Top 10 Platforms Tokenizing Money Market Funds
Money market funds have traditionally occupied one of the quieter corners of finance. Investors put cash in, fund managers buy short-term government securities and other highly liquid instruments, and shares move through established transfer-agent and settlement systems.
Tokenization is making that process considerably more interesting. Fund shares can now exist directly on blockchains, opening the door to round-the-clock transfers, faster settlement, programmable subscriptions and the use of fund interests as collateral in digital markets.
The opportunity is substantial. BlackRock said U.S. money market funds held more than $8.4 trillion when it expanded its tokenized cash-management business in August 2026. Meanwhile, Calastone expects the broader tokenized fund market to reach $235 billion by 2029.
Franklin Templeton Benji
Franklin Templeton was years ahead of the current rush. Its Franklin OnChain U.S. Government Money Fund, or FOBXX, launched in 2021 and became the first U.S.-registered mutual fund to use a public blockchain as its official system for processing transactions and recording share ownership.
Shares are represented through BENJI tokens. By April 2026, Franklin Templeton was highlighting features including peer-to-peer share transfers and intraday yield, pushing the product beyond simply recording a conventional fund on blockchain infrastructure.
WisdomTree
WisdomTree has pushed tokenized funds closer to the always-open model associated with crypto markets. In February 2026, it introduced 24/7 trading and instant settlement for shares of the WisdomTree Treasury Money Market Digital Fund, or WTGXX.
WisdomTree said this marked the first time shares of a registered tokenized mutual fund could trade and settle instantly around the clock within the U.S. regulatory perimeter. The fund has subsequently appeared in experiments involving payroll and decentralized-finance infrastructure.
J.P. Morgan and Kinexys
J.P. Morgan Asset Management is moving rapidly into this market through infrastructure supplied by Kinexys. In May 2026, it launched the JPMorgan OnChain Liquidity-Token Money Market Fund, or JLTXX, on Ethereum. The registered government money market fund launched with a $100 million investment from J.P. Morgan Asset Management.
Kinexys acts as the translation layer connecting fund-service providers with the public blockchain, allowing ownership and transaction information to move onchain without discarding established fund infrastructure.
BlackRock
BlackRock moved from tokenized Treasury exposure into regulated money market products in August 2026. The asset manager launched OnChain Shares of the BlackRock Select Treasury Based Liquidity Fund, or BSTBL, alongside the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV.
The products combine BlackRock’s existing cash-management operation with blockchain-based ownership and settlement infrastructure. That move is important because BlackRock manages cash at a scale few crypto-native tokenization companies can approach.
UBS Tokenize
UBS entered the market with uMINT, the UBS USD Money Market Investment Fund Token. Launched in 2024, uMINT uses Ethereum and provides access to a portfolio built around high-quality money market instruments.
UBS subsequently demonstrated an end-to-end production workflow with DigiFT and Chainlink that processed tokenized fund subscription and redemption requests onchain. That experiment moved tokenization beyond issuance by showing how servicing activities can also be automated.
Spiko
Spiko approaches money market funds as internet-native cash-management products. Its tokenized funds invest primarily in short-dated government securities while representing investor shares on public blockchains. The funds were approved by France’s Autorité des Marchés Financiers, giving the structure a regulated European foundation.
Tokenized shares can move continuously instead of being restricted to the operating hours of conventional fund infrastructure. Spiko also supports several blockchain networks, widening the places where those fund interests can potentially be used.
Circle USYC
Circle has turned USYC into a bridge between institutional cash management and onchain markets. USYC represents shares in the Hashnote International Short Duration Yield Fund, which invests primarily in U.S. government-backed reverse-repurchase arrangements and other short-term government instruments.
Eligible investors can subscribe and redeem using USDC, with blockchain settlement available around the clock. Circle says redemptions within available instant liquidity can settle in roughly one block time.
Libeara
Libeara provides the tokenization layer behind several regulated financial products rather than managing the underlying assets itself. One of its most important projects supported China Asset Management Hong Kong’s tokenized retail money market fund, launched with Standard Chartered providing services including custody and fund administration.
Libeara described the product as the first tokenized retail money market fund in Asia-Pacific. The company received a Singapore Capital Markets Services licence in March 2026, strengthening its ability to support institutional tokenized securities and collective investment schemes.
Archax
Archax is helping established asset managers distribute tokenized money market funds through digital-asset markets. By early 2026, tokenized funds from managers including Aberdeen, BlackRock, Fidelity International and State Street were being made available through Archax infrastructure with additional privacy technology supplied by Silent Data.
The structure shows how fund tokenization is expanding beyond issuing a token. Distribution, privacy, and institutional access are becoming separate layers of the market.
ChinaAMC Hong Kong
ChinaAMC Hong Kong deserves separate attention as the asset manager behind one of Asia’s most significant retail tokenization experiments. Its USD Digital Money Market Fund represents ownership through blockchain-based tokens while retaining the legal structure of an investment fund.
Official product documentation explains that each token or fraction represents a corresponding share or fraction of a fund share. Standard Chartered and Libeara provide parts of the infrastructure around that model.
Money market tokenization is ultimately about changing what investors can do with cash after they invest it. A conventional fund share largely sits inside fund infrastructure. A properly structured tokenized share can potentially settle continuously, move between eligible investors and become usable collateral elsewhere.
The underlying investments remain familiar. What is changing is the wrapper around them, and that could eventually prove just as important.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Anastasiia O. is an editor at MPost, where she focuses on reshaping content across a wide spectrum of topics. With an eye for detail and a genuine interest in storytelling, she helps ensure that the content is both accurate and engaging. Her experience spans multiple areas, providing her with the knowledge to offer insightful contributions to various topics highlighted on the platform.
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Anastasiia O. is an editor at MPost, where she focuses on reshaping content across a wide spectrum of topics. With an eye for detail and a genuine interest in storytelling, she helps ensure that the content is both accurate and engaging. Her experience spans multiple areas, providing her with the knowledge to offer insightful contributions to various topics highlighted on the platform.
