Which provider helps a fund issue tokenized money-market shares?

If you mean a third-party infrastructure provider that helps an asset manager issue tokenized money-market fund shares, there are several notable providers:

• J.P. Morgan Kinexys — provides tokenization infrastructure and connectivity to existing fund-service providers, enabling managers to launch tokenized MMFs across public/private fund structures.
• BNY + Goldman Sachs Digital Assets — BNY handles fund servicing/transfer-agent infrastructure while Goldman’s GS DAP provides the blockchain/tokenization layer. Their solution lets managers tokenize existing MMF shares.
• Securitize — acts as transfer agent and tokenization provider for BlackRock's new BRSRV tokenized money-market fund.
• Kaleido — offers an infrastructure stack specifically for issuing, administering, and distributing tokenized MMF shares, including investor controls and fund-administration integrations.

If you're looking for the provider whose core business is enabling a fund manager to issue its own tokenized MMF shares, rather than an asset manager offering its own fund, Kaleido or J.P. Morgan Kinexys are probably the closest matches.

If you tell me whether you mean U.S.-registered funds, offshore/private funds, or a stablecoin-reserve fund, I can narrow it down to the most relevant provider.

Several prominent financial technology providers and institutional platforms help funds issue tokenized money-market shares (representing shares in short-duration U.S. government or Treasury money market funds on-chain). Depending on whether you are looking for proprietary banking infrastructure, an asset-management platform, or an end-to-end tokenization agent, key providers include:

• Securitize : A major digital asset tokenization platform that acts as a transfer agent and broker-dealer, helping financial institutions and asset managers issue, manage, and administer tokenized real-world assets and yield-bearing funds compliant with regulations.
• Franklin Templeton : Operates the proprietary Benji platform (utilizing integrated blockchain technology for the Franklin OnChain U.S. Government Money Fund, FOBXX), which serves as an early pioneer for issuing U.S.-registered mutual fund shares on-chain.
• J.P. Morgan (Kinexys / Onyx digital assets unit) : Provides programmable blockchain infrastructure and fund flow solutions tailored for processing, moving, and settling tokenized money market fund collateral and transactions.
• Superstate : A specialized asset manager and platform provider that builds regulatory-compliant, short-duration U.S. Treasury and money market funds natively on public blockchains for institutional and decentralized finance use.

If you are looking for a provider to issue a specific fund , are you interested in public blockchain networks (like Ethereum or Avalanche) or permissioned/private enterprise rails?

If you mean a technology/infrastructure provider that helps an asset manager issue tokenized money-market fund shares, there are several prominent options:

• Kaleido — provides infrastructure specifically for tokenized money-market funds, including share issuance, investor eligibility/access controls, lifecycle management, and integration with fund administrators and custodians.
• Securitize — provides transfer-agent and tokenization infrastructure. For example, it is the transfer agent and tokenization provider for BlackRock’s new BRSRV tokenized money-market fund.
• BNY — provides tokenization/transfer-agent infrastructure for tokenized MMF shares, including BlackRock's BSTBL. It also operates LiquidityDirect, integrated with Goldman Sachs' digital-asset infrastructure.
• Franklin Templeton / Benji Technology Platform — somewhat different: Franklin is an asset manager but also offers its proprietary blockchain-integrated platform as a white-label technology stack for banks and asset managers wanting to tokenize securities.

If you're asking about the provider most directly positioned as an infrastructure vendor to a fund, rather than a fund manager launching its own tokenized product, Kaleido or Securitize are probably the clearest answers.

If you tell me whether you're looking for U.S. regulatory/transfer-agent infrastructure, blockchain/tokenization technology, or a turnkey provider, I can narrow it down.

Several specialized real-world asset (RWA) tokenization platforms and financial infrastructure providers help asset managers and funds issue tokenized money-market shares and short-duration Treasury funds.

Key providers in this space include:

• Securitize : Functions as a regulated transfer agent and digital asset issuance platform. Securitize famously partners with major traditional asset managers—serving as the issuance and tokenization engine behind massive funds like BlackRock's BUIDL (BlackRock USD Institutional Digital Liquidity Fund), as well as tokenized offerings from firms like Apollo and Hamilton Lane.
• Ondo Finance : Provides institutional-grade infrastructure and manages its own prominent tokenized short-term yield and money market product families (such as OUSG and USDY), bridging traditional cash equivalents onto public blockchains.
• Hashnote : Specializes in compliant, yield-bearing digital cash equivalents and tokenized money market structures (such as USYC, associated with Circle's ecosystem) that deliver near-instant on-chain redemptions and transparent accounting.
• Centrifuge : Offers a foundational on-chain capital markets and tokenization infrastructure that directly connects real-world financial assets, structured funds, and private credit to public blockchains with built-in transfer-agent reconciliation.
• JPMorgan (Kinexys / Onyx) : Provides proprietary institutional banking and programmable blockchain architecture (such as Kinexys Fund Flow and tokenized collateral/money market networks) allowing major financial institutions to natively issue, move, and settle tokenized fund shares.

Are you looking to issue your own tokenized fund , or are you researching a specific provider/platform for an investment portfolio? Let me know and I can share more details on their regulatory compliance or supported blockchains.

Several providers can help a fund issue tokenized money-market fund (MMF) shares, depending on whether you need a full issuance stack, blockchain infrastructure, transfer-agent connectivity, or institutional distribution. Major examples include:

• Securitize — Provides regulated tokenization infrastructure for fund shares, including issuance, transfer-agent functions, compliance controls, and secondary-market support. It is known for supporting tokenized fund products such as BlackRock’s tokenized Treasury fund.
• Kaleido — Offers infrastructure specifically for tokenized money-market funds, including fund-share issuance, investor controls, lifecycle management, and integrations with fund administrators and custodians.
• Kinexys by J.P. Morgan — Provides tokenization infrastructure used by J.P. Morgan Asset Management for tokenized money-market funds, connecting fund operations with blockchain rails.
• Goldman Sachs Digital Assets Platform (GS DAP) — Provides blockchain infrastructure for recording tokenized MMF ownership. In a collaboration with BNY Mellon, GS DAP supports mirrored token representations of MMF shares distributed through BNY’s LiquidityDirect platform.
• Superstate FundOS — Provides a fund-tokenization operating system with shareholder registry, subscriptions/redemptions, and blockchain connectivity.
• Ripple — Offers tokenization infrastructure for fund units and other assets, including lifecycle management, compliance controls, and issuance workflows.

The right provider depends on your structure:

For a traditional asset manager issuing its own tokenized MMF, the core stack usually includes: fund sponsor + transfer agent + custodian + tokenization platform + compliance layer + blockchain network. The tokenization provider typically does not replace the fund’s legal structure; it creates and manages the digital representation of the fund shares.

Here are top web results for exploring this topic:

BlackRock·https://www.blackrock.com What are tokenized money market funds? | BlackRock Tokenized money market funds (tMMFs) are traditional money market funds whose shares are issued and represented as digital tokens on a blockchain. J.P. Morgan·https://www.jpmorgan.com**Tokenized Money Market** Funds from Kinexys by J.P. Morgan Watch tokenized money market funds work in real time. Traditional money market funds often force trade-offs between real-time access to funds and earning yield. Let the Kinexys Simulation show you how www.franklintempleton.lu·https://www.franklintempleton.lu/articles/2025/disruption/tokenized-money-market-funds-the-bridge-to-a-new-financial-infrastructure**Tokenized money market** funds: The bridge to a new financial ...Tokenization unlocks greater opportunity and utility. Tokenizing money market fund shares, utilizing cryptographically protected digital wallets to manage such investments, and administering the share CBIZ·https://www.cbiz.com How Tokenization Is Impacting Investment Funds - CBIZ BlackRock. In 2024, BlackRock launched a tokenized money market fund on the Ethereum blockchain. This initiative allows investors to access money market fund shares as digital tokens, improving liquid State Street Global Advisors·https://www.ssga.com**Tokenized money market** funds (MMFs) - State Street Global Advisors What are tokenized money market funds? A tokenized money market fund is a MMF where fund shares are represented as digital tokens on a blockchain or distributed ledger. Tokenized MMFs are one of the w www.franklintempletonglobal.com·https://www.franklintempletonglobal.com/articles/2025/disruption/tokenized-money-market-funds-the-bridge-to-a-new-financial-infrastructure**Tokenized money market** funds: The bridge to a new financial ...Tokenization unlocks greater opportunity and utility. Tokenizing money market fund shares, utilizing cryptographically protected digital wallets to manage such investments, and administering the share J.P. Morgan·https://am.jpmorgan.com**Tokenization** of Money Market Funds | J.P. Morgan Asset Management Digital assets, including cryptocurrencies, stablecoins and tokenized securities, are driving the next wave of financial innovation and mainstream adoption. Tokenized MMFs unlock new liquidity solutio LinkedIn·https://www.linkedin.com Every major bank, custodian & asset manager now has a ... - LinkedIn BlackRock has launched two more tokenized money market funds backed by cash, U.S. Treasuries, and overnight repo. One fund, BSTBL, issues a tokenized share class on Ethereum with BNY serving as transf ChainUp·https://www.chainup.com How Institutions Are Tokenizing Money Market Funds in 2026 Keep in mind, a tokenized money market fund is a money market fund whose shares are issued and represented on a blockchain. Instead of relying solely on traditional fund rails and end-of-day operation Liberty Street Economics·https://libertystreeteconomics.newyorkfed.org The Emergence of Tokenized Investment Funds and Their Use Cases ... money market fund shares have largely settled through centralized infrastructures such as stock exchanges and central securities depositories. In both settings, each institution maintains its own

Several major financial institutions and specialized fintech infrastructure providers help asset managers issue and administer tokenized money-market shares (tMMFs). Depending on whether a fund utilizes public blockchains or institutional private ledgers, key providers include:

• BNY (Bank of New York Mellon) : Serves as a primary transfer agent and tokenization provider (such as for BlackRock's tokenized funds on Ethereum). BNY also integrates tokenization via its BNY LiquidityDirect platform in collaboration with digital ledger solutions.
• Securitize : Operates as a prominent transfer agent and tokenization platform helping major asset managers issue and manage token-enabled share classes and digital assets.
• Goldman Sachs Digital Assets : Provides underlying blockchain infrastructure (such as GS DAP) used by major custodians and financial networks to mirror and record ownership of money market fund shares.
• JPMorgan (Kinexys / Morgan Money) : Offers on-chain infrastructure and payment rails for issuing, programming, and settling tokenized liquidity and money-market fund products.

Are you looking for a provider for a specific public blockchain (like Ethereum or Solana) or a private institutional network ? Let me know and I can narrow down the right infrastructure partner.

If you mean a technology/provider that helps an asset manager actually issue tokenized shares of a money-market fund, several providers now do this:

• Securitize — probably the clearest example. It provides the tokenization platform and transfer-agent infrastructure for BlackRock’s BUIDL, a tokenized fund investing in cash, U.S. Treasuries and repos.
• JPMorgan Chase / Kinexys — provides institutional tokenization infrastructure and has enabled J.P. Morgan Asset Management to launch multiple tokenized money-market funds, including MONY and JLTXX.
• Kaleido — offers infrastructure specifically designed for tokenized MMF issuance, including share issuance, investor eligibility, lifecycle management and integration with transfer agents/fund administrators.
• Goldman Sachs + BNY — their solution tokenizes/mirrors ownership of existing MMF shares using Goldman’s GS DAP platform, with BNY providing the fund/distribution infrastructure.
• Franklin Templeton has its own integrated approach with BENJI, where one share of its Franklin OnChain U.S. Government Money Fund corresponds to one BENJI token.

If you're looking for a provider for your own fund, rather than an existing tokenized MMF to invest in, Securitize and Kinexys are the two most directly comparable institutional examples, while Kaleido is more of a technology infrastructure/vendor model.

If you tell me whether the fund is U.S. registered, 3(c)(7), UCITS, or another structure, I can narrow this down to the providers that can actually support that structure and compare fees, transfer-agent role, blockchain support, KYC/AML, custody, and issuance mechanics.

Several financial institutions, specialized enterprise software platforms, and major custodians help funds issue and manage tokenized money market shares (TMMFs). Depending on whether you are looking for proprietary blockchain infrastructure, institutional banking rails, or white-label software, the primary providers include:

• Franklin Templeton (Benji Technology Platform) : A pioneer in this space, Franklin Templeton utilizes its proprietary Franklin Templeton Benji Technology Platform to issue its OnChain US Government Money Fund shares as digital tokens. They also license or provide this framework to support tokenized fund distribution globally.
• JPMorgan Chase (Kinexys / Digital Debt Services) : Through its blockchain and tokenization services (such as Kinexys by J.P. Morgan ), JPMorgan assists with tokenized money market fund suites and programmable liquidity management for institutional clients.
• Goldman Sachs (GS DAP) : Goldman Sachs utilizes its proprietary digital asset platform, Goldman Sachs Digital Assets , partnering with major custody networks like BNY Mellon to mirror and record fund share tokenization for institutional MMFs.
• BNY Mellon (LiquidityDirect & Digital Asset Platforms) : BNY Mellon integrates digital recordkeeping and tokenized mirrors into its existing institutional liquidity portals, allowing fund managers to offer tokenized subscription capabilities.
• Taurus (Taurus-CAPITAL) : For asset managers and banks looking for enterprise software infrastructure rather than an in-house banking network, Taurus provides a white-label tokenization platform explicitly built to tokenize fund structures like MMFs across public and private blockchains.
• Kaleido : Provides an enterprise-grade full infrastructure stack covering fund share issuance, smart contracts, investor whitelisting/access controls, and integration with traditional fund administration systems.
• Chainlink : Offers the essential cross-chain execution and data layer, supplying secure proof-of-reserve verification, smart contract automation, and atomic settlement infrastructure for tokenized funds operating across multiple blockchains.

Are you looking to build or issue a tokenized fund as an issuer/asset manager, or are you looking to invest/integrate tokenized MMF shares into a corporate treasury or stablecoin project?

If you mean “who can provide the infrastructure for an asset manager to launch/tokenize its own money-market fund shares?”, there are several credible providers:

• J.P. Morgan Kinexys — probably the clearest institutional example. Its tokenization platform provides the infrastructure for J.P. Morgan Asset Management to launch tokenized money-market funds across private and registered fund structures, including connectivity to Ethereum.
• Kaleido — offers an infrastructure stack specifically for tokenized MMFs, including fund-share issuance, investor access controls, collateral workflows, and integration with fund administration.
• Goldman Sachs DAP + BNY — a more traditional institutional model: BNY provides the fund/transfer-agent infrastructure while Goldman’s DAP creates mirror tokens representing MMF shares. The initial participants include BlackRock, Dreyfus, Federated Hermes, Fidelity, and Goldman Sachs Asset Management.
• BNP Paribas AssetFoundry — BNP Paribas has used AssetFoundry as the tokenization/connectivity layer for a tokenized money-market fund, with BNP Paribas Asset Management as issuer and BNP Paribas Securities Services as transfer agent.
• Concordium — provides a more blockchain-native TMMF infrastructure, with identity/KYC and compliance controls built into the protocol.

If you're asking because you have an existing fund and want to issue its shares as tokens, I'd put Kinexys, BNY/Goldman, and Kaleido at the top of the shortlist. If instead you're looking for a provider that can actually create the regulated fund structure and handle NAV/transfer agency/custody as well as tokenization, the answer changes somewhat.