JPMorgan has filed to launch a new tokenized money market fund on Ethereum — the JPMorgan OnChain Liquidity-Token Money Market Fund, or JLTXX. The vehicle, powered by the bank's Kinexys Digital Assets platform, invests primarily in U.S. Treasury securities and Treasury-collateralized overnight repo. It's JPMorgan's second such tokenized fund on Ethereum, following the My OnChain Net Yield Fund (MONY) that launched in December 2025 with an initial $100 million.
Built for stablecoin issuers
The fund is structured to meet eligible reserve asset requirements under the GENIUS Act, the U.S. stablecoin law passed in July 2025. That means JLTXX is explicitly designed to attract investment from stablecoin issuers who need high-quality, liquid reserves. Under normal conditions, the portfolio stays in Treasuries and Treasury-backed repo — no corporate paper, no riskier assets.
Ethereum's growing share of tokenized RWA
Ethereum now accounts for more than 53.99% of the distributed tokenized real-world asset (RWA) market and supports roughly 846 tokenization projects, according to the data available. That dominance isn't accidental. Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, said institutional preference for Ethereum comes down to risk management, comfort, and defensibility. He expects Ethereum to capture the bulk of traditional finance flows over the next few years.
JLTXX will launch on Ethereum first. The filing notes the fund may expand to other networks later, but no timeline or specific chains have been disclosed. For now, JPMorgan is doubling down on the same blockchain that hosts its first tokenized money market fund — and betting that stablecoin issuers will follow the regulatory path cleared by the GENIUS Act.
