Tokenized Money Market Funds: How Onchain MMFs Work
A tokenized money market fund (MMF) is a regulated money market fund whose shares live on a blockchain. The fund buys the same things any government money market fund buys, short-term Treasuries, cash and repurchase agreements, but its shareholder register is a token contract instead of a private database.
How they differ from tokenized treasuries
The two categories overlap heavily, and many products sit in both on this site. The difference is mostly legal:
- A money market fund follows money market fund rules: a stable $1 share price target, strict limits on maturity and credit quality, and daily liquidity.
- A tokenized treasury product can be any wrapper around Treasuries: a fund, a note or an offshore company, with or without those rules.
BENJI is a US-registered money market fund. BUIDL is a private fund that behaves like one. USDY is a note, not a fund at all.
The main funds
- Franklin Templeton (BENJI): launched on Stellar in 2021 and since expanded to several chains. Available to US retail investors through Franklin’s app.
- BlackRock (BUIDL): launched in March 2024 through Securitize, for qualified institutional investors.
- Circle (USYC): originally Hashnote’s fund, acquired by Circle in 2025, and redeemable into USDC.
- Spiko: Paris-based issuer of euro and dollar T-bill money market funds, regulated in the EU.
- WisdomTree: runs a range of tokenized funds through its WisdomTree Prime and Connect platforms.
Why use one instead of a stablecoin
Stablecoin issuers keep the interest on their reserves. A tokenized MMF passes it to holders, and because fund shares are regulated securities, the fund’s assets are held in a structure designed to protect shareholders. The trade-off is KYC, eligibility rules and slower redemptions than a stablecoin.
Collateral is the big use case
The fastest-growing use of tokenized MMFs is as collateral. A trading firm can post fund tokens to an exchange or a lending protocol, keep earning the fund’s yield, and only redeem when it needs cash. This is why issuers have pushed to get their funds accepted as margin by major exchanges and DeFi lending markets.
Current figures
The live table below ranks tokenized money market funds by value. See the category page for every fund and chain.
Largest tokenized money market funds right now
See allTokenized Money Market Funds total: $523M as of Oct 5, 2026.
| # | Asset | Issuer | Value | 7D | 30D |
|---|---|---|---|---|---|
| 1 | - | $231M | +4.5% | +61.1% | |
| 2 | - | $134M | -0.4% | +1.1% | |
| 3 |  BlackRock Daily Reinvestment Stablecoin Reserve VehicleBRSRV | - | $50.3M mc | - | - |
| 4 | - | $39.7M | +0.0% | -0.0% | |
| 5 |  Fidelity USD Digital Liquidity Fund-AccFILQ-A | - | $25.6M mc | - | - |
| 6 | - | $18.3M | -5.3% | -17.9% | |
| 7 |  Spiko UK T-Bills Money Market FundUKTBL | - | $13.6M mc | - | - |
| 8 | Resolv | $7.28M | -11.6% | +11.2% | |
| 9 | - | $3.26M | - | - | |
| 10 | Circle | $0 | - | - | |
| 11 | Securitize | $0 | - | - | |
| 12 | Spiko | $0 | - | - | |
| 13 |  Franklin Templeton BENJIBENJI | Franklin Templeton | - mc | - | - |
FAQ
What is a tokenized money market fund?
A tokenized money market fund is a regulated money market fund whose shares are recorded and transferred as tokens on a blockchain. The fund itself still holds short-term government debt, cash and repo.
What was the first tokenized money market fund?
Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX), represented by the BENJI token, was the first US-registered mutual fund to use a public blockchain to record share ownership. It launched in 2021.
Can tokenized money market funds be used as collateral?
Yes. Several exchanges and prime brokers accept tokenized money market fund shares as collateral, which lets traders earn the fund's yield on margin they would otherwise hold in cash or stablecoins.
Assets in this guide
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This guide is general information, not investment advice. Check an issuer's own documents before investing.