JPMorgan launching tokenized money market fund on Ethereum
The Block
JPMorgan is launching a tokenized money market fund on Ethereum to meet stablecoin reserve requirements.Summary
JPMorgan is introducing a new tokenized money market fund, named the "OnChain Liquidity-Token Money Market Fund," on the Ethereum blockchain. This fund is designed to comply with the reserve asset requirements for stablecoin issuers mandated by the GENIUS Act. The fund will invest in U.S. Treasurys and overnight repurchase agreements collateralized by Treasurys or cash. JPMorgan's digital asset unit, Kinexys Digital Assets, will manage the blockchain technology. While currently limited to the Ethereum blockchain, expansion to other networks is anticipated. This move follows similar initiatives by other firms, such as Franklin Templeton's BENJI fund.
(Source：The Block)