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ETH 
SOL WisdomTree received SEC approval to launch its first tokenized money market fund
WisdomTree has received approval from the U.S. Securities and Exchange Commission (SEC) to launch its first tokenized money market fund. WTGXX. This is the first time that registered mutual funds have achieved round-the-clock trading and settlement.
Will Peck, head of digital assets at WisdomTree, talked to TheStreet Roundtable about the mechanisms behind the shift.
Peck believes that tokenization will be the next structural change in asset management. He pointed out that stablecoins have proved that there is a real market demand for the "never-resting" dollar, and WTGXX embeds government-backed income products into this expectation.
The practical significance of this approval
stablecoins have realized round-the-clock withdrawal, payment, transaction and other functions, but most traditional financial products still do not have this ability.
"The key advantage of stablecoins is that they are always online. You don't have to wait for the wire transfer window or bank hours. We believe that one of the limitations of existing money market funds is that they cannot operate these products outside of trading hours. "Peck said.
The SEC's exemption relief (announced in late February 2026) coincides with the Financial Industry Regulatory Authority's (FINRA) approval of WisdomTree Securities, which allows it to serve as a principal under the "dealer-master liquidity model." This means WisdomTree will use its own capital to fund the transaction.
The fund holds short-term treasury bonds with a target stock price of US$1, runs on nine blockchains including Ethereum and Solana, has an asset management scale of approximately US$730 million and a yield of approximately 3.5%.
Why traditional mutual funds have not been able to achieve this before
Peck explained that traditional funds usually only trade once a day.
"Mutual funds have historically traded on a daily basis. You place an order to buy 100 shares at 10 a.m., but you won't know how many shares you actually get until the fund price is determined at the close of the day. This dates back to the forward-looking pricing rules of the 1970s. "He said.
The forward-looking pricing rule (SEC Rule 22c-1) requires mutual fund orders to be executed on the next calculated net asset value.
ETF is the first product to really change this model.
"ETFs have really changed the situation by introducing a primary market while simultaneously creating a secondary market-where fund shares can be traded without changing the underlying portfolio. "Peck said.
Today, WisdomTree is applying this model to money market funds.
"What we do with money market funds is to use the same model. The primary market here has not changed at all, we have just added secondary market components. "He explained.
The key difference between this fund and ETFs is that its secondary market is on-chain, always open, and is settled in stablecoins.
