Money-Market Funds evaluated across token as the share of record, regulator and registration number, published fee against fund yield, and portfolio and liquidity rules.
SP
#1 of 8 · published ranking
Spiko US T-Bills Money Market Fund (USTBL)
81ChainChoice Score
4199
Why it leads
4 points ahead of Fidelity Treasury Digital Fund — OnChain class (FYOXX / FDIT): +5.6 pts token share record
Cost
Not priced· No comparable price is published
No provider can pay for a position in this table. The code that computes this order cannot read which links earn us a commission, and every build proves it. Every score below rebuilds from the published criteria.Ranking 2026.08 · 4 criteria · 8 products · same inputs, same order
Personal comparison
Money-Market Funds ranked comparison
No comparable price is published; ranking still uses verified product evidence.
RankProviderBest fitScore
1
SPSpiko 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...
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)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...
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.
Joint #5 · ordered by unrounded weighted total (37.59 against 37.53)
6
BlackRock USD Institutional Digital Liquidity Fund (BUIDL)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...
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.
Ranking blindCommercial terms excludedDated primary sourcesCrypto products are high risk. Check the provider is authorised where you live before you deposit.
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, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
Audit
Infrastructure
Methodology
2026.09.15
published 2026-09-16
Providers tracked
980+
across 119 categories
Last verified
2026-09-27
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.
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 editor lead
Expert review and scoring weights
SP
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 2026-09-27. The page's current net yield renders only from JavaScript and is not in the served HTML.
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%.
Not financial advice · For informational purposes only · Always do your own research
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