Money fund managers continue to file for new tokenized money market funds and share classes. UBS Asset Management filed with the SEC for the new UBS Select 100% US Treasury Onchain Fund and the new UBS Liquid Reserves Fund Onchain Shares. Invesco, Allspring and VanEck have also all recently filed for new U.S. tokenized MMFs. The first UBS prospectus states, "The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. To do this, under normal circumstances, the fund invests exclusively in a diversified portfolio of high quality, US Treasury money market instruments and may also hold cash. Money market instruments generally are short-term debt obligations. They also may include longer-term bonds that have variable interest rates or other special features (e.g., a put option) that give them the financial characteristics of short-term debt.... The fund invests in securities through an underlying master fund." (Note: Please join us for our upcoming Money Fund University, which will be held in Greenwich, Conn., Dec. 17-18.)
It explains, "Shares of the fund are issued in tokenized form, meaning that ownership of each share is recorded as a token on the applicable blockchain through smart contracts that conform to token standards that vary by blockchain. Smart contracts are computer programs that are designed to perform functions including 'minting' (the creation of new token balances) and 'burning' (the removal of token balances from circulation), as well as to impose restrictions preventing unauthorized transfers to unregistered wallets, and to enable the clawback of tokens under certain circumstances. These smart contracts are designed, deployed, and maintained by the Transfer Agent. Together with a traditionally maintained (i.e., 'offchain') register that contains shareholders' personal identifying information, these records form the fund's official shareholder register."
In UBS's Onchain Shares, "The fund is a money market fund and seeks to maintain a stable price of $1.00 per share. The fund intends to invest only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for US Stablecoins Act (the 'GENIUS Act') and any effective regulation adopted thereunder. These eligible reserve assets include, and the fund intends to invest only in, cash, securities issued by the US Treasury with a remaining maturity of 93 days or less or issued with a maturity of 93 days or less, and overnight repurchase agreements collateralized by securities issued by the US Treasury and cash. The fund primarily intends to serve as a reserve asset for stablecoin issuers. The fund does not invest in stablecoins or stablecoin issuers."
It says, "The fund's transfer agent ... maintains the official record of share ownership of Onchain Shares on a public blockchain (i.e., 'onchain') used by investors in Onchain Shares. Specifically, the Transfer Agent maintains a permissioned system layered on top of a public, permissionless blockchain. Onchain Shares are 'tokenized,' meaning they are digital representations of interests in the fund on these blockchains implemented through token standards known as 'smart contracts' that vary by blockchain.... Together with a traditionally maintained (i.e., 'offchain') register that contains shareholders' personal identifying information, these records form the fund's official shareholder register and, absent a technical failure in either system, conclusively establish record ownership of Onchain Shares."
UBS writes, "In order to transact in Onchain Shares, a potential shareholder must have a blockchain 'wallet.' Wallets typically take the form of a software application, though it may instead be a hardware device or be administered through an institutional custody solution.... The Transfer Agent retains the discretion to support only certain digital asset custodian wallets.... A wallet owner uses their private key to digitally sign and authenticate the sending of digital or tokenized assets, and this key remains confidential at the owner's discretion, whereas the public key is openly shared on the applicable blockchain. Blockchain records capture transaction data such as wallet addresses and digital signatures, but do not record private key information."
Meanwhile, a Form N-1A Registration Statement for Invesco Stablecoin Reserves Onchain Fund (IROXX), states, "The Fund invests in liquid, high quality, U.S. dollar denominated eligible reserve assets which payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for U.S. Stablecoins Act ('GENIUS Act') and any regulations adopted thereunder. These eligible reserve assets include cash, U.S. Treasury bills, notes and bonds ('U.S. Treasury Obligations') with a remaining maturity of 93 days or less or issued with a maturity of 93 days or less and overnight repurchase agreements collateralized by U.S. Treasury Obligations and/or cash as permitted by applicable legislation. Shares of the Fund are primarily intended to serve as reserves backing outstanding payment stablecoins. The Fund does not invest in stablecoins or in stablecoin issuers."
It explains, "The Fund's sub-transfer agent, Superstate Services LLC ... maintains the official record of ownership of Fund shares through a blockchain-integrated recordkeeping system, consisting of records maintained by Superstate in book-entry (off-chain) form together with corresponding digital representations of Fund shares recorded on one or more public blockchains that are used by the Fund's investors. Superstate is subject to oversight by the Fund's transfer agent, Invesco Investment Services, Inc. ('IIS'). Superstate's use of blockchain technology enables investors to submit transaction instructions (hereinafter referred to as 'requests') with respect to Fund shares using blockchain technology."
On risks, the filing states, "Stablecoins may face periods of uncertainty and volatility that result in the potential for rapid or unexpected requests by one or more stablecoin issuers to redeem the Fund's shares, which could adversely affect remaining Fund shareholders, the Fund's liquidity and yield, and the Funds ability to maintain a stable price per share. Such uncertainty or volatility may result from events that are not specifically related to a stablecoin issuer, such as changes in general market conditions, economic, technological or legal trends or changes to the laws or regulation of stablecoins, or events that are specifically related to a particular stablecoin issuer, such as uncertainty about the stablecoin issuer’s ability to maintain a consistent peg between the stablecoins issued to its customers and another asset, such as a fiat currency like the U.S. dollar."
Allspring Global Investments also introduced a Token Class to its Allspring 100% Treasury Money Market Fund, identified under ticker ATKXX, according to an SEC prospectus dated October 19, 2026. The filing explains, "Token Class shares are available only through certain financial intermediaries that have an agreement with the Fund to offer Token Class shares. Although the Fund does not currently employ blockchain technology, the financial intermediaries through which Token Class shares may be purchased intend to use blockchain technology to maintain a mirror record of share ownership for their customers. In general, you can buy or sell Token Class shares of the Fund on any day the New York Stock Exchange is open for regular trading."
In addition, the VanEck ETF Trust registered a preliminary prospectus for the VanEck Automated U.S. Government Liquidity Trust, a proposed government money market fund designed to serve stablecoin issuers. The filing states, "The Fund invests only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the 'GENIUS Act') and any regulations adopted thereunder. These eligible reserve assets include, and the Fund intends to invest only in, cash, U.S. Treasury bills, notes and bonds ... with a remaining maturity of 93 days or less ..., and overnight repurchase agreements collateralized by U.S. Treasury Securities. The Fund primarily intends to serve as a reserve asset for stablecoin issuers. The Fund does not invest in stablecoins or stablecoin issuers."
The prospectus explains, "The Co-Transfer Agent administers a record of Share ownership through a blockchain-integrated recordkeeping system, combining book-entry ('off-chain') records maintained by the Co-Transfer Agent with digital representations of Shares that are recorded, or tokenized, on the one or more blockchains ('on-chain'). Records of Fund share ownership (excluding personally identifiable information) will be viewable on the blockchain. Such blockchain records, together with the off-chain register associating wallet addresses with shareholder personal identifying information and any book entry shares issued, constitute the official record of ownership of the Shares and form part of the Fund's shareholder register maintained by the transfer agent. The Co-Transfer Agent reconciles the on-chain and off-chain records at least daily."
Finally, a press release, "Aviva Investors Expands its Tokenised Offering," says, "Aviva Investors ... announced the launch of a new tokenised share class of the Aviva Investors Sterling (GBP) Liquidity Fund – the firm's largest fund with approximately £22 billion in assets under management.... This launch means that Aviva Investors is now one of the largest asset management providers of tokenised MMFs in Europe, with over £86m ($116m) invested across its two tokenised share class offerings. Aviva has invested in the new tokenised share class of the Sterling Liquidity Fund, with an investment of £50m ($66m). The Fund is an Ireland-domiciled UCITS Money Markets Fund. The Fund uses the 'digital twin' model, an approach that allows us to introduce a digital access layer, where holdings can be represented on-chain while maintaining the integrity of the existing off-chain fund structure."
For more on Tokenized Money Market Funds and Money Market ETFs, see these recent Crane Data News stories: "Digital Cash Deals in Singapore, France" (10/13/26), "State Street Sweep Now Live on Stellar" (10/1/26), "Federated Bringing Tokenized Money Funds to Asia with Conduit Deal" (9/3/26), "BlackRock Launches BRSRV Tokenized Money Fund; Aviva Tokenized USD" (8/4/26), "Yahoo on Invesco Stablecoin Reserves" (7/1/26), "UBS Files for Stablecoin Reserves" (6/2/26), "JPMAM Launches 2nd Tokenized MMF" (5/14/26), "March MFI: More Tokenized MMFs; Money Market ETFs Live; Cunningham" (3/6/26), and "ProShares Genius Money Market ETF Goes Live; NY Fed on Stablecoins" (2/23/26).
