WisdomTree Opens Tokenized Treasury Fund To MoonPay's 35 Million Accounts

WisdomTree and MoonPay will build an access point letting U.S. investors buy shares of WisdomTree's tokenized government money market fund inside MoonPay's platform, and MoonPay will use the fund in the reserve management behind its stablecoin business, the two firms said on Thursday.

The arrangement routes retail distribution of a registered U.S. money market fund through a consumer crypto app rather than a broker-dealer, and puts that fund inside the reserve stack of a payments company. WisdomTree sells the WisdomTree Treasury Money Market Digital Fund, ticker WTGXX, through its own WisdomTree Connect platform and direct broker-dealer channels today. Neither firm gave a launch date for the MoonPay access point.

WTGXX held $1.23 billion on Friday, the fifth-largest tokenized Treasury product and the largest of WisdomTree's seven tokenized funds, according to rwa.xyz. WisdomTree's tokenized funds total $1.2 billion against a $15.40 billion tokenized Treasury market, behind Securitize and Ondo at $2.7 billion each, Circle at $2.6 billion and Franklin Templeton at $2.5 billion. MoonPay puts its network at more than 35 million accounts and more than 1,700 enterprise partners.

Inside The Reserve Stack

The reserve leg is the part with a direct balance-sheet effect. MoonPay will incorporate WTGXX into stablecoin reserve management, which moves cash backing into a fund whose shares are recorded onchain rather than only into bank deposits and bills held at a custodian. The firms did not say what share of reserves the fund would hold, or which MoonPay stablecoin products it would sit behind.

"Money moves differently today, and investing needs to keep pace," Jonathan Steinberg, founder and chief executive of WisdomTree, said in the release. "Stablecoins are reshaping how people and businesses both hold and move value, and working with MoonPay as an access point can give eligible U.S. investors another path to deploy their assets into WTGXX."

Caroline D. Pham, described in the release as chief executive of MoonPay Institutional, said the work "demonstrates how financial innovation can enable better experiences for investors in U.S. regulated markets and products." Pham was acting chairman of the Commodity Futures Trading Commission before joining MoonPay.

MoonPay's Second Money Fund

MoonPay has done this once already. In June it wired Franklin Templeton's BENJI, a tokenized U.S. government money market fund, into MoonPay Trade for stablecoin-to-fund swaps, which The Defiant reported at the time. That deal was aimed at institutional users moving between stablecoins and fund shares. The WisdomTree arrangement adds a reserve-management use on top of distribution.

MoonPay built the institutional arm this runs through in April, when it folded the MPC custody firm Sodot into a new institutional platform, as The Defiant covered.

WisdomTree's Distribution Push

WisdomTree has been placing the same funds with crypto-native counterparties through the year. It extended its tokenized funds to Solana in January. In April, the DeFi lender Lotus took a WisdomTree money market fund into the reserves backing its lotusUSD, and Stable Sea put WisdomTree tokenized Treasury yield behind business operating cash.

WTGXX invests in U.S. Treasury obligations and money market securities and seeks current income consistent with preservation of capital and liquidity, according to its page on WisdomTree Connect. The page carries no performance history and lists the fund as new.