Tokenized Money Fund - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2026-2031)

The tokenized money market fund market size is expected to grow from USD 7.90 billion in 2025 to USD 11.70 billion in 2026 and is forecast to reach USD 41 billion by 2031 at 28.5% CAGR over 2026-2031. This report is segmented by Portfolio Mandate (Prime and Credit Mandates, and More), Distributed-Ledger Architecture (Public-Network Issuance, and More), End-Investor Sector(Financial Institutions and Market Intermediaries, and More), Primary Use of the Holding (Cash and Liquidity Management, and More), and Geography (North America, and More). The Market Forecasts are Provided in Terms of Value (USD).

Global Tokenized Money Market Fund Market Trends and Insights

Demand for Yield-Bearing On-Chain Cash Management

Institutional treasuries that hold stablecoins do not receive income on those balances, while tokenized money market funds can provide 4% to 5% annual returns from comparable government-securities exposure. This difference supports demand for income-producing on-chain cash management. J.P. Morgan Asset Management launched JLTXX on Ethereum in May 2026 with USD 100 million at launch. The fund reached USD 694.95 million within 1 month, with demand linked to stablecoin issuers seeking eligible reserve assets. Goldman Sachs and BNY launched a tokenized money market fund solution in July 2025 that enabled direct transfers of fund shares between parties without a cash liquidation step. This arrangement can reduce reinvestment friction in institutional cash workflows and supports the Tokenized money market fund market.

Institutional Adoption of Tokenized Cash and Treasury Management Solutions

Institutional participation has moved beyond product announcements toward larger deployments and dedicated reserve products. State Street Investment Management entered the segment in June 2026 with its Stablecoin Reserves Money Market Fund. Anchorage Digital was the initial investor, and State Street reported more than USD 5 trillion in assets under management as of March 31, 2026. Legal & General Asset Management tokenized USD 68 billion across its liquidity fund range on Ethereum through the Calastone Tokenized Distribution Network in April 2026. J.P. Morgan Asset Management launched MONY in December 2025 on public Ethereum, with access through the Morgan Money platform. Connections to existing transfer-agent infrastructure can lower operational change for institutions entering the tokenized money market fund market.

Regulatory and Cross-Jurisdictional Compliance Complexity

The tokenized money market fund operates across regulatory frameworks that are still developing. The effective date is the earlier of January 18, 2027, or 120 days after final implementing regulations are issued by the relevant federal banking regulators. The European Union applies the Money Market Fund Regulation to underlying instruments and has separate requirements for digital-asset service providers. The European Union Distributed Ledger Technology Pilot Regime provides a framework for tokenized securities settlement, and the European Securities and Markets Authority is reviewing its future status. The European Commission’s MiCA 2.0 consultation closed on August 31, 2026. Different rules for funds, custody, distribution, and settlement can make cross-border deployment more difficult.

Other drivers and restraints analyzed in the detailed report include:

• Expansion of Stablecoin-Funded On-Chain Investment Activity
• Use of Tokenized Fund Shares as On-Chain Collateral
• Limited Secondary-Market Liquidity and Restricted Investor Access

Segment Analysis

Government, treasury, and public-debt mandates accounted for 92.5% of the tokenized money market fund market in 2025. The GENIUS Act recognizes government money market fund shares invested in short-duration United States Treasuries and overnight Treasury repos as eligible stablecoin reserve assets. The law sets a 93-day maturity ceiling for qualifying Treasury exposure. Corporate credit and commercial paper do not meet the same reserve eligibility. BlackRock’s BUIDL and BRSRV, J.P. Morgan’s MONY and JLTXX, and State Street’s SSCXX hold United States Treasuries, cash, and government-collateralized repurchase agreements. These product structures show how reserve rules have influenced the portfolio mix.

Prime and credit mandates are projected to grow at 35.8% CAGR through 2031. The tokenized money market fund market size for this mandate starts from a smaller base. Institutional allocators may seek higher-yielding alternatives as regulatory parameters become clearer. Amundi and Spiko launched the Spiko Amundi Overnight Swap Fund in March 2026. The fund had EUR 100 million (USD 108 million) in committed assets and used fully collateralized total-return swaps with Tier 1 banking counterparties. The fund operates under UCITS rules and French AMF regulation.

Public-network issuance held 88.4% of the tokenized money market fund market in 2025. Ethereum supports the largest share because of its established smart-contract environment and custodial integrations. BlackRock’s BUIDL operates across 7 chains, while Franklin Templeton’s BENJI covered 8 networks by mid-2026. J.P. Morgan launched JLTXX and MONY on public Ethereum. Public deployment does not remove investor controls because major products use approved wallet addresses and transfer restrictions. Traditional transfer-agent records often remain the authoritative ownership register.

Permissioned or private distributed-ledger technology issuance is projected to grow at 38.7% CAGR through 2031. These networks can embed eligibility and compliance checks at the network level. Goldman Sachs’ GS DAP platform supports the BNY and Goldman Sachs solution that launched in July 2025. The platform uses a private ledger and mirrored token representations. J.P. Morgan’s Kinexys Digital Assets platform also provides a permissioned compliance layer on Ethereum. This approach responds to institutional requirements for controlled transfers and established servicing processes.

Complete Report Scope:

• By Portfolio Mandate
  • Government, Treasury, and Public-Debt Mandates
  • Prime and Credit Mandates
  • Tax-Exempt and Residual Mandates
• By Distributed-Ledger Architecture
  • Public-Network Issuance
  • Permissioned or Private DLT Issuance
• By End-Investor Sector
  • Financial Institutions and Market Intermediaries
  • Asset Owners and Other Funds
  • Non-Financial Corporate Treasuries
  • Stablecoin and Digital-Money Issuers
  • Other Crypto-Native Treasuries and Protocol Entities
  • Households and Private Individuals
• By Primary Use of the Holding
  • Cash and Liquidity Management
  • Digital-Money Reserve and Backing Assets
  • Collateral, Margin, and Securities Financing
  • Settlement, Delivery-versus-Payment, and Transaction Liquidity
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Vietnam
    • Rest of Asia-Pacific
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Turkey
    • South Africa
    • Egypt
    • Rest of Middle East and Africa

Geography Analysis

North America held 68.3% of the tokenized money market fund market in 2025. The United States leads the region because of its large money market fund sector and the concentration of Securities and Exchange Commission-registered product activity. The GENIUS Act was signed on July 18, 2025, and established reserve composition standards for payment stablecoins. BlackRock, J.P. Morgan, State Street, Morgan Stanley, Franklin Templeton, and Invesco had entered or filed for related products by August 2026. Securities and Exchange Commission Rule 2a-7 provides rules for money market fund composition, maturity, and liquidity requirements. These rules provide an established structure for United States product design.

Europe held a different position within the Tokenized money market fund market. European Union-domiciled tokenized money market funds had EUR 725 million (USD 753 million) in net asset value as of December 31, 2025. EUTBL had EUR 440 million (USD 457 million), and USTBL had EUR 121 million (USD 126 million) at that date. Legal & General Asset Management tokenized USD 68 billion across its liquidity fund range on Ethereum in April 2026. Amundi and Spiko launched SAFO in March 2026 with EUR 100 million (USD 104 million) in committed assets. The European Union Distributed Ledger Technology Pilot Regime and UCITS Directive shape the regional compliance framework.

Asia-Pacific is the fastest-growing region in the tokenized money market fund market. Singapore’s Monetary Authority of Singapore approved the Franklin Templeton and ADDX tokenized United States dollar short-term money market fund for retail investors in November 2025. DBS Bank distributed the fund through its wealth platform. Hong Kong’s Securities and Futures Commission approved tokenized fund structures under its Open-Ended Fund Company framework. CPIC Investment Management Hong Kong launched a tokenized USD money market fund under that framework in March 2025. South America remains at an early stage, while the United Arab Emirates' financial centers are exploring real-world asset tokenization under local financial center frameworks.

List of Companies Covered in this Report:

• BlackRock
• Circle
• Franklin Templeton
• WisdomTree
• J.P. Morgan Asset Management
• Fidelity Investments
• BNY Investments
• 360 Funds
• Superstate
• Spiko
• Janus Henderson
• abrdn
• BNP Paribas Asset Management
• Amundi
• ChinaAMC
• State Street Global Advisors
• Invesco
• Goldman Sachs Asset Management
• UBS Asset Management
• Fidelity International

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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