Tokenised money market funds — short-duration government debt wrapped in an on-chain share class — have grown every month this year, according to issuer attestations and on-chain supply data compiled by this newsroom.
The buyers are not retail savers. Wallet clustering suggests the dominant holders are trading firms and exchanges using the tokens as yield-bearing collateral instead of idle stablecoin balances.
That use case is narrower than the tokenisation pitch, but it is real revenue. It is also concentrated: the three largest products account for the overwhelming majority of assets.
The open question is redemption behaviour under stress. None of these products has been tested through a fast market, and settlement still depends on traditional banking hours at the fund level.
Methodology: supply figures come from public contract data; asset figures come from monthly issuer attestations. Where the two disagree, the attestation is used and the discrepancy noted in our dataset.
