J.P. Morgan Asset Management on Monday, Dec. 15, launched its first tokenized money market fund (MMF) on Ethereum, marking another step by a major bank to move traditional financial products onto public blockchains.

The fund, called My OnChain Net Yield Fund (MONY), is open to qualified investors. It is issued on Ethereum, the world’s largest smart contract blockchain, which currently has more than $74 billion in total value locked across decentralized finance (DeFi) applications, according to DefiLlama.

MONY is built using J.P. Morgan’s tokenization platform, Kinexys Digital Assets, and is structured as a private placement fund, according to a press release viewed by The Defiant. The fund holds only U.S. Treasury securities and repurchase agreements backed by Treasurys.

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