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全球代幣化貨幣市場基金市場：按標的資產、提供、區塊鏈、投資者類型和用例分類－市場規模、產業動態、機會分析和預測（2026-2035年）

Global Tokenized Money Market Fund Market By Underlying Asset, Offering, Blockchain, Investor Type, Use Case - Market Size, Industry Dynamics, Opportunity Analysis and Forecast For 2026-2035
出版日期: | 出版商: Astute Analytica | 英文 260 Pages | 商品交期: 最快1-2個工作天內

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簡介目錄

代幣化貨幣市場基金（TMMF）市場快速擴張，反映出短期機構流動性管理和營運方式的廣泛變革。到2025年，該市場規模達到約80億美元，這主要得益於機構投資者的早期採用、大型資產管理公司的試驗計畫以及區塊鏈基礎設施與受監管金融產品的融合。

預計到2035年，TMMF市場規模將達到約2,500億美元，顯示機構投資者參與度和鏈上資本配置將顯著成長。該成長意味著2026年至2035年預測期間的年複合成長率將達到約41.1%，凸顯了其作為數位金融領域成長最快細分市場之一的地位。

顯著的市場趨勢

2026年，代幣化貨幣市場基金（MMF）市場將由少數幾家領先的發行機構主導，其發展動力來自機構投資者的廣泛採用、產品創新以及大規模的鏈上整合。其中，BlackRock的「BUIDL」基金已成為主導者，其管理資產規模在2025年至2026年間迅速突破20億美元。

Circle 和 Hashnote 的「USYC」產品在市場中也扮演著重要角色，截至2026年初，其管理的資產規模約為 16.9億美元。Franklin Templeton於2021年推出的「FOBXX」基金是代幣化貨幣市場基金（MMF）領域最早也是最具影響力的創新之一。它廣泛認為是第一個在公共區塊鏈上處理交易的美國共同基金。

Ondo Finance透過其鏈上架構提供短期美國國債敞口，也因此獲得了對代幣化收益產品的顯著需求。 Ondo管理數億美元的資產，已成為傳統固定收益市場和去中心化金融（DeFi）生態系統之間的重要中介。摩根大通的MONY基金計畫於2025年下半年在以太坊上推出，這標誌著傳統銀行業務將大規模進軍代幣化貨幣市場基金領域。

主要成長促進因素

代幣化貨幣市場基金（MMF）是推動該市場成長的關鍵因素。代幣化貨幣市場基金代表受監管的投資信託單位，其記錄在分散式帳本技術（DLT）而非傳統的傳統資料庫系統上。這種記錄保存和資產表示方式的結構性轉變，透過將金融工具直接整合到區塊鏈基礎設施中，從根本上改變了基金所有權的發行、轉移和結算方式。與依賴基金經理人或託管人管理的中心化帳本的傳統貨幣市場基金不同，代幣化貨幣市場基金利用去中心化或半去中心化的帳本系統，提供更透明、高效且持續可存取的所有權記錄。這種轉變顯著提高了營運效率，減輕了對帳負擔，最大限度地減少了結算延遲，並實現了近乎即時的交易檢驗。

新機會的趨勢

大型銀行的發行正成為推動代幣化貨幣市場基金（MMF）生態系統發展的重要機會。到2026年，全球領先的銀行機構將超越實驗性試點計畫和有限的沙盒部署，全面開展代幣化現金管理產品的營運發行。這項轉變反映了頂級銀行更廣泛的策略認知：基於區塊鏈的金融基礎設施不再是實驗性創新，而是日益成為未來資本市場架構的核心組成部分。因此，這些金融機構正積極尋求成為代幣化貨幣市場產品的直接髮行方和託管方，而不僅僅是第三方資產管理公司的支持者。

最佳化障礙

流動性與交易時間的不匹配構成了一項重大的結構性挑戰，可能會阻礙代幣化貨幣市場基金（MMF）市場的成長。儘管代幣化MMF產品基於區塊鏈基礎設施運行，支援全天候交易和轉帳，但其基礎資產（主要是短期金融工具，例如美國國債和其他高品質、高流動性債務）仍然依賴傳統的金融市場基礎設施。這些基礎資產受制於傳統的銀行和結算系統，而這些系統僅在正常營業時間內運作，並受到特定市場假期和結算週期的限制。這種全天候運作的數位交易環境與受時間限制的傳統結算系統之間的根本脫節造成了效率低下，進而可能影響市場穩定性和流動性管理。

目錄

第1章 執行摘要：全球代幣化貨幣市場基金市場

第2章 調查方法與研究框架

  • 研究目標
  • 產品概述
  • 市場區隔
  • 定性研究
    • 一手和二手資訊
  • 量化研究
    • 一手和二手資訊
  • 主要調查受訪者組成：依地區分類
  • 本研究的前提
  • 市場規模估算
  • 資料三角測量

第3章 全球代幣化貨幣市場基金市場概述

  • 產業價值鏈分析
  • 產業展望
    • 全球代幣化貨幣市場基金與鏈上RWA產業概況
    • 被機構投資者採用，用於產生收益的金融產品，以及在 DeFi 中用作抵押品。
    • 關於監管澄清、託管和跨鏈互通性。
  • PESTLE分析
  • 波特五力分析
  • 市場成長及前景
    • 2020-2035年市場收入估算與預測
    • 依標的資產進行價格趨勢分析

第4章 全球代幣化貨幣市場基金市場分析

  • 競爭儀錶板
    • 市場集中度
    • 企業市場占有率分析，2025年
    • 競爭對手分析與基準測試

第5章 全球代幣化貨幣市場基金市場分析

  • 市場動態和趨勢
    • 成長促進因素
    • 抑制因子
    • 機會
    • 主要趨勢
  • 市場規模及預測，2020-2035年
    • 依標的資產
    • 依提供
    • 依區塊鏈
    • 依投資者類型
    • 依用例
    • 依地區

第6章 北美市場分析

第7章 歐洲市場分析

第8章 亞太市場分析

第9章 中東和非洲市場分析

第10章 南美市場分析

第11章 公司簡介

  • BlackRock
  • Franklin Templeton
  • Ondo Finance
  • Circle（Hashnote）
  • Fidelity Investments
  • WisdomTree
  • Janus Henderson（Anemoy）
  • Superstate
  • JPMorgan
  • UBS
  • Goldman Sachs
  • State Street
  • VanEck
  • Securitize
  • Tokeny
  • 其他主要公司

第12章 附錄

簡介目錄
Product Code: AA06261851

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