Tokenised money market funds in 2026: key findings

Tokenised money market funds are moving closer to practical adoption as firms assess where tokenisation can improve fund flows, collateral use and operating efficiency. At the same time, the limitations of traditional MMF workflows are becoming more visible across onboarding, routing, reconciliation and earnings management.

Where is the business case for tokenised MMFs becoming most tangible? How are firms weighing launch momentum against the structural barriers that still limit wider adoption?

These key findings, developed with Taurus, in association with ISDA and GDF, examine launch expectations for tokenised MMFs, the operational inefficiencies in traditional MMF models and the areas where cost, earnings and collateral benefits may emerge more clearly.

The research highlights:

• 66% of firms plan to launch tokenised MMFs before the end of 2027: the market is moving more decisively from discussion into execution

• Only 35% view traditional MMFs as efficient today: current workflows remain manual, time-sensitive and operationally constrained

• 44% expect to accept tokenised MMFs as collateral by the end of 2027: collateral use is becoming a more practical part of the business case

• 73% of North American firms expect launches in 2026: regional momentum is building faster in some parts of the market

• 22% expect TMMF assets under management to exceed USD 500 million by 2028: firms see the potential for more meaningful scale over time