# Tokenised money-market fund

Working definition: money market fund shares issued as blockchain tokens; the BIS says they offer returns at money market rates.

Canonical: https://achivx.org/glossary/tokenised-money-market-fund/
Updated: 2026-11-01

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](https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds) |
| 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](https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds) |
| 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](https://www.bis.org/publications/aer-2026/anchoring-trust-money) |

## Related terms

- [Yield-bearing stablecoin](/glossary/yield-bearing-stablecoin/)
- [Reserve / reserve assets](/glossary/reserve-assets/)
- [Stablecoin](/glossary/stablecoin/)

## See also

- Explainer: [What is USDtb — and what does it have to do with USDe?](https://achivx.com/academy/issuers/what-is-usdtb.html)
- Review: [revain.org/coins/usdtb/](https://revain.org/coins/usdtb/)
- Review: [revain.org/projects/ondo/](https://revain.org/projects/ondo/)

Checked against the sources on 2026-11-01.

## revain.org
- https://revain.org/coins/usdtb/
- https://revain.org/projects/ondo/

## Sources
- https://www.bis.org/publications/bulletin-115-rise-tokenised-money-market-funds
- https://www.bis.org/publications/aer-2026/anchoring-trust-money