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JPMorgan Asset Management has filed to launch a second tokenized money market fund on Ethereum, extending the bank’s push into blockchain-based liquidity products for institutional investors.
The fund, called the JPMorgan OnChain Liquidity Token Money Market Fund, would trade under the ticker JLTXX. According to the filing, the fund seeks current income while maintaining liquidity and stability of principal. It would be listed under JPMorgan Trust IV’s J.P. Morgan Money Market Funds prospectus, with Token Class shares dated May 13.
JLTXX would invest exclusively in U.S. Treasury bills, bonds and notes, as well as overnight repurchase agreements fully collateralized by U.S. Treasuries or cash. The fund aims to maintain a $1 net asset value and would invest only in U.S. dollar-denominated securities.
The fund would use blockchain technology to allow investors to submit transaction requests for fund shares. Kinexys Digital Assets, a business unit within JPMorgan Chase Bank, would design, deploy and maintain the blockchain infrastructure used by the fund.
The filing states that the product does not replace traditional fund recordkeeping. The transfer agent would maintain the official ownership record in book entry form, while token balances tied to investor blockchain addresses are intended to match fund shares one for one. If token balances and the official register differ, the investor register would remain the controlling record.
Ethereum is currently the only blockchain available for investors to use. The filing also says JPMorgan expects to expand to other blockchains in the future. The structure uses a permissioned system on top of public blockchains, meaning investors must use approved addresses before they can transact in token balances.
The filing follows JPMorgan’s launch of My OnChain Net Yield Fund (MONY), its first tokenized money market fund on Ethereum. Barron’s reported that MONY was seeded with $100 million from JPMorgan and targeted qualified investors, marking the bank’s first move into tokenized money market products.
The new fund underscores JPMorgan’s effort to move tokenized cash products further into mainstream asset management. The filing describes Ethereum as a transaction and token balance layer around a regulated money market fund, rather than the legal ownership layer.
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