JPMorgan Chase has filed with U.S. regulators to launch a tokenized money market fund on Ethereum, built to hold reserves for stablecoin issuers.
SEC Filing Details
The bank submitted the registration on May 12 to the Securities and Exchange Commission, according to documents reviewed and a filing summary posted.
The product is called the JPMorgan OnChain Liquidity-Token Money Market Fund. It will trade under the ticker JLTXX.
JLTXX is set to invest only in short-term U.S. Treasury securities, cash, and overnight repurchase agreements backed by government paper.
The fund will run on Ethereum, with token balances managed by Kinexys Digital Assets, JPMorgan's in-house blockchain unit formerly known as Onyx. The SEC filing became effective May 13, though the bank has not disclosed a launch date. Investors face a $1 million minimum and a 0.16% annual fee after waivers.
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Stablecoin Reserve Play
The filing language is unusually direct about the target market. JPMorgan wrote that the fund "invests in a manner intended to satisfy" reserve requirements under the GENIUS Act, the federal stablecoin law signed in July 2025.
That law requires U.S.-compliant stablecoin issuers to back their tokens with cash, Treasuries, or insured bank deposits. JLTXX gives them a way to park those reserves and earn yield.
Bloomberg ETF analyst Eric Balchunas called the filing a "big deal," noting the 16-basis-point fee is low for a stable-NAV product and would be hard to replicate inside a traditional ETF wrapper.
Wall Street Tokenization Race
JLTXX is JPMorgan's second tokenized money market fund. The first, MONY, launched in December 2025 and also runs on Ethereum.
The filing arrives days after BlackRock submitted paperwork for two tokenized money-market vehicles aimed at stablecoin holders, including a digital share class tied to its $6.1 billion Select Treasury Based Liquidity Fund.
Morgan Stanley rolled out a non-blockchain stablecoin reserves fund last month, and Franklin Templeton already operates the tokenized BENJI product.
The broader tokenized real-world asset market has grown to roughly $32.2 billion, according to data from RWA.xyz, with tokenized Treasuries accounting for the largest share at about $15.9 billion. CEO Jamie Dimon told shareholders in his April letter that the bank needed to move faster on blockchain rails, a shift from his earlier skepticism of digital assets that for years framed Bitcoin and crypto trading as speculative and of limited utility to mainstream banking.
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