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.
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.
#1 of 8 · published ranking
Spiko US T-Bills Money Market Fund (USTBL)
81ChainChoice Score
4199
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.
Show the arithmetic
Ahead of Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) on token share record (+5.6 points)
Cost
Not priced· No comparable price is published
ReviewedRe-read due since The published cadence is 45 days; this page's next read was due on 11 November 2026.Published Methodology v2026.11.1
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.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 8 products · same inputs, same order
How we review · 8 ranked of 8 assessed · 4 criteria · 0 sponsor weight
How we review
8ranked
8assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
Personal comparison
Money-Market Funds ranked comparison
No comparable price is published; ranking still uses verified product evidence.
RankProviderBest fitScore
1
Spiko US T-Bills Money Market Fund (USTBL)A French-domiciled money market fund ap...Top ranked
Regulator and registration number — 10/10Trade-off: Spiko is the distributor, not the manager — the page names "Asset manager Twenty Firs...
81score
Check availability for your country
Spiko US T-Bills Money Market Fund (USTBL) · spiko.io. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2
Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT)A Rule 2a-7 registered money market fun...
Regulator and registration number — 10/10Trade-off: Two things a buyer would regret missing. First, "OnChain class shares have a minimum...
77score
Check availability for your country
Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT) · sec.gov. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3
FRFranklin OnChain U.S. Government Money Fund (FOBXX / BENJI)A 1940 Act registered government money...
Regulator and registration number — 10/10Trade-off: The $20 minimum is real — "The minimum initial purchase for most accounts is $20" — b...
69score
Check availability for your country
Franklin OnChain U.S. Government Money Fund (FOBXX / BENJI) · franklintempleton.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
4
JAJanus Henderson Anemoy Treasury Fund (JTRSY)A BVI professional fund open only to no...
Token as the share of record — 8/10Trade-off: The fee, minimum and terms come from a slide deck dated February 2025 hosted on IPFS,...
60score
Check availability for your country
Janus Henderson Anemoy Treasury Fund (JTRSY) · anemoy.io. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
5
WIWisdomTree Treasury Money Market Digital Fund (WTGXX)A registered 2a-7 money market fund tok...
Regulator and registration number — 10/10Trade-off: The fund changed identity recently and the chain has not caught up. The fact sheet st...
56score
Check availability for your country
WisdomTree Treasury Money Market Digital Fund (WTGXX) · wisdomtree.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
Tied for #5 · ordered by unrounded weighted total (37.59 against 37.53)
6
BlackRock USD Institutional Digital Liquidity Fund (BUIDL)A British Virgin Islands limited compan...
Token as the share of record — 6/10Trade-off: BlackRock's Form D/A filed 2026-07-27 reports totalNumberAlreadyInvested of 28 agains...
56score
Check availability for your country
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) · securitize.io. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2 more assessed and ranked below — none of them hidden for commercial reasons.
Ranked on 4 published criteria weighted 30/28/22/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18 (constant here), ease of use 10 (constant here), institutional trust 8 (constant here). Profile match is shown in breakdowns but carries no weight.
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%).
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
27 September 2026
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
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.
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?
Current engine lead
The #1 overall and the scoring weights
Spiko US T-Bills Money Market Fund (USTBL)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.
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 forRegulator and registration number — 10/10
Main tradeoffSpiko 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.
Weighted criteria
Token as the share of record30%
Regulator and registration number28%
Published fee against fund yield22%
Portfolio and liquidity rules20%
Methodology
How this category is reviewed
Reviewed on token as the share of record, regulator and registration number, published fee against fund yield, and portfolio and liquidity rules.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
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%.
Reviewed27 September 2026Method4 criteriaCategorymoney_market_funds
Not financial advice · For informational purposes only · Always do your own research
