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Risk Warnings
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What are tokenised money market funds?
Understand the fundamentals of tokenised money market funds and how they are supporting the evolution of digital market infrastructure.
Introduction
Tokenised money market funds (tMMFs) represent the next evolution of cash investing, combining the stability and regulatory framework of traditional money market fund (MMF) with the efficiency of blockchain technology. In this structure, fund shares are issued as digital tokens that reflect ownership in the underlying portfolio while maintaining the same investment strategy, governance, and net asset value process.
The transfer agent’s shareholder register remains the golden source of truth, with the token acting as the digital representation of ownership on‑chain. By enabling 24/7 transfers between approved investors, enhanced asset mobility and greater operational efficiency, tokenised money market funds are helping to modernise market infrastructure and support the growing integration of traditional finance with digital ecosystems.
Key takeaways
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01
A digital wrapper on a traditional MMF
tMMFs are essentially traditional MMFs with their shares represented as digital tokens on a blockchain, maintaining the same portfolio, NAV process, and governance as the underlying fund.
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02
Digital ownership with greater operational efficiency
Fund shares are represented as digital tokens held in investor wallets, helping streamline recordkeeping, transfers, and other operational processes while maintaining ownership of the same underlying fund.
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03
New capabilities enabled by tokenisation
Tokenisation can extend the functionality of traditional money market funds through features such as 24/7 transferability, programmable workflows, wallet-native access, and potential use in digital collateral and liquidity management solutions.
Tokenised money market funds use cases
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tMMFs can help modernise treasury operations by enabling institutions to keep liquidity invested until it is needed. Features such as 24/7 transferability, near real-time settlement and holding the tMMF directly in a digital wallet provide greater operational flexibility whilst preserving the core characteristics of a traditional money market fund.
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Tokenised money market funds can serve as liquidity sleeves within digital asset ecosystems, enabling investors to keep capital invested until it is needed. By complementing on-chain cash, they can help investors move efficiently between liquidity and yield, reducing the traditional trade-off between accessibility and return.
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Tokenised money market funds can be used as collateral across trading and financing activities, supporting more efficient capital deployment across traditional and digital markets while maintaining exposure to high-quality money market investments.
Comparing the investor experience: traditional vs. tokenised money market funds
|
Investor experience |
Current experience |
Investor experience in a tokenised fund |
|
Investor wallets |
N/A |
Investors would be expected to hold digital wallets with a regulated wallet provider or in a self-custodied wallet. |
|
Onboarding and eligibility |
AML/KYC checks performed by the Transfer Agent prior to account opening |
Wallet screening would be performed, in addition to AML/KYC checks, by the Transfer Agent prior to account opening. |
|
Subscriptions |
Initiated via traditional methods in line with fund cutoffs |
Initiated via traditional methods in line with fund cutoffs. Post-settlement, tokens would be minted to the investor’s wallet |
|
Redemptions |
Typically initiated via traditional methods (phone, SWIFT, FTP) in line with fund cut-offs |
Redemptions would be initiated on-chain only through a “transfer” of tokens to the fund redemption wallet address, in line with existing fund cut-offs. The tokenisation service provider would notify the Transfer Agent of a redemption request for the relevant shares |
|
Transaction Currency & Timing |
Transfer agent accepts transactions and sends redemption proceeds in the currency of the share class and will confirm orders during the fund’s open hours |
The Transfer Agent would continue to operate in the share class currency and within defined opening hours, with potential for expanded interoperability with digital cash instruments (e.g. stablecoins) in the future. |
|
Peer-to-Peer (“P2P”) transfers |
Transfers go through the Transfer Agent |
The transfer of tokens on-chain could take place 24/7 between two allow-listed investors and would result in a corresponding transfer of shares. |
|
Account access / privacy / security |
Access secured by username/password/MFA that the investor has with their Brokerage/Order placement system. Theft or unauthorized access risks rely on the traditional financial institution's security |
Investors (or their wallet providers) would be expected to manage private keys. Loss of private keys could result in loss of access to fund tokens until the Transfer Agent is able to remediate the situation. Transaction data visible on the blockchain would be pseudonymised, helping to protect shareholder identity, provided the Transfer Agent’s off-chain records remain secure |
|
Valuation |
NAV calculated by Fund Accountant then applied by the Transfer Agent |
No change |
|
Income accrual and distribution |
Investors that hold the share at the fund cut-off will be entitled to income |
Investors holding shares at the daily cut-off are entitled to income. As tokenised shares can be transferred on any day, including weekends, income entitlement may transfer between investors accordingly. Accruals are paid through dividend reinvestment or distribution in line with the fund's distribution approach |
|
Portfolio Reporting |
Daily Portfolio metrics and holdings transparency |
No change |
What investors will need to get started
Essential knowledge
Build a foundational understanding of digital assets and tokenised money market funds to support informed investment and operational decisions
Investment policy
Ensure your Investment Policy allows for tMMFs & your organization will allow for digital wallets on a public blockchain
Wallet infrastructure
Set up a supported digital wallet and prepare the necessary wallet infrastructure.
Digital account
Complete tMMF account onboarding & addendum
Operational workflows
Review trading and operating workflows to adjust for tokenised fund workflows and have the oversight needed in place
FAQs
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“Tokenised” means an on‑chain token mirrors a holding in the fund’s tokenised share class, while the transfer agent’s shareholder register remains the golden record. When an eligible investor subscribes a token is minted, when they move the token to a redemption address the token is burned and the shares are considered redeemed, and when the token is transferred, the official register is updated to match.
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The key difference with these products is the use of tokenisation for issuing shares to investors. OnChain Shares are issued in the form of tokens that are minted onto a blockchain and transferred to an investor’s digital wallet, which enables new capabilities for investors.
While traditional money market fund shares are issued to investors in book-entry form onto a traditional transfer agency ledger, OnChain Shares introduce potential flexibility in how investors access and transfer liquidity along with faster settlement times.
Additionally, these products will offer benefits like 24/7/365 peer-to-peer transfers and on-chain record ownership which do not exist in our money market funds today.
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Institutional investors seeking to bring cash management on-chain, including treasury teams, financial institutions and participants in digital asset ecosystems looking for a regulated money market fund that combines traditional MMF features with blockchain-enabled capabilities such as 24/7 transferability, operational efficiency and integration into digital workflows.
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Investors’ wallet addresses, token balances, and transactions may be visible on-chain. Other PII is kept off-chain and wallet-to-client identity mapping is maintained through the transfer agent. Omnibus/nominee structures may further centralize on-chain visibility to a single wallet where appropriate.
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The dealing cut-off time and valuation timing is consistent with traditional share classes by currency.
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The transfer agent facilitates same-day settlement (T+0) for fiat subscription and redemption activity in line with BAU timelines and custody payment processing.
Peer-to-peer transfers of tokens between respective whitelisted wallets settle near real-time 24/7/365 on the relevant blockchain, subject to network conditions and confirmation times.
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Investor ownership is safeguarded by the fact the transfer agent maintains the shareholder register as another record. If a tokenisation component is disrupted, the model is designed so investor servicing can continue based on the traditional TA register, with contingency for prolonged tokenisation/network outages treated as part of the operating resilience design.
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Public blockchain networks require the payment of certain transaction fees to execute a transactionon the applicable network. These fees are typically paid in the native digital asset for the operation of the blockchain network (such as in the form of “ether,” the native digital asset for the operation of Ethereum). These transaction fees (sometimes called “gas fees”) are paid to execute a transaction.
For transactions relating to purchases of OnChain Shares and dividend distributions, transaction feeswill be the responsibility of BlackRock, and shareholders will not be required to purchase any native digital asset to transact on the applicable network. Redemption transactions or peer-to-peer transactions will require the shareholder to pay the gas fees.
Contact our Cash Management team
Interested in learning more about tokenised money market funds or how they could support your cash strategy?
For investors in Italy:
This document is marketing material: Before investing please read the Prospectus and the PRIIPs available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
General Disclosure: This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. References to specific company names, asset classes and financial markets are for illustrative purposes only and should not be construed as investment advice or investment recommendations. This material may contain estimates and forward-looking statements, which may include forecasts and do not represent a guarantee of future performance. This information is not intended to be complete or exhaustive. No representations or warranties, either express or implied, are made regarding the accuracy or completeness of the information contained herein. The opinions expressed are as of 30 June, 2026 and are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.
In EMEA, this material is for distribution to Professional, Qualified Clients and Investors only.
This document is marketing material and will expire 12 months after issue.
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