JPMorgan files second tokenized treasury fund on Ethereum

JPMorgan has submitted a registration statement to the U.S. Securities and Exchange Commission to launch the JPMorgan OnChain Liquidity-Token Money Market Fund, ticker JLTXX. The fund is a tokenized Treasury money market fund to be issued on the Ethereum blockchain and uses Kinexys Digital Assets for on-chain tokenization and settlement services.

According to the fund prospectus, JLTXX will invest under normal market conditions only in U.S. Treasury securities and overnight repurchase agreements fully collateralized by Treasuries. The prospectus states the fund will be managed to meet the definition of eligible reserve assets under the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act, which was enacted in July 2025. That language is intended to allow regulated stablecoin issuers to hold shares of the fund as part of the high-quality liquid assets they must maintain under the law.

The filing indicates initial issuance will occur on Ethereum, with the possibility of expansion to additional blockchain networks in the future. The SEC filing does not list a launch date or a target for assets under management. The prospectus provides the fund’s investment policy and operational mechanics but leaves distribution arrangements and further network plans unspecified.

JLTXX would be JPMorgan’s second tokenized money market vehicle on Ethereum. The bank launched My OnChain Net Yield Fund, or MONY, in December 2025 with an initial deposit of $100 million. The new filing follows a broader increase in institutional tokenization activity, including other managers issuing tokenized funds on public blockchains.

Industry data show Ethereum accounts for roughly 54% of distributed tokenized real-world asset value and supports several hundred tokenization projects, making it a common settlement layer for institutional issuances. Market participants point to operational familiarity, existing risk controls and available third-party infrastructure as factors behind the concentration of institutional tokenization on Ethereum.

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, predicted Ethereum will capture the bulk of traditional finance flows to blockchain-based products over the next two years and commented, “I think Ethereum probably wins for the next little while on the back of TradFi getting involved.”