JPMorgan filed for its second tokenized money market fund on Ethereum, the JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), which will issue digital tokens representing shares in US Treasuries and overnight repos. Unlike conventional fund shares that settle in 1-2 days through multiple intermediaries, tokenized shares settle on-chain in minutes and can be used as collateral in DeFi protocols. This follows JPMorgan's first tokenized fund (MONY) launched in December 2025 and comes amid a broader Wall Street race — BlackRock, Franklin Templeton, and Goldman Sachs are all building tokenized fund products. The Genius Act, signed in July 2025, provided the regulatory clarity that accelerated institutional adoption by establishing a federal framework for stablecoins and tokenized deposits. Tokenized assets have surged 400% since early 2025 to ~$32B, though this remains a fraction of the trillions in traditional funds. JPMorgan's strategy, via its Kinexys platform, is to upgrade existing financial infrastructure rather than be displaced by blockchain-native competitors.
