Wall Street is bringing traditional financial products to the public blockchain. This time, what has been deployed to Solana is not stocks or bonds, but a money market fund for cash management.

On October 22, JPMorgan Asset Management announced that two tokenized money market funds, MONY and JLTXX, have opened access to eligible U.S. investors on the Solana network. Previously, the two funds had been deployed on Ethereum, and this expansion means investors can hold the fund tokens through another public blockchain.

Investors still subscribe and redeem through JPMorgan's Morgan Money platform, and the token balances are recorded in their blockchain addresses.

This is not simply putting fund codes on the chain; rather, it is a sign that traditional asset management institutions are starting to allow the same type of financial products to enter different public blockchain environments.

What assets are actually being moved to the public blockchain?

The positioning of the two funds is not the same.

MONY is a private money market fund aimed at eligible investors, designed to provide U.S. dollar yield opportunities. JLTXX is a government money market fund registered in the U.S., primarily investing in U.S. Treasury bonds, and overnight repurchase agreements fully collateralized by U.S. Treasury bonds or cash.

Neither is an ordinary stablecoin, nor are they equivalent to freely tradable crypto tokens. They represent fund shares, and investors must meet the corresponding eligibility requirements and complete subscriptions and redemptions through designated platforms.

Among them, JLTXX's design also takes into account the needs of stablecoin issuers under the framework of the GENIUS Act. For institutions that need to manage reserve assets, tokenized government money market funds offer another cash management tool.

Why deploy to Solana?

If the funds are already able to operate on Ethereum, why add another public blockchain?

One reason is that institutional clients' on-chain business may not necessarily concentrate on the same network. Stablecoins, trading applications, and other tokenized assets may be distributed across different public blockchains. If the funds can enter more networks, they have the opportunity to be closer to the cash management needs on different chains.

Solana has gained attention for its faster transaction processing speed and lower transaction costs. For institutions that need to process on-chain transactions frequently, adding network support can expand the use cases for the products.

However, this does not mean that once the fund is deployed on Solana, it will automatically achieve higher liquidity. The subscription, redemption, and investor qualification of the fund are still subject to the original rules, and whether more institutions will actually use it needs subsequent data verification.

Traditional funds on-chain, the real change lies in capital circulation

In the past, when traditional financial institutions talked about blockchain, the focus was often on issuing tokens or verification technology. Today, more and more institutions are beginning to try to connect actual financial products to public blockchains, allowing fund shares, cash management, and asset settlement to enter on-chain processes.

The significance of JPMorgan's expansion lies in bringing existing money market funds to a new network, rather than launching a separate crypto-native product.

However, tokenization does not eliminate the risks of the underlying assets. Funds may still incur losses, and tokens do not equate to government-insured bank deposits. Public blockchain deployment also brings additional risks related to networks, technology, and regulation.

What is worth paying attention to next is not just which funds will deploy to Solana, but whether these tokenized assets can truly be integrated into the daily capital management and settlement processes of institutions. Only when on-chain deployment leads to actual usage can tokenization be considered a transition from technological experimentation to financial infrastructure.

If you are also paying attention to the Crypto market and want to participate in trading or asset allocation, you can register through the following exclusive channels and enjoy discounts:

Binance: Register through the exclusive link, fill in the invitation code aicoin668 to enjoy a 10% rebate.  

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=3

Benefit group: https://www.aicoin.com/link/chat?cid=gmLgwvKD1

OKX: Register through the AiCoin exclusive link to enjoy a permanent 20% rebate.  

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=2

Benefit group: https://aicoin.com/link/chat?cid=l61eM4owQ

Bitget: Register through the AiCoin exclusive channel to enjoy a 10% trading fee rebate.

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=6

Benefit group: https://aicoin.com/link/chat?cid=N63yYYKQE

You are also welcome to join the AiCoin community to get more information on new coins and earning opportunities from exchanges:  

Official Telegram community: https://t.me/aicoin_support

AiCoin Chinese Twitter: https://x.com/AiCoinzh

This article reflects the author's personal views and does not represent the position of this platform. The opinions, conclusions, and suggestions in this article are for reference only and do not constitute any investment advice related to this platform. The market is risky; invest with caution.​​​​​​​

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到[email protected]，本平台相关工作人员将会进行核查。