JPMorgan Chase has filed with the U.S. Securities and Exchange Commission to create a blockchain-based money market fund designed in part for stablecoin issuers.
According to DepositThe fund will use blockchain infrastructure developed by Kinexys Digital Assets (KDA), a business unit within JPMorgan Chase Bank, N.A.
The filing states that the Fund “uses blockchain technology to provide a means for investors to submit transaction instructions” involving Fund shares through a blockchain system.
The blockchain framework is “designed, published and maintained” by KDA and operates as a permissioned system on top of public blockchains, the filing says.
JPMorgan said the system combines “policies, procedures and technological controls” intended to ensure transactions remain under the “full and complete control and supervision of the Fund.”
The application also highlights the role that stablecoin issuers can play in the product.
According to the filing, “one or more stablecoin issuers are expected to hold shares of the Fund as all or part of the reserve assets backing the stablecoins issued to their clients.”
The proposed structure indicates continued interest from major financial institutions in integrating blockchain technology into traditional financial products and stablecoin infrastructure.
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