JPMorgan Tokenized Money Market Funds Go Live on Solana, Leading a Week of Institutional Crypto Deals
The biggest bank in the United States now issues fund shares on Solana. On October 22 J.P. Morgan Asset Management, which runs $4.8 trillion, made its two tokenized money market funds available on Solana to qualified U.S. investors. Four smaller items crossed the wires the same week: Chainlink signed with the company building Korea’s central bank token pilot, Bitmine pushed its ether pile past 6 million, Bybit got a full exchange licence in Dubai, and Switzerland approved a bitcoin ETF that its sponsor calls the first of its kind in Europe.
Read together they show the same thing. Regulated money is picking venues, and the venues it picks are getting named.
JPMorgan adds Solana to its tokenized cash funds
Two funds are involved. MONY, the My OnChain Net Yield Fund, is a 506(c) private placement that pays dollar money market yield. It launched on Ethereum in December 2025, and JPMorgan says it was the largest global systemically important bank to put a tokenized money market fund on a public blockchain. JLTXX, the JPMorgan OnChain Liquidity Token Money Market Fund, is a registered government money market fund built for stablecoin issuers that need to park reserves under the GENIUS Act. Kinexys Digital Assets, JPMorgan’s own tokenization unit, handles the token side.
Investors buy and redeem through Morgan Money, the bank’s cash management platform, and the fund tokens land at their Solana addresses. MONY is limited to accredited investors and qualified purchasers. The release gives no fund sizes, no Solana-specific minimum and no custodian or transfer agent.
The JLTXX piece matters more than the chain choice. Under the GENIUS Act a payment stablecoin’s reserves can sit in short Treasuries and government money market funds, and the implementing rules are still proposals with the law’s effective date close. A stablecoin issuer on Solana can now hold reserves in a JPMorgan government fund on the same chain as its token, and move them without leaving it. That’s a direct pitch to the issuers Circle and Tether compete with.
Solana gets something too. Its case to institutions has rested on speed and fees, covered in Solana’s institutional moment. A JPMorgan fund on the chain is a stronger argument than either. The bank isn’t alone, either. BlackRock, Franklin Templeton and startups such as Spiko already sell tokenized cash funds, and the contest is now over who gets to be the default collateral and reserve asset on each chain.
Chainlink signs with the builder of Korea’s Project Hangang
LG CNS, the IT services arm of LG Group, will build Chainlink’s data, cross-chain and orchestration services into its digital asset platform. The two companies also say they’ll work on Korean technical standards for oracles and interoperability in regulated digital assets. Neither said what LG CNS pays or when anything ships.
What makes this more than a logo swap is LG CNS’s day job. It is lead contractor on Project Hangang, the Bank of Korea’s deposit token pilot, which ran its first phase with about 80,000 customers across seven banks. The release puts Korea’s digital asset market at $68 billion without a source or date, and cites Kaiko data that the won is the second most traded currency in crypto after the dollar. That second figure is the reason foreign infrastructure firms keep circling Korea, as MoonPay’s bet on a won stablecoin showed. Chainlink’s own push into bank tokenization is in our OpenAssets piece.
Bitmine, Bybit and a Swiss bitcoin ETF
Bitmine Immersion Technologies (BMNR) held 6,041,481 ETH on October 18, about 4.9% of the 122.1 million supply. It bought 12,535 ETH that week and says it is 99% of the way to its goal of owning 5% of all ether. At the $2,365 price it used, the stack is worth about $14.3 billion inside $15.1 billion of total holdings, with $582 million in cash and securities. About 5.07 million ETH, some 84%, is staked through its MAVAN platform, which the company says would earn about $309 million a year at current yields. That staking income is now the real business. It is also the risk: one company holding close to a twentieth of a network’s supply is a concentration that Ethereum’s staking benchmark debates never planned for.
Bybit got a Virtual Asset Service Provider licence from Dubai’s VARA for exchange services, issued to Bybit Fintech FZE. It covers spot trading for retail, qualified and institutional clients. Derivatives aren’t included, and Bybit says it will apply for them later without giving a date. The exchange has had its international headquarters in Dubai since 2022 and held only provisional VARA approval until now. VARA’s register dates the licence June 20, 2026, four months before Bybit announced it. The licence lands 20 months after the February 2025 hack that took about $1.5 billion in ether from Bybit’s cold wallet, an attack the FBI tied to North Korea.
BIT Asset Management, the Zurich manager formerly called Crypto Finance (Asset Management) AG and now owned by Singapore’s BIT, the company founded as Matrixport, won FINMA approval for the Bitcoin Fund ETF, ticker BBIT. It should list on SIX Swiss Exchange in November. FINMA calls it the first Swiss-law fund holding only bitcoin and open to retail investors, and says other managers have applied. The distinction is legal. Most bitcoin products sold in Europe are exchange-traded notes, which are debt of the issuer. BBIT is a collective investment scheme with ring-fenced assets, the same structure as a Swiss equity fund. FINMA classes it as an alternative investment fund and warns that the wrapper doesn’t change bitcoin’s volatility. The fee and custodian weren’t disclosed.
Crypto is no safer for any of this. The rulebook it lives under just got longer.