‘Web3 Finance’ J.P. Morgan and BlackRock Launch Tokenized MMFs on Ethereum [Crypto Briefing]

[Financial News] Global financial institutions such as BlackRock and J.P. Morgan are accelerating the development of 'Web3 finance' using public blockchain technology. Following BlackRock’s tokenized money market fund (MMF), the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), J.P. Morgan Asset Management’s tokenized MMF, My Onchain Net Yield Fund (MONY), is now also operating on Ethereum, demonstrating the feasibility of such solutions. In Korea, as Security Token Offering (STO) legislation approaches passage, the financial investment industry is moving to benchmark these developments.
According to foreign media and the financial investment industry on the 5th, J.P. Morgan’s tokenized MMF, MONY, which was launched in mid-December last year, has demonstrated the viability of public blockchain-based finance after about a month of operation. MONY issues and manages fund share ownership as tokens on Ethereum, showing that institutional finance is transitioning from experimental blockchain projects to actual operational infrastructure.
Ethereum, as a decentralized network (distributed ledger) without a central administrator, is drawing attention from the industry for these Wall Street initiatives. The core feature of Ethereum, the smart contract, is being recognized as the key infrastructure for Real-World Asset Tokenization (RWA), transforming the financial sector paradigm.
MONY is an MMF that invests in short-term U.S. Treasury securities and Treasury-backed repurchase agreements. Investors can subscribe to or redeem MONY on J.P. Morgan’s platform using cash or USD Coin (USDC), receiving digital tokens equivalent to their fund shares.
Traditional MMFs require one to two days for redemption and can only be requested during trading hours. In contrast, MONY enables real-time transactions on the blockchain. Ownership transfers and settlements are handled on-chain, allowing direct transfers between financial institutions without cash redemption, and increasing the utility of these tokens as collateral. Forbes noted, “It is symbolic that J.P. Morgan has placed a core cash-equivalent product on a public blockchain.”
Previously, BlackRock, the world’s largest asset manager, also launched BUIDL on Ethereum, with Goldman Sachs and others following similar paths. MMFs are widely used in Korea as well. Tokenization is expected to improve investor access, enable real-time settlements, and facilitate 24/7 trading.
With STO-related legislation nearing passage in the National Assembly of the Republic of Korea, the financial investment industry is ramping up preparations. The Financial Services Commission (FSC) plans to establish a public-private-academic consultative body to ensure the successful adoption of STOs and to prepare the necessary conditions by the law’s effective date (one year after amendment).
Mirae Asset Securities, which is actively pursuing the STO business in Korea, outlined in the CEO’s New Year address the paradigm shift in the global financial industry as traditional and digital assets converge. The company plans to gradually build the infrastructure and systems that form the foundation of the digital asset business ecosystem, and to organically link its overseas subsidiaries’ global mobile trading systems (MTS) with digital asset trading platforms.
A representative from Mirae Asset Securities stated, “We will support clients in managing global assets and tokenized digital assets more efficiently and in executing diverse asset allocation strategies. Through advanced AI, we aim to provide more sophisticated and effective support for clients’ investment decisions, from traditional assets to digital assets.”

elikim@fnnews.com Kim Mi-hee Reporter