Kinexys vaults

Kinexys by J.P. Morgan, called Onyx until its November 2024 rebrand, is J.P. Morgan's bank-led blockchain platform for programmable payments, onchain FX and asset tokenisation. Its Kinexys Digital Assets unit runs the permissioned token system that J.P. Morgan Asset Management uses to represent money market fund shares as tokens on the public Ethereum blockchain.

JLTXX. The JPMorgan OnChain Liquidity-Token Money Market Fund, launched on 13 May 2026, is a US-registered government money market fund advised by J.P. Morgan Investment Management. According to its fact sheet, it invests only in US Treasuries and overnight repurchase agreements fully collateralised by Treasuries or cash, seeks a stable $1.00 NAV and is managed to meet the GENIUS Act reserve-asset rules for stablecoin issuers, though it is not a stablecoin itself. Dividends are paid daily as additional shares, so income shows up as more tokens rather than a higher token price.

Access and dealing. Under the prospectus, shares are offered only in the US, mainly through J.P. Morgan's Morgan Money platform for institutional investors, with a $1 million minimum. Orders settle in US dollars or, through a third-party conversion service, USDC. Tokens move only between fund-approved Ethereum addresses, and the transfer agent's register, not the blockchain, is the legal record of ownership.

MONY, fees and risks. J.P. Morgan Asset Management's first tokenised money market fund, My OnChain Net Yield Fund (MONY), launched in December 2025, is a private placement for accredited investors who are also qualified purchasers and holds similar Treasury assets. JLTXX's net expenses are 0.16% a year after a fee waiver that runs to 30 June 2028. JLTXX can lose value, is not FDIC-insured and may suspend redemptions under money market fund rules; its prospectus also flags network delays, forks, volatile gas fees and lost private keys.