JPMorgan Bets on Blockchain with New Money Market Fund
The move reflects growing demand for on-chain versions of traditional financial products
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: JPMorgan launches a money market fund, the banking lobby pushes back against crypto’s new trust charters, and a look ahead at the week’s key events.
The U.S.’s largest bank, managing $4.5 trillion in assets, is taking another leap into on-chain finance with the launch of its first tokenized money market fund.
According to a report from the Wall Street Journal, JPMorgan’s asset management arm is deploying the private fund on Ethereum, seeding it with $100 million of its own capital before opening it to outside investors on Tuesday.
The fund, known as the My OnChain Net Yield Fund (MONY), targets high-net-worth and institutional investors and requires a minimum investment of $1 million. The move reflects the growing demand for on-chain versions of traditional financial products, a trend that has prompted other Wall Street firms, including BlackRock, Fidelity, and Franklin Templeton, to launch their own tokenized money market funds.
JPMorgan’s latest move comes after a busy year exploring blockchain and digital assets, marking a sharp turn from its previously anti-crypto stance. This year alone, the bank launched a tokenized private equity fund for wealthy clients, introduced JPM Coin for institutional deposits, and expanded its Kinexys blockchain platform to support tokenized fund flows, commercial paper issuances, and U.S. Treasuries on public chains.
Bank Lobby Pushes Back On Crypto Trust Charters
A handful of bank lobbyist groups are voicing concern over the OCC granting conditional approval to five crypto firms to hold national trust bank charters.
The Independent Community Bankers of America (ICBA) criticized the move, saying it allows nonbank fintechs to gain the benefits of a bank charter without meeting full regulatory and capital standards, potentially endangering consumers and financial stability. Meanwhile, the American Bankers Association (ABA) and the Bank Policy Institute (BPI) argue the approvals raise “substantial unanswered questions” and are urging the regulator to clarify how the new charters will be supervised and risks mitigated.
The flurry of concern comes after the banking regulator granted conditional trust charters to Ripple, Circle, Paxos, Fidelity, and BitGo on Friday. BitGo received full approval shortly after the OCC’s announcement, having met all the requirements from its conditional approval, according to CEO Mike Belshe. Applications from Coinbase and Crypto.com are still pending.
The move is notable because it expands crypto’s entry into the U.S. banking system, from which it has largely been excluded until this year. It also marks the start of a potentially broader expansion, as the Federal Reserve is exploring granting crypto firms so-called “skinny” master accounts, which would give them broader connectivity to the central bank’s payment rails.
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👀 What To Watch This Week
We’ve reached the final legislative week of 2025, which is expected to be a short one as House and Senate members head home for the holidays, some as early as Wednesday.
This means the Senate Banking Committee has run out of time to mark up market structure legislation this year, and a hearing will now be pushed into the new year. As for the text itself, industry will be waiting to see whether the committee releases the latest bipartisan version, a product its been working on for the better part of the last two months, before heading home for the break.
The Senate Agriculture Committee has not yet scheduled a markup for its own text, suggesting it will defer its hearing until next year, further extending a process that Senate leadership had originally hoped to complete by the end of this year.
On Tuesday, the FDIC board is expected to take a major step toward implementing the GENIUS Act, with directors set to review a proposed rule that would outline approval requirements for banks issuing payment stablecoins through their subsidiaries. The move would open the proposal to public discussion and comment.
FDIC Chair nominee Travis Hill, who could be confirmed by the Senate as early as this week, told attendees at the Federal Reserve Bank of Philadelphia’s Ninth Annual Fintech Conference that FDIC staff are already working on prudential standards for FDIC‑supervised stablecoin issuers, including capital, reserves, and risk management.
We’re also watching for the possible confirmation of CFTC Chair nominee Mike Selig, part of the batch of nominees the Senate is expected to confirm this week.
Here’s what else we’re watching:
Monday
9:30 AM: Fed Governor Stephen Miran will give a speech on the inflation outlook at Columbia University.
1:00 PM: The SEC Crypto Task Force will host a roundtable on financial surveillance and privacy, featuring two panels of industry participants.
Tuesday
8:30 AM: The Bureau of Labor Statistics is set to release the delayed November jobs report.
10:00 AM: The FDIC will hold a board meeting to consider a notice of proposed rulemaking on stablecoins and other matters.
The Senate Banking Committee will hold a subcommittee hearing titled Ensuring Fair Access to Banking: Policy Levers and Legislative Solutions.
Wednesday
8:15 AM: Fed Governor Christopher Waller will give a speech on the economic outlook at Yale University.
5:00 PM: Coinbase is expected to announce a system update that could add support for tokenized stocks and prediction markets.
Thursday
8:30 AM: A key measure of inflation is expected with the Bureau of Labor Statistics’ release of the November Consumer Price Index (CPI).
Friday
10:00 AM: We’ll get a glimpse of how consumers are feeling this holiday season as the University of Michigan releases its final consumer sentiment survey for December.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
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Great coverage on JPMorgan's tokenized fund launch. What really stands out is how fast institutional adoption is moving compared tothe regulatory framework that's supposed to govern it. The $100M seed and $1M minimum entry point shows they're targeting serious institutional money, not retail experiments. I've been tracking similar moves from BlackRock and Franklin Templeton, and the pattern suggests traditional finance is quietly building parallel infrastructure while waiting for clear regulatory guidelines.