JPMorgan Chase is rolling out a tokenized cash market fund powered by Ethereum.
The fund, which known as My OnChain Web Yield Fund or MONY, launches at the moment.
The fund targets certified traders, providing U.S. greenback yields. MONY invests solely in U.S. Treasury securities and repurchase agreements backed by them.
Buyers can entry the fund solely by means of the agency’s Morgan Cash platform. They’ll subscribe or redeem utilizing money or stablecoins, with each day dividend reinvestment.
The fund positions Chase as the primary systemically vital financial institution to launch such a product on a public community.
Says J.P. Morgan Asset Administration CEO George Gatch,
“Lively administration and innovation are on the coronary heart of how we ship new options for traders navigating at the moment’s monetary panorama.
By harnessing know-how alongside our deep experience in lively administration, we’re in a position to present purchasers with superior, progressive, and cost-effective capabilities that assist them obtain their funding objectives.”
J.P. Morgan Asset Administration manages $4 trillion in property, spanning equities, fastened earnings, and liquidity merchandise.
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