J.P. Morgan Files for Second Tokenized Money Market Fund on Ethereum

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J.P. Morgan has filed with the SEC to launch a tokenized money market fund on Ethereum designed to qualify as an eligible reserve asset for stablecoin issuers under the GENIUS Act. The fund, called the J.P. Morgan OnChain Liquidity-Token Money Market Fund and trading under the ticker JLTXX, is the bank’s second tokenized fund on Ethereum after launching its MONY product in December.

JLTXX Invests in Short-Term Treasuries and Overnight Repo

The SEC filing, effective May 13, outlines a government money market fund investing exclusively in U.S. Treasury securities with maturities of 93 days or less and overnight repurchase agreements fully collateralized by Treasuries or cash. The structure is designed to comply with Rule 2a-7 and to satisfy GENIUS Act reserve requirements.

“The Fund invests in a manner intended to satisfy the requirements for eligible reserve assets that stablecoin issuers are required to maintain,” the filing states.

The fund’s blockchain infrastructure will be operated by Kinexys Digital Assets, J.P. Morgan’s in-house digital assets unit. Kinexys builds a permissioned system on top of the public Ethereum blockchain, using allow-listed addresses, smart contracts for minting and burning tokens, and compliance controls tied to anti-money laundering requirements. Ethereum is the only supported chain at launch, though the filing notes that expansion to other blockchains is anticipated.

The Fund Allows Peer-to-Peer Transfers Among Approved Participants

JLTXX introduces Token Class Shares that let investors interact with fund shares through blockchain-based transactions while maintaining traditional book-entry ownership records. Token balances on Ethereum correspond one-to-one with shares recorded in the fund’s official Investor Register.

The setup enables peer-to-peer token transfers among approved holders, subject to processing and verification through the fund’s transfer agent. Qualified investors could move fund shares directly between wallets without waiting for traditional settlement cycles. J.P. Morgan and its affiliates have agreed to cap net expenses at 0.16% through June 30, 2028.

J.P. Morgan Adds a Second On-Chain Fund After Launching MONY in December

JLTXX is J.P. Morgan’s second tokenized money market fund. The bank launched MONY, its first on-chain cash management product for institutional investors, on Ethereum in December 2025. While MONY targeted institutional cash management broadly, JLTXX is positioned more specifically around stablecoin reserve compliance.

Through Kinexys, J.P. Morgan has also processed tokenized collateral and settlement transactions for institutional clients. The bank has been among the most active traditional financial institutions in embedding blockchain infrastructure into existing operations.

J.P. Morgan and BlackRock File Tokenized Treasury Funds in the Same Week

The timing puts J.P. Morgan alongside BlackRock in a compressed week of tokenized fund filings. BlackRock filed paperwork days earlier for a new tokenized Treasury reserve vehicle and blockchain-based shares of an existing $7 billion money market fund.

The tokenized real-world asset market has grown more than 200% over the past year and now exceeds $32 billion, according to rwa.xyz data. U.S. Treasury products account for approximately $15.9 billion of that total, making them the largest segment. Both filings reflect a bet that the GENIUS Act will create steady demand from stablecoin issuers that need compliant, yield-bearing reserve vehicles built on blockchain rails.