J.P. Morgan’s tokenized US T-bill products surge to $885M market cap

J.P. Morgan’s tokenized US Treasury products have gone from $300 million to $884.6 million in market cap since late May. The bank’s two primary offerings, the JLTXX and MONY money market funds, are now collectively north of $900 million in assets under management. The entire tokenized US Treasury market has climbed past $15 billion, meaning J.P. Morgan alone accounts for a meaningful slice of the whole pie. How the funds got here JLTXX launched on May 13, 2026, seeded with $100 million through J.P. Morgan’s Kinexys Digital Assets platform. MONY arrived earlier, in December 2025, with a similar $100 million capital infusion. Both funds live on Ethereum, where token holders essentially own shares represented by on-chain addresses. Token Terminal data showed the products adding $100 million in market cap within a single month. One week in August alone saw an increase of $17.2 million. These funds let institutional investors, with a minimum subscription of $1 million, transact using either cash or stablecoins like USDC. The settlement happens in real time on-chain, which is a significant departure from the multi-day clearing windows that define traditional finance plumbing. The competi...