토큰화된 머니마켓펀드(TMMF) 시장 : 원자산별, 제공 제품별, 블록체인별, 투자자 유형별, 이용 사례별 - 시장 규모, 업계 역학, 기회 분석 및 예측(2026-2035년)

The tokenized money market fund (TMMF) market has experienced rapid expansion, reflecting a broader transformation in how short-term institutional liquidity is managed and deployed. In 2025, the market is estimated to be valued at approximately USD 8 billion, driven by early institutional adoption, pilot programs from major asset managers, and increasing integration of blockchain infrastructure into regulated financial products.

Looking ahead, the TMMF market is projected to reach around USD 250 billion by 2035, representing a substantial increase in institutional participation and on-chain capital allocation. This expansion corresponds to a compound annual growth rate (CAGR) of approximately 41.1% over the forecast period from 2026 to 2035, highlighting one of the fastest-growing segments within digital finance.

Noteworthy Market Developments

The tokenized money market fund (MMF) market in 2026 is being shaped by a concentrated group of leading issuers that are driving institutional adoption, product innovation, and on-chain integration at scale. Among them, BlackRock's BUIDL fund has emerged as a dominant force, rapidly surpassing $2 billion in assets under management by 2025-2026.

Circle and Hashnote's USYC product also plays a major role in the market, managing approximately $1.69 billion in assets under management as of early 2026. Franklin Templeton's FOBXX fund represents one of the earliest and most influential innovations in the tokenized MMF space, having been live since 2021. It is widely recognized as the first U.S. mutual fund to process transactions on a public blockchain.

Ondo Finance has also captured significant demand for tokenized yield products by offering exposure to short-term U.S. Treasury instruments through on-chain structures. Managing hundreds of millions in assets, Ondo has positioned itself as a key intermediary between traditional fixed-income markets and decentralized finance ecosystems. JPMorgan's MONY fund, launched in late 2025 on Ethereum, represents a major expansion of traditional banking into the tokenized money market fund space.

Core Growth Drivers

Tokenized money market funds (MMFs), which represent regulated mutual fund shares recorded on distributed ledger technology (DLT) instead of traditional legacy database systems, are a key factor driving growth in this market. This structural shift in record-keeping and asset representation transforms how fund ownership is issued, transferred, and settled by embedding financial instruments directly onto blockchain infrastructure. Unlike conventional MMFs that rely on centralized ledgers maintained by fund administrators and custodians, tokenized MMFs leverage decentralized or semi-decentralized ledger systems to provide a more transparent, efficient, and continuously accessible record of ownership. This transition significantly improves operational efficiency by reducing reconciliation requirements, minimizing settlement delays, and enabling near real-time verification of transactions.

Emerging Opportunity Trends

Systemic bank issuance is emerging as a significant opportunity trend shaping the growth of the tokenized money market fund (MMF) ecosystem. In 2026, leading global banking institutions are transitioning beyond experimental pilots and limited sandbox deployments toward full-scale production-grade issuance of tokenized cash management products. This shift reflects a broader strategic recognition among tier-one banks that blockchain-based financial infrastructure is no longer an experimental innovation, but an increasingly core component of future capital markets architecture. As a result, these institutions are actively positioning themselves as direct issuers and custodians of tokenized money market instruments, rather than merely supporting third-party asset managers.

Barriers to Optimization

Liquidity and trading hours mismatch represents a significant structural challenge that may hamper the growth of the tokenized money market fund (MMF) market. While tokenized MMF instruments operate on blockchain infrastructure that enables continuous 24/7/365 trading and transferability, the underlying assets-primarily short-term instruments such as U.S. Treasury securities and other high-quality liquid debt-continue to rely on traditional financial market infrastructure. These underlying assets are subject to conventional banking and settlement systems that function only during standard business hours and are constrained by established market holidays and clearing cycles. This fundamental disconnect between always-on digital trading environments and time-bound traditional settlement systems creates inefficiencies that can impact market stability and liquidity management.

Detailed Market Segmentation

By underlying asset, U.S. Treasuries hold a dominant position within the tokenized money market fund landscape in 2026, effectively anchoring the market due to their unparalleled status as the benchmark risk-free asset in global finance. Their widespread adoption in tokenized form is primarily driven by the growing demand for secure, yield-bearing instruments that can operate seamlessly within blockchain-based financial ecosystems. As tokenization expands across capital markets, investors increasingly seek high-quality collateral that combines traditional credit safety with the efficiency and programmability of digital infrastructure, a requirement that U.S. government debt is uniquely positioned to fulfill.

By offering, platform-based applications currently dominate the tokenized money market fund market due to their ability to streamline and unify the entire lifecycle of fund issuance, management, and trading. In 2026, these comprehensive platforms will have emerged as critical infrastructure layers that connect traditional financial institutions with blockchain-based capital markets. They integrate multiple functions-such as token issuance, compliance monitoring, custody integration, settlement processing, and secondary market trading-into a single, cohesive digital environment. This consolidation significantly simplifies the adoption process for asset managers, banks, and corporate treasuries that seek exposure to tokenized financial instruments without the need to build complex blockchain infrastructure in-house.

By blockchain type, public and permissionless blockchains represent the dominant foundational infrastructure for tokenized money market funds. By 2026, leading networks such as Ethereum and Polygon will have secured a substantial share of the market due to their strong network effects, extensive developer ecosystems, and deep integration within the broader decentralized finance landscape. These platforms have evolved into the primary settlement and issuance layers for tokenized financial instruments, supported by robust smart contract functionality and a high degree of interoperability across applications. Their openness and global accessibility have made them particularly well-suited for institutional-grade tokenization use cases, where transparency, auditability, and composability are critical requirements.

By investor type, institutional investors represent the largest and most influential segment within the tokenized money market fund market. In 2026, corporate treasuries, pension funds, sovereign-linked entities, and major digital asset exchanges are increasingly adopting tokenized money market instruments as a core component of their liquidity and cash management strategies. These participants collectively manage vast pools of capital and require highly efficient, secure, and flexible mechanisms for short-term asset deployment. Tokenized funds, which offer blockchain-enabled transparency and rapid settlement, have become an attractive alternative to traditional money market products by improving operational efficiency and reducing friction in capital allocation processes.

Segment Breakdown

By Underlying Asset

• U.S. Treasuries
• Government Money Market Funds
• Prime/Corporate Funds
• Multi-Asset Funds

By Offering

• Platform
• Tokenization
• Transfer Agency
• Fund Management
• Custody

By Blockchain

• Public/Permissionless
• Private/Permissioned

By Investor Type

• Institutional
• Crypto-Native/DeFi
• Accredited/Retail

By Use Case

• Cash Management
• On-Chain Collateral
• Settlement

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

Geography Breakdown

• North America holds a dominant position in the tokenized money market fund industry, accounting for approximately 55% of the global market share. This leadership is largely driven by deep institutional integration, a highly developed capital market infrastructure, and a macroeconomic environment that continues to support attractive yield opportunities. The region benefits from a strong presence of global asset managers, financial institutions, and fintech innovators that are actively exploring blockchain-based financial instruments to improve liquidity management, settlement efficiency, and portfolio flexibility.
• As of 2026, the United States remains the central force behind North America's dominance in this space, with major legacy asset managers playing a pivotal role in accelerating adoption. These firms are increasingly deploying tokenized products to capture the advantages of programmable liquidity, real-time settlement, and enhanced transparency offered by blockchain infrastructure. One of the most notable developments in this regard is BlackRock's BUIDL fund, which has surpassed the $2 billion assets under management milestone.
• The regulatory environment across North America has also matured considerably, further strengthening market confidence and accelerating institutional participation. In particular, recent regulatory actions by the U.S. Securities and Exchange Commission (SEC) have introduced exemptive relief provisions that enable select tokenized funds to operate with enhanced flexibility, including 24/7 trading capabilities and near-instantaneous settlement mechanisms.

Leading Market Participants

• BlackRock
• Franklin Templeton
• Ondo Finance
• Circle (Hashnote)
• Fidelity Investments
• WisdomTree
• Janus Henderson (Anemoy)
• Superstate
• JPMorgan
• UBS
• Goldman Sachs
• State Street
• VanEck
• Securitize
• Tokeny
• Other Prominent Players

Table of Content

Chapter 1. Executive Summary: Global Tokenized Money Market Fund Market

Chapter 2. Research Methodology & Research Framework

• 2.1. Research Objective
• 2.2. Product Overview
• 2.3. Market Segmentation
• 2.4. Qualitative Research
  • 2.4.1. Primary & Secondary Sources
• 2.5. Quantitative Research
  • 2.5.1. Primary & Secondary Sources
• 2.6. Breakdown of Primary Research Respondents, By Region
• 2.7. Assumption for Study
• 2.8. Market Size Estimation
• 2.9. Data Triangulation

Chapter 3. Global Tokenized Money Market Fund Market Overview

• 3.1. Industry Value Chain Analysis
  • 3.1.1. Asset Managers & Fund Issuers
  • 3.1.2. Tokenization Platforms & Smart-Contract / Transfer-Agent Providers
  • 3.1.3. Blockchain Networks & On-Chain Settlement Infrastructure
  • 3.1.4. Custody, Compliance & Distribution / Wallet Partners
  • 3.1.5. End Investors (Institutional, Crypto-Native / DeFi, Accredited / Retail)
• 3.2. Industry Outlook
  • 3.2.1. Overview of the Global Tokenized Money Market Fund & On-Chain RWA Industry
  • 3.2.2. Institutional Adoption, Yield-Bearing Instruments & DeFi Collateral Use
  • 3.2.3. Regulatory Clarity, Custody & Cross-Chain Interoperability Considerations
• 3.3. PESTLE Analysis
• 3.4. Porter's Five Forces Analysis
  • 3.4.1. Bargaining Power of Suppliers
  • 3.4.2. Bargaining Power of Buyers
  • 3.4.3. Threat of Substitutes
  • 3.4.4. Threat of New Entrants
  • 3.4.5. Degree of Competition
• 3.5. Market Growth and Outlook
  • 3.5.1. Market Revenue Estimates and Forecast (US$ Mn), 2020-2035
  • 3.5.2. Price Trend Analysis, By Underlying Asset

Chapter 4. Global Tokenized Money Market Fund Market Analysis

• 4.1. Competition Dashboard
  • 4.1.1. Market Concentration Rate
  • 4.1.2. Company Market Share Analysis (Value %), 2025
  • 4.1.3. Competitor Mapping & Benchmarking

Chapter 5. Global Tokenized Money Market Fund Market Analysis

• 5.1. Market Dynamics and Trends
  • 5.1.1. Growth Drivers
  • 5.1.2. Restraints
  • 5.1.3. Opportunity
  • 5.1.4. Key Trends
• 5.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 5.2.1. By Underlying Asset
    • 5.2.1.1. Key Insights
      • 5.2.1.1.1. U.S. Treasuries
      • 5.2.1.1.2. Government Money Market Funds
      • 5.2.1.1.3. Prime/Corporate Funds
      • 5.2.1.1.4. Multi-Asset Funds
  • 5.2.2. By Offering
    • 5.2.2.1. Key Insights
      • 5.2.2.1.1. Platform
        • 5.2.2.1.1.1. Tokenization
        • 5.2.2.1.1.2. Transfer Agency
      • 5.2.2.1.2. Fund Management
      • 5.2.2.1.3. Custody
  • 5.2.3. By Blockchain
    • 5.2.3.1. Key Insights
      • 5.2.3.1.1. Public/Permissionless
      • 5.2.3.1.2. Private/Permissioned
  • 5.2.4. By Investor Type
    • 5.2.4.1. Key Insights
      • 5.2.4.1.1. Institutional
      • 5.2.4.1.2. Crypto-Native/DeFi
      • 5.2.4.1.3. Accredited/Retail
  • 5.2.5. By Use Case
    • 5.2.5.1. Key Insights
      • 5.2.5.1.1. Cash Management
      • 5.2.5.1.2. On-Chain Collateral
      • 5.2.5.1.3. Settlement
  • 5.2.6. By Region
    • 5.2.6.1. Key Insights
      • 5.2.6.1.1. North America
        • 5.2.6.1.1.1. The U.S.
        • 5.2.6.1.1.2. Canada
        • 5.2.6.1.1.3. Mexico
      • 5.2.6.1.2. Europe
        • 5.2.6.1.2.1. Western Europe
          • 5.2.6.1.2.1.1. The UK
          • 5.2.6.1.2.1.2. Germany
          • 5.2.6.1.2.1.3. France
          • 5.2.6.1.2.1.4. Italy
          • 5.2.6.1.2.1.5. Spain
          • 5.2.6.1.2.1.6. Rest of Western Europe
        • 5.2.6.1.2.2. Eastern Europe
          • 5.2.6.1.2.2.1. Poland
          • 5.2.6.1.2.2.2. Russia
          • 5.2.6.1.2.2.3. Rest of Eastern Europe
      • 5.2.6.1.3. Asia Pacific
        • 5.2.6.1.3.1. China
        • 5.2.6.1.3.2. India
        • 5.2.6.1.3.3. Japan
        • 5.2.6.1.3.4. Australia & New Zealand
        • 5.2.6.1.3.5. South Korea
        • 5.2.6.1.3.6. ASEAN
        • 5.2.6.1.3.7. Rest of Asia Pacific
      • 5.2.6.1.4. Middle East & Africa (MEA)
        • 5.2.6.1.4.1. Saudi Arabia
        • 5.2.6.1.4.2. South Africa
        • 5.2.6.1.4.3. UAE
        • 5.2.6.1.4.4. Rest of MEA
      • 5.2.6.1.5. South America
        • 5.2.6.1.5.1. Argentina
        • 5.2.6.1.5.2. Brazil
        • 5.2.6.1.5.3. Rest of South America

Chapter 6. North America Market Analysis

• 6.1. Market Dynamics and Trends
  • 6.1.1. Growth Drivers
  • 6.1.2. Restraints
  • 6.1.3. Opportunity
  • 6.1.4. Key Trends
• 6.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 6.2.1. Key Insights
    • 6.2.1.1. By Underlying Asset
    • 6.2.1.2. By Offering
    • 6.2.1.3. By Blockchain
    • 6.2.1.4. By Investor Type
    • 6.2.1.5. By Use Case
    • 6.2.1.6. By Country

Chapter 7. Europe Market Analysis

• 7.1. Market Dynamics and Trends
  • 7.1.1. Growth Drivers
  • 7.1.2. Restraints
  • 7.1.3. Opportunity
  • 7.1.4. Key Trends
• 7.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 7.2.1. Key Insights
    • 7.2.1.1. By Underlying Asset
    • 7.2.1.2. By Offering
    • 7.2.1.3. By Blockchain
    • 7.2.1.4. By Investor Type
    • 7.2.1.5. By Use Case
    • 7.2.1.6. By Country

Chapter 8. Asia Pacific Market Analysis

• 8.1. Market Dynamics and Trends
  • 8.1.1. Growth Drivers
  • 8.1.2. Restraints
  • 8.1.3. Opportunity
  • 8.1.4. Key Trends
• 8.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 8.2.1. Key Insights
    • 8.2.1.1. By Underlying Asset
    • 8.2.1.2. By Offering
    • 8.2.1.3. By Blockchain
    • 8.2.1.4. By Investor Type
    • 8.2.1.5. By Use Case
    • 8.2.1.6. By Country

Chapter 9. Middle East & Africa Market Analysis

• 9.1. Market Dynamics and Trends
  • 9.1.1. Growth Drivers
  • 9.1.2. Restraints
  • 9.1.3. Opportunity
  • 9.1.4. Key Trends
• 9.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 9.2.1. Key Insights
    • 9.2.1.1. By Underlying Asset
    • 9.2.1.2. By Offering
    • 9.2.1.3. By Blockchain
    • 9.2.1.4. By Investor Type
    • 9.2.1.5. By Use Case
    • 9.2.1.6. By Country

Chapter 10. South America Market Analysis

• 10.1. Market Dynamics and Trends
  • 10.1.1. Growth Drivers
  • 10.1.2. Restraints
  • 10.1.3. Opportunity
  • 10.1.4. Key Trends
• 10.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 10.2.1. Key Insights
    • 10.2.1.1. By Underlying Asset
    • 10.2.1.2. By Offering
    • 10.2.1.3. By Blockchain
    • 10.2.1.4. By Investor Type
    • 10.2.1.5. By Use Case
    • 10.2.1.6. By Country

Chapter 11. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)

• 11.1. BlackRock
• 11.2. Franklin Templeton
• 11.3. Ondo Finance
• 11.4. Circle (Hashnote)
• 11.5. Fidelity Investments
• 11.6. WisdomTree
• 11.7. Janus Henderson (Anemoy)
• 11.8. Superstate
• 11.9. JPMorgan
• 11.10. UBS
• 11.11. Goldman Sachs
• 11.12. State Street
• 11.13. VanEck
• 11.14. Securitize
• 11.15. Tokeny
• 11.16. Other Prominent Players

Chapter 12. Annexure

• 12.1. List of Secondary Sources
• 12.2. Key Country Markets- Macro Economic Outlook/Indicators