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WisdomTree and MoonPay expand U.S. access to a tokenized money market fund

WisdomTree and MoonPay expand U.S. access to a tokenized money market fund

Money Moves

MoonPay plans to hold shares of WisdomTree's tokenized Treasury fund in its stablecoin reserves as the fund opens to 35 million app users

September 17th, 2026: WisdomTree and MoonPay announce collaboration

Overview

Updated Sep 18

WisdomTree's $1.2 billion tokenized money market fund just gained a new distribution channel: the crypto payments app MoonPay. The companies announced September 17 that the fund would be offered across MoonPay's 35 million accounts, and that MoonPay plans to hold shares of the fund to back its stablecoin reserves.

The deal connects two pieces of the crypto economy. Tokenized Treasury funds put money market returns on the blockchain, and stablecoin issuers need safe assets behind their coins. Last year's GENIUS Act made Treasury money market funds an eligible stablecoin reserve investment.

Why it matters

Stablecoin operators may move reserves from bank accounts into tokenized Treasury funds, putting regulated money market funds at the center of crypto payments.

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Key Indicators

$1.2B
WTGXX assets under management
Assets in the WisdomTree Treasury Money Market Digital Fund, per announcement coverage.
35M
MoonPay accounts
MoonPay says its platform hosts over 35 million accounts and serves 1,700+ partners.
0.25%
WTGXX expense ratio
Annual fee on the fund, with a $1 minimum investment and daily-accruing dividends.
8
Blockchains hosting WTGXX
Fund shares are recorded as tokens on eight networks, including Ethereum, Solana, Stellar, Base, and Avalanche.
$466M
WTGXX net inflows, past 30 days
Net inflow into the fund in the 30 days before the MoonPay announcement, per ChainCatcher.

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People Involved

Caroline D. Pham
Caroline D. Pham
CEO of MoonPay Institutional
Leading the WisdomTree collaboration
 Jonathan Steinberg
Jonathan Steinberg
Founder and CEO of WisdomTree
Overseeing the tokenized fund strategy

Organizations Involved

WisdomTree, Inc.
WisdomTree, Inc.
Asset manager (NYSE: WT)
Issuer of WTGXX, the tokenized Treasury money market fund at the center of the deal

New York asset manager running one of the largest tokenized money market funds.
MoonPay
MoonPay
Financial technology / crypto payments infrastructure
Distribution partner and stablecoin operator

Crypto payments platform with over 35 million accounts across 180 countries.

Timeline

February 2023 September 2026

4 events Latest: September 17th, 2026 · 2 months ago
Tap a bar to jump to that date

  1. WisdomTree and MoonPay announce collaboration

    Latest Partnership

    WTGXX becomes accessible via MoonPay's 35-million-account network; MoonPay plans to hold WTGXX shares in its stablecoin reserves.

  2. GENIUS Act becomes law

    Regulation

    The stablecoin law sets reserve standards and names Treasury money market funds as an eligible investment for stablecoin backing. Date shown is approximate (mid-2025).

  3. SEC's Project Crypto begins

    Regulation

    The Securities and Exchange Commission starts exploring technical amendments to enable blockchain use in regulated markets, per Pham. Date approximate.

  4. WisdomTree launches tokenized Treasury money market fund

    Product Launch

    WisdomTree lists WTGXX, a tokenized money market mutual fund holding short-term U.S. Treasuries, targeting $1.00 per share. Sources date the launch to early 2023; the exact day is approximate.

Scenarios

1

Stablecoin issuers adopt tokenized money market funds for reserves

Likely Resolves by End of 2027

Discussed by: MoonPay Institutional CEO Caroline Pham and the GENIUS Act reserve framework she cites

The GENIUS Act set standards for where stablecoin issuers can invest reserves, and Treasury money market funds qualify. If other issuers follow MoonPay's lead, tokenized funds like WTGXX become a default parking spot for stablecoin backing. Pham argues the on-chain format enables real-time rebalancing and lower subscription costs.

2

MoonPay network pushes WTGXX past $3 billion in assets

Possible Resolves by Sep 17, 2027

Discussed by: Announcement coverage in Cointelegraph and Bitcoin.com News, focused on retail access

WTGXX holds roughly $1.2 billion. Opening it to 35 million MoonPay accounts and 1,700 partners could drive meaningful inflows if users park idle balances in a Treasury product paying a return. The fund's $1 minimum and 0.25% fee make it accessible to small retail wallets.

3

SEC rulemaking stalls tokenized fund growth

Possible Resolves by End of 2027

Discussed by: Pham's interview comments on SEC technical amendments and Project Crypto

Pham expects the SEC to keep finalizing rules that let regulated products use blockchain for clearing, settlement, and recordkeeping. If that work stalls, issuers may slow tokenization plans, and the distribution gains from the MoonPay deal would be limited to existing products.

4

MoonPay discloses its WTGXX reserve allocation

Possible Resolves by End of 2026

Discussed by: Coincu analysis of the announcement

MoonPay plans to hold WTGXX in its stablecoin reserves but has not said how much, which stablecoin it backs, or how the shares are custodied. A reserve attestation or audit naming WTGXX would confirm the position's size.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

April 2021

Franklin Templeton launches first tokenized money market fund (2021)

Franklin Templeton listed its OnChain U.S. Government Money Fund (FOBXX) on the Stellar blockchain, the first registered U.S. money market fund to record share ownership in tokens on a public network.

Then

FOBXX attracted modest assets for years while asset managers and regulators tested the format.

Now

Established the legal structure—a 1940 Act fund running on a distributed ledger—that WisdomTree's WTGXX later adopted.

Why this matters now

WTGXX uses the structure FOBXX pioneered. The MoonPay deal gives that format a retail distribution channel it lacked at launch.

March 2024

BlackRock launches BUIDL tokenized Treasury fund (2024)

BlackRock launched BUIDL, a tokenized fund holding U.S. Treasuries, and it quickly became the largest tokenized money market fund, used as collateral across crypto trading venues.

Then

BUIDL demonstrated real institutional demand for on-chain Treasury products.

Now

Proved tokenized funds could function as collateral and reserves, not just investment vehicles.

Why this matters now

MoonPay's plan to hold WTGXX in stablecoin reserves extends the use case BUIDL validated.

September 2008

Reserve Primary Fund breaks the buck (2008)

The Reserve Primary Fund, the oldest U.S. money market fund, saw its share price fall below $1 after its Lehman Brothers holdings lost value, setting off a run on money funds nationwide.

Then

The Treasury rolled out a temporary guarantee program, and regulators later tightened money fund rules.

Now

No investor ultimately lost principal, but 'seeking $1.00' became a caveat rather than a promise.

Why this matters now

Explains WisdomTree's warning that WTGXX seeks $1.00 but does not guarantee it and is not FDIC-insured.

Sources

(11)
+5
WisdomTree Investor Relations Cointelegraph Cryptonomist Bitcoin.com News Genfinity FINTECH.TV CNBC Finviz ChainCatcher Gate News Coincu