JPMorgan has made a big move on Ethereum, launching a tokenized money market fund called MONY. In simple terms, it's like bringing the traditional financial product Yu'e Bao onto the blockchain, but the gameplay is much more complex than imagined.

The full name of this fund is "My OnChain Net Yield Fund," and it has officially gone live on the Ethereum mainnet. JPMorgan invested $100 million as seed capital, mainly targeting stable assets like U.S. Treasuries and repurchase agreements. Investors can subscribe and redeem directly using USDC stablecoins, which indeed opens a door for traditional funds to enter the crypto ecosystem.

But do you know how high this door is? Individual investors need to have assets exceeding $5 million to participate, institutional investors start at $25 million, and the minimum single investment is $1 million. In other words, this is not a game designed for retail investors.

On the technical side, the fund uses JPMorgan's own Kinexys Digital Assets technology for tokenization. Qualified investors receive digital tokens stored in encrypted wallets, directly representing fund shares. The fund structure is similar to conventional money market funds—holding a short-term debt portfolio, with yields typically surpassing bank fixed deposits, and interest calculated and paid daily.

What does this move signify? Traditional financial giants' attitude toward blockchain has long changed; they have moved from testing phases directly into formal operations. However, JPMorgan's approach ultimately benefits those big players who are already sitting back and counting their money.