JPMorgan Chase has allocated nearly $900 million in tokenized funds across Ethereum and Solana, though the distribution between the two blockchains is uneven. The JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) holds about $792 million on both networks, while the My OnChain Net Yield Fund (MONY) has $103.1 million exclusively on Ethereum. Despite these moves, both Ethereum (ETH) and Solana (SOL) saw declines this past week, with ETH dropping 2.1% to $2,333 and SOL falling 1.5% to $101.
JLTXX is a U.S.-registered government money market fund that invests in short-term government debt, while MONY is a private placement fund for high-net-worth individuals. Both funds operate through Morgan Money, JPMorgan’s cash management platform. The bank also introduced its JPM Coin deposit token (JPMD) on Ethereum, though it remains unavailable on Solana. The revenue from these tokenized funds is modest compared to JPMorgan’s core businesses, which manage over $5.1 trillion in client assets.
Despite the announcements, neither JPMorgan nor Sentora has disclosed how the $792 million in JLTXX is split between Ethereum and Solana. Additionally, the Solana announcement did not specify an on-chain cash option for trading the fund tokens. JPMorgan cited Ethereum’s established liquidity as a key factor in its choice, though no JPMD supply has been reported on Ethereum yet. The market for tokenized Treasury and money market products has seen a 3.5% decline over the past month.
For now, Ethereum appears to benefit more from JPMorgan’s tokenized funds, given that MONY is entirely Ethereum-based and JPMD is integrated into Ethereum before any other chain besides Base. However, Solana could gain ground if JPMorgan introduces JPMD on its network or if a Solana-based stablecoin issuer starts holding reserves in JLTXX. The current decline in ETH and SOL values suggests that the impact of these funds is limited.