JPMorgan files for second tokenized fund with SEC: JLTXX targets stablecoin reserve market with 0.16% low fee

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JPMorgan has filed with the SEC for its second Ethereum-based tokenized money market fund, JLTXX, targeting the reserve management needs of stablecoin issuers with a low 0.16% fee. Following in the footsteps of Wall Street peers like Morgan Stanley, the RWA tokenization sector continues to heat up. (Context: CME Group plans to launch the world's first AI computing power futures market, tracking the hourly rental rate of NVIDIA H100.) (Background: Bitcoin briefly fell below $80,000, and Ethereum dropped to $2,260! Over $320 million was liquidated across the network as inflation fears took hold.) JPMorgan has submitted an application to the SEC to launch a second tokenized money market fund on the Ethereum blockchain. According to an SEC filing submitted on Tuesday, the fund, named "OnChain Liquidity-Token Money Market Fund" (ticker JLTXX), will invest in U.S. Treasury bills and overnight repurchase agreements collateralized by U.S. Treasuries or cash. JLTXX follows the "GENIUS Act" signed last July—a federal legal framework centered on stablecoins. The fund has a minimum investment threshold of $1 million, an annual fee of 0.16% after fee waivers, and is managed by Kinexys Digital Assets, JPMorgan's blockchain division. JPMorgan stated that the filing will become effective on Wednesday, but did not disclose a specific launch date. Bloomberg analyst Eric Balchunas stated on X that the 0.16% fee for JLTXX is "significant" for a stable net asset value money market fund, placing it on the lower end compared to similar products. This contrasts with traditional money market funds, which typically charge management fees ranging from 0.2% to 0.5%. This is not JPMorgan's first foray into tokenized products. Last December, the bank launched its first tokenized product, "My OnChain Net Yield Fund" (MONY), which also runs on the Ethereum blockchain and holds short-term debt securities. It is designed to provide returns higher than bank deposit rates, with interest and dividends accruing daily. JPMorgan's application comes less than three weeks after competitor Morgan Stanley launched its own money market fund. In April, Morgan Stanley introduced the "Stablecoin Reserves Portfolio," allowing stablecoin issuers to deposit reserves backing their fiat-pegged tokens into the bank's money market fund to earn interest. Blockchain tokenization has continued to attract the attention of Wall Street executives in recent months, with many industry insiders believing the technology offers higher operational efficiency in trading and settlement compared to traditional systems. According to RWA.xyz, over $32.2 billion in real-world assets (excluding stablecoins) have been tokenized on-chain, covering major asset classes such as commodities, stocks, bonds, and real estate. The JLTXX application also follows a trial transaction JPMorgan participated in last week—where the first tokenized U.S. Treasury fund was transferred from the U.S. to a JPMorgan Singapore bank account via the XRP Ledger and interbank settlement rails, taking only seconds. This cross-border settlement trial, conducted in partnership with Mastercard, demonstrated the potential of tokenized assets in international payment scenarios. However, the International Monetary Fund (IMF) released a report in April raising several concerns about tokenization. The IMF believes that tokenization shifts risks from the banking system to shared ledgers and smart contract code, making intervention during "stress events" more difficult. The IMF also pointed out that without legal clarity on ownership records and settlement finality, the tokenized market could become "fragmented and marginalized." Several industry figures, including "Shark Tank" investor Kevin O’Leary, have stated that legislation on crypto market structure (such as the CLARITY Act) is a necessary condition to address these issues.

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Published:2026-05-13 02:27:51

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