Money-Market Funds
Money-Market Funds evaluated on whether the token is the share of record, regulator and registration number, fee against yield, and portfolio and liquidity rules.
8providers tracked
8ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
27 September 2026oldest read · due 11 NovIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
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Pick a country to see which money-market funds serve it. Nothing is hidden — any that does not is listed with that reason.- 🇺🇸 United States
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Funding & access
8 providers match your requirements
Out of 8 ranked providers. 0 excluded.
What this ranks
Ranked here: tokenised money-market funds, regulated funds held onchain as a token, compared on whether the token is the share of record and which regime governs the fund.Not ranked here: products that are not regulated money-market funds held onchain as a token.8 of the 8 assessed are ranked.Requirements narrow the list; they never change a published ChainChoice Score. How the ranking works
Spiko US T-Bills Money Market Fund (USTBL)
How Spiko US T-Bills Money Market Fund (USTBL) was chosen
Wins the weighted total without leading any single criterionA French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN
81 / 100 out of 100published score, #1 of all 8 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Regulator and registration numberPublished fee against fund yieldPortfolio and liquidity rules
Why it leads
- Spiko US T-Bills Money Market Fund (USTBL) is 4 points ahead of Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT), mainly because it scores higher on its token share record.
- Ahead of Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) on token share record (+5.6 points)
- Provider states broad availability
Tradeoff
Token share record: 3 points below the best in this ranking
Share
#ProviderPriceCompare
2
A Rule 2a-7 registered money market fund
77 / 100 out of 100
3
FR
A 1940 Act registered government money market...
69 / 100 out of 100
4
JA
A BVI professional fund open only to non-US...
60 / 100 out of 100
5
WI
A registered 2a-7 money market fund tokenised...
56 / 100 out of 100
6
Tied for #5 · ordered by unrounded weighted total (37.59 against 37.53)
A British Virgin Islands limited company sold...
56 / 100 out of 100
7
A Cayman Islands mutual fund
48 / 100 out of 100
8
A tokenised private fund
45 / 100 out of 100
Compare providers (0)
See key differences in features, fees, security and more.
Published fee vs yield
Published fee against fund yield
22% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Published fee vs yield (0–10) | ChainChoice Score |
|---|---|---|
| Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) | 9 | 69 |
| Spiko US T-Bills Money Market Fund (USTBL) | 8 | 81 |
| Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) | 8 | 77 |
| WisdomTree Treasury Money Market Digital Fund (WTGXX) | 8 | 56 |
| Invesco Short Duration US Government Securities Fund (USTB) | 8 | 45 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 4 | 60 |
| BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | 3 | 56 |
| Circle USYC (Hashnote International Short Duration Yield Fund Ltd) | 3 | 48 |
Token share record
Token as the share of record
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Token share record (0–10) | ChainChoice Score |
|---|---|---|
| Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) | 9 | 69 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 8 | 60 |
| Invesco Short Duration US Government Securities Fund (USTB) | 7 | 45 |
| Spiko US T-Bills Money Market Fund (USTBL) | 6 | 81 |
| BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | 6 | 56 |
| Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) | 3 | 77 |
| WisdomTree Treasury Money Market Digital Fund (WTGXX) | 3 | 56 |
| Circle USYC (Hashnote International Short Duration Yield Fund Ltd) | 3 | 48 |
Portfolio liquidity rules
Portfolio and liquidity rules
20% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Portfolio liquidity rules (0–10) | ChainChoice Score |
|---|---|---|
| Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) | 9 | 77 |
| Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) | 9 | 69 |
| WisdomTree Treasury Money Market Digital Fund (WTGXX) | 9 | 56 |
| Spiko US T-Bills Money Market Fund (USTBL) | 8 | 81 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 4 | 60 |
| Invesco Short Duration US Government Securities Fund (USTB) | 4 | 45 |
| BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | 3 | 56 |
| Circle USYC (Hashnote International Short Duration Yield Fund Ltd) | 3 | 48 |
Regulator registration
Regulator and registration number
28% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Regulator registration (0–10) | ChainChoice Score |
|---|---|---|
| Spiko US T-Bills Money Market Fund (USTBL) | 10 | 81 |
| Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) | 10 | 77 |
| Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) | 10 | 69 |
| WisdomTree Treasury Money Market Digital Fund (WTGXX) | 10 | 56 |
| BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | 3 | 56 |
| Invesco Short Duration US Government Securities Fund (USTB) | 3 | 45 |
| Janus Henderson Anemoy Treasury Fund (JTRSY) | 2 | 60 |
| Circle USYC (Hashnote International Short Duration Yield Fund Ltd) | 2 | 48 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | Spiko US T-Bills Money Market Fund (USTBL) | 6 | 10 | 8 | 8 | 81 |
| 2 | Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) | 3 | 10 | 8 | 9 | 77 |
| 3 | Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) | 9 | 10 | 9 | 9 | 69 |
| 4 | Janus Henderson Anemoy Treasury Fund (JTRSY) | 8 | 2 | 4 | 4 | 60 |
| 5 | WisdomTree Treasury Money Market Digital Fund (WTGXX) | 3 | 10 | 8 | 9 | 56 |
| 6 | BlackRock USD Institutional Digital Liquidity Fund (BUIDL) | 6 | 3 | 3 | 3 | 56 |
| 7 | Circle USYC (Hashnote International Short Duration Yield Fund Ltd) | 3 | 2 | 3 | 3 | 48 |
| 8 | Invesco Short Duration US Government Securities Fund (USTB) | 7 | 3 | 8 | 4 | 45 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which money-market funds were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads 1 of 4
Published criterionWtScore, and the best hereGap/10 out of 10Pts
Token as the share of record7.2−365.8
Regulator and registration number6.7·109.0
Published fee against fund yield5.3−185.6
Portfolio and liquidity rules4.8−185.1
Σ methodology points25.5/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why Spiko US T-Bills Money Market Fund (USTBL) leads this category right now
A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital. Strongest on regulator and registration number (10/10): The product page states that the fund is a money market fund approved by the French AMF, publishes ISIN FR001400ODM9 and links to the fund's entry in the AMF's GECO register. Weakest on token as the share of record (6/10): Spiko's documentation says its funds use blockchain networks for registry management while the funds keep admin rights over their shares; the USD product page itself mentions no blockchain, chain or token. Published price: "The only fee for using Spiko is a 0.25% annual management fee on your deposited funds, deducted daily on a prorated basis.
Best for
Regulator and registration number — 10/10
Main tradeoff
Spiko is the distributor, not the manager — the page names "Asset manager Twenty First Capital" — so the investment decisions and the brand you are buying are made by different firms. The portfolio disclosure block on the same page is stamped "Last updated on Dec. 9, 2024", and the live yield and holdings render only from JavaScript, so none of the current figures are readable in the page source.
Verify before signup
"The only fee for using Spiko is a 0.25% annual management fee on your deposited funds, deducted daily on a prorated basis. The interest you see each day is always shown after this fee has been deducted." The same FAQ adds "You also have no transaction fees on your deposits and withdrawals. Finally, you also have no custody fees." and the characteristics table reads "Minimum initial deposit $1" — Spiko T-Bills USD product page, fetched 27 September 2026. The page's current net yield renders only from JavaScript and is not in the served HTML.
Recommendation summary
What should decide this category
Is the token the share of record, or a wrapper around a share held elsewhere?
Which regulator, under which regime, and what is the registration number?
What does the manager take, measured against the yield the fund actually pays?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
Spiko US T-Bills Money Market Fund (USTBL)
A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital.
A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital. Strongest on regulator and registration number (10/10): The product page states that the fund is a money market fund approved by the French AMF, publishes ISIN FR001400ODM9 and links to the fund's entry in the AMF's GECO register. Weakest on token as the share of record (6/10): Spiko's documentation says its funds use blockchain networks for registry management while the funds keep admin rights over their shares; the USD product page itself mentions no blockchain, chain or token. Published price: "The only fee for using Spiko is a 0.25% annual management fee on your deposited funds, deducted daily on a prorated basis.
Best for: Regulator and registration number — 10/10
Token as the share of record · weight 30%6/10Regulator and registration number · weight 28%10/10Published fee against fund yield · weight 22%8/10Portfolio and liquidity rules · weight 20%8/10
Quick pick
Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT)
A Rule 2a-7 registered money market fund with a dedicated on-chain share class whose blockchain record is explicitly secondary to the transfer agent's book-entry register.
A Rule 2a-7 registered money market fund with a dedicated on-chain share class whose blockchain record is explicitly secondary to the transfer agent's book-entry register. Strongest on regulator and registration number (10/10): The OnChain class belongs to Fidelity Treasury Digital Fund, a series of Fidelity Hereford Street Trust, which EDGAR lists under Investment Company Act file number 811-07139; the trust files monthly money market fund reports (N-MFP3) under it. Weakest on token as the share of record (3/10): The prospectus states that the transfer agent keeps the official record of OnChain class ownership in book-entry form, and that the blockchain recording is secondary and reconciled against the official records at least daily. Published price: OnChain class fee table, label then cell: "Management fee" 0.25 %; "Distribution and/or Service (12b-1) fees" None; "Other expenses" 0.00 %; "Total annual operating expenses" 0.25 %; "Fee waiver and/or expense reimbursement" 0.05 % A; "Total annual operating…
Best for: Regulator and registration number — 10/10
Token as the share of record · weight 30%3/10Regulator and registration number · weight 28%10/10Published fee against fund yield · weight 22%8/10Portfolio and liquidity rules · weight 20%9/10
Quick pick
FR
Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI)
A 1940 Act registered government money market fund whose transfer agent keeps the official share register on public blockchains.
A 1940 Act registered government money market fund whose transfer agent keeps the official share register on public blockchains. Strongest on regulator and registration number (10/10): The fund is a series of Franklin Templeton Trust, which EDGAR lists under Investment Company Act file number 811-23471 and Securities Act file number 333-233596; the trust files monthly money market fund reports (N-MFP3) under that registration. Weakest on token as the share of record (9/10): The prospectus states that the transfer agent maintains the official record of share ownership through a proprietary blockchain-integrated system that uses book-entry features and public blockchains; the transfer agent keeps unilateral control over the shares recorded on it. Published price: Fee table rows read from the filing, label then cell: "Management fees" 0.15%; "Distribution and service (12b-1) fees" None; "Other expenses" 0.07%; "Total annual Fund operating expenses" 0.22%; "Fee waiver and/or expense reimbursement 1" -0.02%; "Total…
Best for: Regulator and registration number — 10/10
Token as the share of record · weight 30%9/10Regulator and registration number · weight 28%10/10Published fee against fund yield · weight 22%9/10Portfolio and liquidity rules · weight 20%9/10
Quick pick
JA
Janus Henderson Anemoy Treasury Fund (JTRSY)
A BVI professional fund open only to non-US professional investors, whose token is prima facie evidence of ownership under BVI law.
A BVI professional fund open only to non-US professional investors, whose token is prima facie evidence of ownership under BVI law. Strongest on token as the share of record (8/10): Anemoy's fund page states that the token represents an ownership share in the fund and is prima facie evidence of ownership under BVI law, in the same way as a share certificate. Weakest on regulator and registration number (2/10): The fund page states that the fund is approved and regulated by the BVI Financial Services Commission but gives no licence or registration number; the term sheet calls it a BVI licensed professional fund for non-US professional investors. Published price: "15 basis points" then "annual management fee, including blockchain transaction and protocol fees, excluding third-party fees as fund administration, fund audit, asset custody, banking and brokerage fees but not limited to", footnoted "The annual management…
Best for: Token as the share of record — 8/10
Token as the share of record · weight 30%8/10Regulator and registration number · weight 28%2/10Published fee against fund yield · weight 22%4/10Portfolio and liquidity rules · weight 20%4/10
Considered and not ranked
None left out by name
We assessed 8 products here and rank all 8. No product has been turned away by name; when one is, its name and the reason appear here. Evidence last read 27 September 2026.
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Exit failure: you cannot get out at par, on time, or with what is yours.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on token as the share of record, regulator and registration number, published fee against fund yield, and portfolio and liquidity rules.
Data checked Sep 2026 · Independent rankings · We show our work
Reviewed Published Methodology v2026.11.1
Re-read due since
The published cadence is 45 days; this page's next read was due on 11 November 2026.How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best money-market fund in 2026?
Spiko US T-Bills Money Market Fund (USTBL) ranks #1 overall for money-market funds on ChainChoice. A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Token as the share of record · 30% (Spiko US T-Bills Money Market Fund (USTBL) 6/10, Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) 3/10, Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) 9/10)Scored by Portfolio and liquidity rules · 20% (Spiko US T-Bills Money Market Fund (USTBL) 8/10, Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) 9/10, Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) 9/10)
- Regulatory failure: no licence where you are, or a forced market exit.Scored by Regulator and registration number · 28% (Spiko US T-Bills Money Market Fund (USTBL) 10/10, Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) 10/10, Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) 10/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Exit failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Published fee against fund yield (22%).
FAQs
3 questions readers ask before choosing money-market funds.
Frequently asked
Questions people ask before choosing money-market funds
Are these actually money market funds?
Four of the eight are. The other three are funds of a different kind wearing the category name: BUIDL's Form D answers is40Act "false" and claims the Section 3(c)(7) exclusion, so it is a private fund for qualified purchasers rather than a registered money market fund; Superstate's own asset page labels the Invesco product "TOKENIZED PRIVATE FUND"; and Janus Henderson Anemoy's JTRSY holds a BVI professional-fund licence. Franklin, Fidelity, WisdomTree and Spiko are the registered ones. The distinction is not pedantic — a registered money market fund carries portfolio and liquidity rules that a private fund does not, which is why those rules carry 20% of the weight here.
Can I trust the AUM figure on the product page?
Check it against the chain, because at least one does not reconcile. Circle's USYC page publishes "Assets Under Management $312,976,695.16". On 2026-08-07 totalSupply() returned 2,573,937,729.192755 on BNB Chain and 77,034,100.301532 on Ethereum — confirmed identically on three independent RPCs — which at the fund's own oracle NAV of 1.133362906634636304 is $3,004,513,138 of tokens. That is 9.6 times the published AUM, and within 0.01% of the $3,004,191,871 RWA.xyz reports independently. No as-of date appears beside Circle's figure to explain the gap.
What does a cumulative sales figure tell me about size?
Nothing about size, and it is easy to read as if it did. BlackRock's Form D/A shows $5,135,523,412, but that is totalAmountSold — cumulative subscriptions since inception, not assets under management. BUIDL's actual size on 2026-08-07 was a Total Asset Value of $2,695,565,506 across 114 holders. The genuinely interesting number in those filings is different and smaller: investors of record fell from 42 in the July 2025 Form D/A to 28 in the July 2026 one, while cumulative sales rose 58%.
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Best picks
Best money-market funds in 2026
Weighted on whether the token is the share of record (30), the regulator and registration number (28), the published fee against the fund yield (22), and the portfolio and liquidity rules (20). The first thing to check is the category name itself: three of the eight are not registered money market funds under any money-market-fund regime. BUIDL's Form D answers is40Act "false" and claims the Section 3(c)(7) exclusion, Superstate's own asset page labels the Invesco fund "TOKENIZED PRIVATE FUND", and JTRSY holds a BVI professional-fund licence. Only Franklin, Fidelity, WisdomTree and Spiko are registered as money market funds.
Best overall
Spiko US T-Bills Money Market Fund (USTBL)
A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital.
Data checked Sep 2026
A French-domiciled money market fund approved by the AMF, with a one-dollar minimum and an ISIN, distributed by Spiko and managed by Twenty First Capital. Strongest on regulator and registration number (10/10): The product page states that the fund is a money market fund approved by the French AMF, publishes ISIN FR001400ODM9 and links to the fund's entry in the AMF's GECO register. Weakest on token as the share of record (6/10): Spiko's documentation says its funds use blockchain networks for registry management while the funds keep admin rights over their shares; the USD product page itself mentions no blockchain, chain or token. Published price: "The only fee for using Spiko is a 0.25% annual management fee on your deposited funds, deducted daily on a prorated basis.
Best for: Regulator and registration number — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research