J.P. Morgan Asset Management announced on October 22 that two of its tokenized money market funds are now also available on the Solana blockchain. The funds are My OnChain Net Yield Fund, or MONY, and JPMorgan OnChain Liquidity-Token Money Market Fund, or JLTXX, and are offered to eligible investors in the United States. The company described the expansion as serving stablecoin issuers and institutional investors operating across multiple blockchains.
A money market fund invests in short-term financial instruments such as government securities. MONY is available to investors eligible to invest in a private fund. JLTXX is a US-registered money market fund that invests in assets including US Treasury securities and is designed to help stablecoin issuers manage funds in accordance with the GENIUS Act's reserve asset requirements. JLTXX was first launched on Ethereum in May.
Investors subscribe and redeem through the company's Morgan Money liquidity management platform and receive a token balance representing fund shares at their blockchain address. Eligibility restrictions remain in place despite the use of a public blockchain, and JLTXX may be held only at preapproved wallet addresses. Legal ownership of JLTXX shares is determined by the fund's official shareholder register, not the token balance on the blockchain. A token representing a fund share is different from a dollar payment stablecoin.
Both funds seek to maintain a price of USD 1 per share, but this is not guaranteed. They are not bank deposits and are not insured by the US Federal Deposit Insurance Corporation.