US36317HAA23, issued by J.P. Morgan Asset Management and tokenized by Kinexys Digital Assets, is a tokenized money market fund interest that represents an onchain claim on a regulated U.S. dollar fund holding short-term government instruments [S1][S2].

Tokenholders receive economic exposure to a money market fund that invests only in U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities [S1][S3]. The fund accrues U.S. dollar yields, and distributions are reinvested daily rather than paid out, so returns accumulate within the fund through daily dividend reinvestment [S1][S3]. The tokens are peer-to-peer transferable and usable as collateral onchain [S1].

J.P. Morgan Asset Management, the asset-management arm of J.P. Morgan, a United States institution, issues the funds, with onchain tokenization operated by Kinexys Digital Assets under the J.P. Morgan corporate umbrella [S1][S4][S2]. The holder's claim is a fund interest held on the blockchain [S1]. The first fund is a Rule 506(c) private placement restricted to qualified investors, generally Qualified Purchasers under the Investment Company Act of 1940 and Accredited Investors under the Securities Act of 1933; the second is a registered U.S. government money market fund [S1][S3]. Access is exclusively through the Morgan Money platform, where investors subscribe and redeem using cash or stablecoins [S1][S3].

The fund shares are issued natively on the public Ethereum blockchain via Kinexys Digital Assets, J.P. Morgan's multi-chain onchain tokenization platform built on an Ethereum Virtual Machine-based chain [S1][S5][S3]. Tokens are minted to investors' blockchain addresses on subscription and redeemed through Morgan Money, with daily subscription and redemption and near real-time onchain settlement [S5][S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-its-first-tokenized-money-market-fund/" },
    { id: "S2", url: "https://www.jpmorgan.com/kinexys/index" },
    { id: "S3", url: "https://am.jpmorgan.com/us/en/asset-management/adv/about-us/media/press-releases/jp-morgan-asset-management-launches-second-tokenized-fund-on-ethereum/" },
    { id: "S4", url: "https://www.jpmorgan.com/kinexys/about" },
    { id: "S5", url: "https://www.jpmorgan.com/insights/payments/blockchain-digital-assets/blockchain-kinexys-asset-tokenization" },
  ]}
/>


Tokenized funds

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Real-world asset (RWA) issuers

J.P. Morgan

Galaxy Tokenized U.S. Commercial Paper (US36317HAA23) is a tokenized fund share issued through Galaxy Digital Holdings LP.

The fund invests in U.S. corporate credit.

Institutions can subscribe and redeem in USDC.

Galaxy Digital Holdings LP is incorporated in the United States.

US36317HAA23 has been issued on Solana as a SPL Token-2022 token since December 2025.

Galaxy Tokenized U.S. Commercial PaperUS36317HAA23

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