For years, JPMorgan Chase CEO Jamie Dimon was one of Wall Street’s most vocal critics of cryptocurrency, famously branding Bitcoin a fraud and likening parts of the sector to a Ponzi scheme.
Now, in a move that has raised eyebrows across global finance, JPMorgan Chase is diving deeper into the very technology it once dismissed.
The banking giant has launched its first tokenised money market fund, marking a dramatic shift in tone from caution to calculated engagement.
From Crypto Sceptic to Blockchain Backer
Dimon’s warnings about digital currencies became part of his public image, especially during the boom years when retail investors flooded into bitcoin and other tokens. He repeatedly argued that crypto lacked intrinsic value and posed risks to financial stability.
Yet, while Dimon’s rhetoric remained uncompromising, JPMorgan discreetly started building blockchain infrastructure behind the scenes. The launch of a tokenised money market fund marks the clearest sign yet that the bank sees long term value in blockchain, even if it remains wary of speculative crypto trading.
The fund, called My OnChain Net Yield Fund or MONY, will operate on the Ethereum network. JPMorgan’s asset management arm, which oversees around $4 trillion in assets, will seed the fund with $100 million of its own capital before opening it to external investors.
How The New Fund Actually Works
MONY is designed to mirror the structure of a traditional money market fund while using blockchain to improve efficiency. Investors receive digital tokens that represent their share of the fund, held directly in blockchain wallets.
Like conventional money market products, the fund pays daily dividends and focuses on stability rather than high risk returns. What makes it different is its ability to settle transactions around the clock and allow peer to peer transfers without relying on legacy clearing systems.
Subscriptions and redemptions can be made using cash or the USDC stablecoin, offering a bridge between traditional finance and digital assets. JPMorgan’s Kinexys Digital Assets platform underpins the entire operation, handling token issuance, custody and transfers while maintaining existing compliance standards.
Who Is Allowed To Invest and Who Is Not
Despite the fanfare, MONY is not aimed at everyday investors. Access is tightly restricted to high net worth individuals and institutions. Individual investors must hold at least $5 million in investable assets, while institutions face a $25 million threshold. The minimum investment into the fund itself is $1 million.
These limits place MONY firmly in the institutional space, insulating JPMorgan from the volatility and reputational risks associated with retail crypto markets. By keeping the fund private, the bank can test blockchain based investing without exposing itself to mass market scrutiny.
Warming to Tokenisation
JPMorgan is not alone in reassessing blockchain. Across Wall Street, tokenisation is gaining traction as regulators provide clearer rules for digital assets. The introduction of stablecoin legislation such as the Genius Act has played a key role in shifting sentiment.
The law introduced strict safeguards, including full dollar backing, anti money laundering checks and limits on monopolistic behaviour by technology firms. These measures have reassured banks and asset managers that blockchain products can operate within familiar regulatory frameworks.
Jamie Dimon may still sound sceptical when it comes to crypto speculation, but JPMorgan’s latest move shows that blockchain has quietly won over even its harshest critics.
Originally published on IBTimes UK
