Tokenised money-market fund
A tokenised money market fund (TMMF) is a money market fund whose shares circulate as tokens on a blockchain (working definition). The BIS says TMMFs circulate on public permissionless blockchains like stablecoins but offer returns at money market rates and regulatory protections as securities, and rely on allow-listing of wallets. The BIS also says such shares are being piloted as reserve assets for stablecoins.
What the sources say
| Source | Quote | Link |
|---|---|---|
| BIS Bulletin 115: key takeaway | "Tokenised money market funds (TMMFs) are a fast-growing collateral asset and savings instrument in the crypto ecosystem. Like stablecoins, TMMFs circulate on public permissionless blockchains but offer returns at money market rates and regulatory protections as securities." | bis.org |
| BIS Bulletin 115: allow-listing | "TMMFs currently cater strongly to decentralised finance protocols and rely on "allow-listing" of blockchain wallets to constrain peer-to-peer trading of their tokens to ensure regulatory compliance." | bis.org |
| BIS Annual Economic Report 2026, ch. III: reserve-asset pilots | "These shares are being piloted as reserve assets for stablecoins and more broadly as collateral available on the ledger." | bis.org |
Related terms
See also
- Explainer: What is USDtb — and what does it have to do with USDe?
- Review: revain.org/coins/usdtb/
- Review: revain.org/projects/ondo/
Checked against the sources on 2026-11-01.