JPMorgan Asset Management submitted a second tokenized money market fund to the U.S. SEC on May 12: “JPMorgan OnChain Liquidity-Token Money Market Fund” (ticker: JLTXX). Issued on the Ethereum mainnet, its design goal is to meet the GENIUS Act requirements for reserves held by stablecoin issuers. According to Decrypt, this is the second on-chain MMF launched by JPMorgan within half a year after it introduced the institution-oriented MONY fund in late 2025.
JLTXX structure: invests in U.S. Treasuries and overnight repurchase agreements
JLTXX key design details:
Ticker: JLTXX
Official name: JPMorgan OnChain Liquidity-Token Money Market Fund
Issuance chain: Ethereum mainnet (currently the only supported chain; may expand to other public chains in the future)
Asset allocation: U.S. Treasuries, and overnight repurchase agreements (repurchase agreements) secured by Treasuries or cash
Blockchain technology provider: JPMorgan’s in-house Kinexys Digital Assets business unit
SEC application effective date: May 13
Actual live date: not disclosed
Compared with the MONY fund launched in late 2025, JLTXX’s strategy positioning is more clearly aimed at the reserve requirements of stablecoin issuers—under the GENIUS Act framework, issuers such as Tether, Circle, and PayPal must hold “U.S. dollar cash or low-risk assets” as 1:1 reserves. JLTXX directly tokenizes these assets, allowing issuers to adjust their reserve composition instantly on-chain without going through traditional brokerages and T+1 settlement.
Market significance: the tokenization “duopoly” of BlackRock + JPMorgan
The timing of JLTXX’s filing is nearly simultaneous with BlackRock’s May 8 SEC applications for two tokenized money market funds, BSTBL and BRSRV. The two asset management giants—managing $1.4 trillion and $350 billion in assets respectively—pushed comparable products to the SEC within less than a week, reflecting a rapid rollout by the U.S. [TradFi](https://www.gate.com/zh/tradfi) of a new category: “GENIUS Act-compliant reserve assets for stablecoins.”
In terms of product structure, BlackRock’s BSTBL tokenizes an existing $6.9 billion Treasury liquidity fund (large scale, with existing clients migrating); JPMorgan’s JLTXX, by contrast, is designed from scratch and is more closely aligned with the customized needs of stablecoin issuers. Both target the same “slice of the pie,” but with different competitive strategies.
Signal to stablecoin issuers
Blockchain news watch: for stablecoin issuers such as Circle, Tether, and PayPal PYUSD, the near-simultaneous launch of tokenized MMFs by BlackRock and JPMorgan is a two-sided signal. On one side, “compliance pathways increase”—issuers will have more options for where to hold reserves in the future, with improved liquidity and transparency. On the other side, once TradFi giants move the product pipeline onto-chain, whether they will directly issue competing stablecoins in the future also becomes a question mark.
JPMorgan already has its own JPM Coin (an institutional settlement tool), but it has not yet opened issuance of a publicly circulating stablecoin to the outside. BlackRock holds about 5% equity in Circle and is a strategic partner of USDC. When the tokenized infrastructure for TradFi giants becomes fully established, the step of moving into “their own stablecoin” may happen earlier than the market expects.
Events to watch next include: JLTXX’s official launch date and disclosure of the first batch of institutional subscribers, whether Kinexys Digital Assets expands to other public chains, and progress on the SEC’s regulatory fine details for tokenized MMFs.
This article about JPMorgan’s application for the 2nd Ethereum tokenized money market fund, JLTXX, first appeared on 鏈新聞 ABMedia.
