Tracker · Funds

Tokenised funds as collateral: money market funds and private markets

Which money market funds and private-market funds have been tokenised, how the token relates to the fund's official record, and where the units are reported as used, or planned to be used, as collateral.

23 funds and share classes. Sources last checked 15 October 2026. Mentions are factual and are not endorsements. Tokenisation does not change the credit or liquidity risk of a fund.

Token and record shows what the token is (a share class, a feeder fund, a mirror of a conventional holding) and which record the sources say is official; “not stated” means the sources do not say. Collateral use is what a source reports, not our view of whether an arrangement is enforceable. As at the last check we found no public confirmation that a major CCP accepts tokenised MMF units as initial margin in production. Regulator work on that is in the regulator tracker; milestones we follow are in the watchlist.

Funds

Collateral

Region

23 funds shown.

Franklin OnChain U.S. Government Money Fund (BENJI)Franklin Templeton · Money market fund
US. Transfer agent keeps the official record in a blockchain-integrated system; Stellar is the primary chain
Accepted or usedOff-exchange collateral programme with Binance for MMF shares issued on Franklin's Benji platform, held with Ceffu (February 2026)
Sources: Franklin Templeton Trust (SEC filing); CoinDesk · checked 15 Oct 2026
QCD Money Market Fund (QCDT)QNB (investment manager), DMZ Finance (technology) · Money market fund
DIFC (UAE). Not stated
Accepted or usedAccepted as collateral by Bybit (September 2025)
Sources: Ledger Insights; CoinDesk · checked 15 Oct 2026
Tokenised MMF shares on JPMorgan’s “Tokenized Collateral Network”BlackRock, with JPMorgan and Barclays · Money market fund
US / UK. Tokens on JPMorgan’s Onyx platform, linked to the fund’s transfer agent
Accepted or usedTransferred to Barclays as collateral for an OTC derivative (October 2023)
Sources: CoinDesk · checked 15 Oct 2026
Tokenised MMF units (with tokenised gilts)Aberdeen Investments, with Lloyds Banking Group and Archax · Money market fund
UK. Tokens issued and held by Archax on Hedera
Accepted or usedCollateral for FX trades with Lloyds (July 2025)
Sources: The TRADE · checked 15 Oct 2026
USD Institutional Digital Liquidity Fund (BUIDL)BlackRock; Securitize as transfer agent and tokenisation platform · Money market fund
US. Tokens recorded by Securitize as transfer agent; legal record not stated in the sources reviewed
Accepted or usedMargin collateral on Crypto.com and Deribit (June 2025); off-exchange collateral on Binance, held with a custody partner (November 2025)
Sources: Ledger Insights; CoinDesk; CoinDesk · checked 15 Oct 2026
sgBENJIFranklin Templeton, with DBS and Ripple · Money market fund
Singapore. Token on the XRP Ledger; legal record not stated in the source
PlannedDBS to explore use as collateral for repo with the bank, or for credit from third-party platforms with DBS as collateral agent (announced September 2025)
Sources: DBS · checked 15 Oct 2026
Tokenised MMF shares via LiquidityDirect and GS DAPBNY and Goldman Sachs, with BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management · Money market fund
US. Mirror: BNY keeps the official books and records
PlannedCollateral use stated as an aim; no use reported
Sources: BNY · checked 15 Oct 2026
Amundi Funds Cash EUR, tokenised share classAmundi, with CACEIS · Money market fund
EU. Tokenised share class on Ethereum, alongside conventional channels
Not reported
Sources: Amundi · checked 15 Oct 2026
Tokenised HKD money market fund (retail)China Asset Management (Hong Kong), with Standard Chartered (Libeara platform; Standard Chartered Trustee as custodian) · Money market fund
Hong Kong. Tokenised through Libeara; SFC-authorised for retail investors
Not reported
Sources: Standard Chartered; Ledger Insights; Ledger Insights · checked 15 Oct 2026
Tokenised MMF (internal)MUFG Asset Management · Money market fund
Japan. Tokenised on Progmat, group use only
Not reported
Sources: Ledger Insights · checked 15 Oct 2026
Tokenised VCC money market fund (pilot)UBS Asset Management (“UBS Tokenize”), under Project Guardian · Money market fund
Singapore. Controlled pilot; smart contract on public Ethereum
Not reported
Sources: UBS · checked 15 Oct 2026
Treasury Digital Fund, OnChain classFidelity · Money market fund
US. Transfer agent's book-entry record is official; the blockchain is a secondary record, reconciled at least daily
Not reported
Sources: Fidelity Hereford Street Trust (SEC filing) · checked 15 Oct 2026
Apollo Diversified Credit Securitize Fund (ACRED)Apollo; Securitize · Private credit; the underlying fund also invests in public credit
US. Feeder into Apollo's diversified credit fund; launched on six public chains Holders: Accredited investors; US$50,000 minimum through Securitize's broker-dealer.
Accepted or usedLeveraged “looping” vault in which ACRED is collateral to borrow USDC (April 2025); borrowing on Kamino (Solana) planned, subject to audit (May 2025)
Sources: CoinDesk; Ledger Insights; CoinDesk; CoinDesk; RWA.xyz · checked 15 Oct 2026
Hamilton Lane SCOPE (tokenised feeder)Hamilton Lane; Securitize · Private credit
US. Feeder; on Polygon since 2023, on Ethereum and Optimism since 2025; on-demand redemptions from a pool capped at 5% of NAV, or monthly Holders: Qualified US investors.
Accepted or usedSecuritize lent against these units, then wound the loans down in early 2026, recognising a loss after the loans' stablecoin lost its peg
Sources: Securitize Corp. (SEC filing); CoinDesk; CoinDesk · checked 15 Oct 2026
Libre / KAIO feeder tokensBrevan Howard, Hamilton Lane, Laser Digital and BlackRock funds; KAIO (formerly Libre) · Several managers' strategies
Several; credit-line pilot in Abu Dhabi. Tokens of feeder funds Holders: Institutional and accredited investors.
Accepted or usedFirst Abu Dhabi Bank piloting a credit line for stablecoin lending against Libre tokens (December 2024)
Sources: CoinDesk; CoinDesk · checked 15 Oct 2026
Blockchain Capital venture capital fundBlockchain Capital; Securitize · Venture capital
US. Tokenised fund; about US$209m, described as “the largest tokenized institutional fund”
Not reported
Sources: Securitize Corp. (SEC filing) · checked 15 Oct 2026
MCM Fund 1 on LSEG Digital Markets InfrastructureMembersCap; LSEG; Archax as nominee · Private fund
UK. First primary fundraise on LSEG's DLT platform for private funds (September 2025); Apex Group to connect the private funds it services (target H1 2026)
Not reported
Sources: LSEG; Global Custodian · checked 15 Oct 2026
Private equity fund on Kinexys Fund FlowJ.P. Morgan · Private equity
US. Tokenised fund interests on J.P. Morgan's permissioned chain Holders: J.P. Morgan Private Bank clients.
Not reported
Sources: Ledger Insights · checked 15 Oct 2026
Tokenised feeder into KKR's Health Care Strategic Growth FundKKR; Securitize · Private equity
US. Feeder fund, on Avalanche Holders: Individuals with a US$100,000 minimum.
Not reported
Sources: Securitize Corp. (SEC filing); CoinDesk · checked 15 Oct 2026
Tokenised private credit funds listed in SingaporePhillip Securities, with Hamilton Lane and others (Project Guardian) · Private credit
Singapore. Listed on regulated digital asset exchanges Holders: Accredited and institutional investors.
Not reported
Sources: Project Guardian, Asset and Wealth Management Industry Group (MAS) · checked 15 Oct 2026
Tokenised private markets strategyMubadala Capital; KAIO · Private markets
Abu Dhabi. Tokenised version of one strategy, on Base, Solana and Sui; about US$75m Holders: Qualified investors.
Not reported
Sources: CoinDesk · checked 15 Oct 2026
Janus Henderson Anemoy AAA CLO Fund (JAAA)Janus Henderson; Centrifuge · AAA-rated CLOs (structured credit) (related product, not direct private credit)
US. Tokenised fund issued through Centrifuge
Accepted or usedCentrifuge's tokenised Janus Henderson products accepted as collateral to borrow stablecoins on Aave Horizon (August 2025)
Sources: CoinDesk; RWA.xyz · checked 15 Oct 2026
WisdomTree Private Credit and Alternative Income Digital FundWisdomTree · An index of listed closed-end funds, BDCs and REITs (related product, not direct private credit)
US. US registered fund; the transfer agent keeps the share record using a blockchain; US$25 minimum
Not reported
Sources: WisdomTree Digital Trust (SEC filing); CoinDesk · checked 15 Oct 2026

Fund	Where	Token and record	Collateral use reported
Franklin OnChain U.S. Government Money Fund (BENJI)Franklin Templeton · Money market fundSources: Franklin Templeton Trust (SEC filing); CoinDesk · checked 15 Oct 2026	US	Transfer agent keeps the official record in a blockchain-integrated system; Stellar is the primary chain	Accepted or usedOff-exchange collateral programme with Binance for MMF shares issued on Franklin's Benji platform, held with Ceffu (February 2026)
QCD Money Market Fund (QCDT)QNB (investment manager), DMZ Finance (technology) · Money market fundSources: Ledger Insights; CoinDesk · checked 15 Oct 2026	DIFC (UAE)	Not stated	Accepted or usedAccepted as collateral by Bybit (September 2025)
Tokenised MMF shares on JPMorgan’s “Tokenized Collateral Network”BlackRock, with JPMorgan and Barclays · Money market fundSources: CoinDesk · checked 15 Oct 2026	US / UK	Tokens on JPMorgan’s Onyx platform, linked to the fund’s transfer agent	Accepted or usedTransferred to Barclays as collateral for an OTC derivative (October 2023)
Tokenised MMF units (with tokenised gilts)Aberdeen Investments, with Lloyds Banking Group and Archax · Money market fundSources: The TRADE · checked 15 Oct 2026	UK	Tokens issued and held by Archax on Hedera	Accepted or usedCollateral for FX trades with Lloyds (July 2025)
USD Institutional Digital Liquidity Fund (BUIDL)BlackRock; Securitize as transfer agent and tokenisation platform · Money market fundSources: Ledger Insights; CoinDesk; CoinDesk · checked 15 Oct 2026	US	Tokens recorded by Securitize as transfer agent; legal record not stated in the sources reviewed	Accepted or usedMargin collateral on Crypto.com and Deribit (June 2025); off-exchange collateral on Binance, held with a custody partner (November 2025)
sgBENJIFranklin Templeton, with DBS and Ripple · Money market fundSources: DBS · checked 15 Oct 2026	Singapore	Token on the XRP Ledger; legal record not stated in the source	PlannedDBS to explore use as collateral for repo with the bank, or for credit from third-party platforms with DBS as collateral agent (announced September 2025)
Tokenised MMF shares via LiquidityDirect and GS DAPBNY and Goldman Sachs, with BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments and Goldman Sachs Asset Management · Money market fundSources: BNY · checked 15 Oct 2026	US	Mirror: BNY keeps the official books and records	PlannedCollateral use stated as an aim; no use reported
Amundi Funds Cash EUR, tokenised share classAmundi, with CACEIS · Money market fundSources: Amundi · checked 15 Oct 2026	EU	Tokenised share class on Ethereum, alongside conventional channels	Not reported
Tokenised HKD money market fund (retail)China Asset Management (Hong Kong), with Standard Chartered (Libeara platform; Standard Chartered Trustee as custodian) · Money market fundSources: Standard Chartered; Ledger Insights; Ledger Insights · checked 15 Oct 2026	Hong Kong	Tokenised through Libeara; SFC-authorised for retail investors	Not reported
Tokenised MMF (internal)MUFG Asset Management · Money market fundSources: Ledger Insights · checked 15 Oct 2026	Japan	Tokenised on Progmat, group use only	Not reported
Tokenised VCC money market fund (pilot)UBS Asset Management (“UBS Tokenize”), under Project Guardian · Money market fundSources: UBS · checked 15 Oct 2026	Singapore	Controlled pilot; smart contract on public Ethereum	Not reported
Treasury Digital Fund, OnChain classFidelity · Money market fundSources: Fidelity Hereford Street Trust (SEC filing) · checked 15 Oct 2026	US	Transfer agent's book-entry record is official; the blockchain is a secondary record, reconciled at least daily	Not reported
Apollo Diversified Credit Securitize Fund (ACRED)Apollo; Securitize · Private credit; the underlying fund also invests in public creditSources: CoinDesk; Ledger Insights; CoinDesk; CoinDesk; RWA.xyz · checked 15 Oct 2026	US	Feeder into Apollo's diversified credit fund; launched on six public chainsHolders: Accredited investors; US$50,000 minimum through Securitize's broker-dealer	Accepted or usedLeveraged “looping” vault in which ACRED is collateral to borrow USDC (April 2025); borrowing on Kamino (Solana) planned, subject to audit (May 2025)
Hamilton Lane SCOPE (tokenised feeder)Hamilton Lane; Securitize · Private creditSources: Securitize Corp. (SEC filing); CoinDesk; CoinDesk · checked 15 Oct 2026	US	Feeder; on Polygon since 2023, on Ethereum and Optimism since 2025; on-demand redemptions from a pool capped at 5% of NAV, or monthlyHolders: Qualified US investors	Accepted or usedSecuritize lent against these units, then wound the loans down in early 2026, recognising a loss after the loans' stablecoin lost its peg
Libre / KAIO feeder tokensBrevan Howard, Hamilton Lane, Laser Digital and BlackRock funds; KAIO (formerly Libre) · Several managers' strategiesSources: CoinDesk; CoinDesk · checked 15 Oct 2026	Several; credit-line pilot in Abu Dhabi	Tokens of feeder fundsHolders: Institutional and accredited investors	Accepted or usedFirst Abu Dhabi Bank piloting a credit line for stablecoin lending against Libre tokens (December 2024)
Blockchain Capital venture capital fundBlockchain Capital; Securitize · Venture capitalSources: Securitize Corp. (SEC filing) · checked 15 Oct 2026	US	Tokenised fund; about US$209m, described as “the largest tokenized institutional fund”	Not reported
MCM Fund 1 on LSEG Digital Markets InfrastructureMembersCap; LSEG; Archax as nominee · Private fundSources: LSEG; Global Custodian · checked 15 Oct 2026	UK	First primary fundraise on LSEG's DLT platform for private funds (September 2025); Apex Group to connect the private funds it services (target H1 2026)	Not reported
Private equity fund on Kinexys Fund FlowJ.P. Morgan · Private equitySources: Ledger Insights · checked 15 Oct 2026	US	Tokenised fund interests on J.P. Morgan's permissioned chainHolders: J.P. Morgan Private Bank clients	Not reported
Tokenised feeder into KKR's Health Care Strategic Growth FundKKR; Securitize · Private equitySources: Securitize Corp. (SEC filing); CoinDesk · checked 15 Oct 2026	US	Feeder fund, on AvalancheHolders: Individuals with a US$100,000 minimum	Not reported
Tokenised private credit funds listed in SingaporePhillip Securities, with Hamilton Lane and others (Project Guardian) · Private creditSources: Project Guardian, Asset and Wealth Management Industry Group (MAS) · checked 15 Oct 2026	Singapore	Listed on regulated digital asset exchangesHolders: Accredited and institutional investors	Not reported
Tokenised private markets strategyMubadala Capital; KAIO · Private marketsSources: CoinDesk · checked 15 Oct 2026	Abu Dhabi	Tokenised version of one strategy, on Base, Solana and Sui; about US$75mHolders: Qualified investors	Not reported
Janus Henderson Anemoy AAA CLO Fund (JAAA)Janus Henderson; Centrifuge · AAA-rated CLOs (structured credit) (related product, not direct private credit)Sources: CoinDesk; RWA.xyz · checked 15 Oct 2026	US	Tokenised fund issued through Centrifuge	Accepted or usedCentrifuge's tokenised Janus Henderson products accepted as collateral to borrow stablecoins on Aave Horizon (August 2025)
WisdomTree Private Credit and Alternative Income Digital FundWisdomTree · An index of listed closed-end funds, BDCs and REITs (related product, not direct private credit)Sources: WisdomTree Digital Trust (SEC filing); CoinDesk · checked 15 Oct 2026	US	US registered fund; the transfer agent keeps the share record using a blockchain; US$25 minimum	Not reported

Market size

US tokenised money market funds: around US$15bn across 66 products, Q2 2026 (RBA and DFCRC, May 2026).
Tokenised credit (all non-sovereign credit, incl. on-chain lending and structured credit): US$8.16bn transferable between wallets; US$37.79bn recorded on a chain only, at 15 October 2026 (RWA.xyz, read 15 October 2026).
Tokenised private equity and venture capital: US$2.32bn transferable between wallets, across 44 assets, at 15 October 2026 (RWA.xyz, read 15 October 2026).

Our research: Tokenised money market funds as collateral and Private markets as collateral.

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