category.money_market_funds.label

category.money_market_funds.promise

Starting path

Eight products carry the category name. Only four are registered money market funds.

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.

category.money_market_funds.promise Reviewed on token as the share of record, regulator and registration number, published fee against fund yield, and portfolio and liquidity rules.

Start with the smart category assistant or jump straight into quick questions. Both paths narrow to the same recommendation standard.

How we review

Recommendation first, comparison only if needed.

Reviewed and rechecked on the current cycle.

Commercial relationships disclosed before clickout.

Audit

Infrastructure

Methodology

2026.04.0

published 2026-04-27

Providers tracked

720+

across 82 categories

Last verified

2026-08-07

editorial freshness

Editorial board

4

audit-log live

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.

Key question

Is the token the share of record, or a wrapper around a share held elsewhere?

Key question

Which regulator, under which regime, and what is the registration number?

Key question

What does the manager take, measured against the yield the fund actually pays?

Current editor lead

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.

Data checked Aug 2026

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): EDGAR's submissions record for CIK 0001786958 lists Investment Company Act file number "811-23471" alongside Securities Act file number "333-233596", so the registration is looked up by number in a public register. The summary prospectus is a Form 497K filed under that registration and is dated August 1, 2026. Weakest on portfolio and liquidity rules (9/10): The prospectus states the fund "only buys securities that mature or are deemed to mature in 397 calendar days or less (or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation)" and "also tries to maintain a stable $1.00 share price" — the 2a-7 maturity… 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 — 10/10Token as the share of record — 9/10Published fee against fund yield — 9/10

Main tradeoff

The $20 minimum is real — "The minimum initial purchase for most accounts is $20" — but individuals can only open an account by downloading the Benji mobile app, and the prospectus adds "you may be subject to a higher investment minimum" depending on which blockchain network you choose. The transfer agent also holds unilateral power to reverse transactions and limit transferability of your shares.

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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 annual Fund operating expenses after fee waiver and/or expense reimbursement" 0.20%. The waiver footnote states verbatim: "the ratio of total annual fund operating expenses will not exceed 0.20% until July 31, 2027" — Summary Prospectus dated August 1, 2026, fetched 2026-08-07

Weighted criteria

Token as the share of record30%

Regulator and registration number28%

Published fee against fund yield22%

Portfolio and liquidity rules20%

Leading options

Shared shortlist for this category

These providers are pulled from the same category comparison catalog used in validation, so the category page, comparison page, and provider reviews stay aligned.

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.

Editor lead

Best for: Regulator and registration number — 10/10

BlackRock USD Institutional Digital Liquidity Fund (BUIDL)

A British Virgin Islands limited company sold under a Section 3(c)(7) private-placement exemption, tokenised across nine networks by Securitize.

A British Virgin Islands limited company sold under a Section 3(c)(7) private-placement exemption, tokenised across nine networks by Securitize. Strongest on token as the share of record (7/10): Corrected during verification: the draft read only one of BUIDL's two Ethereum tokens and compared it against the wrong denominator. At Ethereum block 25705255 on 2026-08-07, eth_call returned for 0x7712c34205737192402172409a8F7ccef8aA2AEc name() = "BlackRock USD Institutional Digital Liquidity Fund", symbol() =… Weakest on portfolio and liquidity rules (3/10): The Form D/A records is40Act "false" and classifies the issuer's investmentFundType as "Other Investment Fund" rather than a registered money market fund, so no Rule 2a-7 maturity, diversification or daily/weekly liquid-asset floor applies. The issuer also answered "Decline to Disclose" to aggregateNetAssetValueRange… Published price: "Management Fee 0.20-0.50%" and "Min. Investment 5,000,000 USD" — RWA.xyz asset page for BUIDL (app.rwa.xyz/assets/BUIDL), page stamped "as of 08/07/2026", fetched 2026-08-07. Corrected during verification: the draft rendered both labels with a colon after…

Best for: Token as the share of record — 7/10

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 is a share class of Fidelity Treasury Digital Fund, a series of FIDELITY HEREFORD STREET TRUST, CIK 0000917286, filing under Securities Act file number 033-52577. The summary prospectus is a Form 497K dated June 29, 2026 filed under that registration, and the fund invests "consistent with Rule 2a-7… Weakest on token as the share of record (3/10): Fidelity states the position more plainly than any other issuer here: "The fund's transfer agent maintains the official record of share ownership of the OnChain class in book-entry form." and "Although the secondary recording of the OnChain class on a blockchain will not represent the official record of ownership, the… 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

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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.

Reviewed on: Token as the share of record, Regulator and registration number, Published fee against fund yield, Portfolio and liquidity rules.

This page is a maintained category surface, not a static marketing block. Review freshness, provider positioning, and recommendation logic should stay consistent with quiz and provider pages.

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%.

REVIEWEDApr 2026METHOD4 criteriaCATEGORYmoney_market_funds

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