scale the product without rebuilding from scratch each time.
The race to tokenize Treasuries
JPMorgan isn't alone. BlackRock, Franklin Templeton, and a handful of crypto-native firms have all launched tokenized money market funds in the past two years. These products let investors hold a token that represents a share in a fund holding short-term U.S. government debt. The appeal is instant transferability and transparency — the token's blockchain record shows exactly who owns what. JPMorgan's second fund suggests the bank sees enough demand to double down.
The filing is now pending SEC review. No timeline has been given for approval or launch. If the first fund's trajectory is any guide, JPMorgan will likely start marketing the new fund to institutional clients soon after the green light. The SEC hasn't signaled any particular resistance, but the agency has been cautious about tokenized securities. For now, the industry is watching the docket.
