J.P. Morgan Brings MONY and JLTXX to Solana

J.P. Morgan Asset Management has made its two tokenised money market funds, My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX), available on the Solana blockchain to qualified US investors, the firm said in a release on Thursday.

Investors subscribe and redeem through Morgan Money, the firm’s liquidity trading platform, and receive “token balances at their blockchain addresses”. The release gives no figures for how much money either fund holds.

“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, Global Head of Product, Digital & Tokenized Assets at J.P. Morgan Asset Management. He said the move gives “stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate.”

Two funds built for different buyers

MONY is “a 506(c) private placement fund” that lets qualified investors earn US dollar yields. J.P. Morgan says that when MONY launched in December 2025 it was “the largest global systemically important bank to launch a tokenized money market fund on a public blockchain”.

JLTXX is a registered government money market fund aimed squarely at stablecoin issuers. Its summary prospectus filed with the SEC says it invests exclusively in US Treasury securities and overnight repurchase agreements fully collateralised by Treasuries or cash, in a manner intended to meet the reserve requirements of the GENIUS Act. The filing is explicit that fund shares and token balances are not stablecoins, and that the fund is not a stablecoin issuer.

The same document lists a management fee of 0.08% and total annual operating expenses of 0.71% for the Token Class before waivers, with the adviser covering costs above 0.16% of average daily net assets, subject to listed exclusions.

Solana is a second chain, not a first

The prospectus, dated May and supplemented in August, said “the Ethereum blockchain, a public blockchain network, is currently the only available blockchain for use by investors, although expansion to other blockchains is anticipated in the future.” Thursday’s announcement is that expansion. The release lists separate Solana token addresses for each fund.

The structure matters for anyone weighing the risk. According to the filing, the blockchain system is run by Kinexys Digital Assets, a unit of JPMorgan Chase Bank, as a permissioned layer on top of public networks. Only addresses on the fund’s “allow list” can hold or move token balances, and the fund’s transfer agent keeps the Investor Register, which remains the official record of ownership. A token balance on Solana is therefore a reflection of a share, not the share itself.

The controls are the selling point

That design answers the obvious worries about putting fund shares on a permissionless chain. The allow list is intended to keep out unknown wallets, and if token balances and the register ever diverge, the register wins. The release still warns of “transaction delays or errors, security breaches, regulatory changes, fluctuating fees, and network splits”, and reminds investors that the funds cannot guarantee a $1.00 share price.

For stablecoin issuers, the appeal is practical. Many issue tokens on several chains, and holding reserve assets on the same networks could cut the steps between minting a coin and parking the cash behind it. J.P. Morgan has been building out that onchain stack, from its JPMD deposit token on Ethereum to these funds, while rivals such as SoFi test tokenised deposits of their own.

What remains unknown is scale. Without assets figures from J.P. Morgan, the launch says more about direction than demand. Trackers such as rwa.xyz, whose 15 October snapshot TSN covered, are the likeliest place for the Solana balances to show up first.