Tokenized money market funds: can tokens replace a fixed deposit?
Not quite — nothing on a blockchain combines a fixed rate, a fixed term and deposit insurance. What comes closest is a tokenized money market fund: a fund of short-term government bills whose shares live on a blockchain. The rate floats with central-bank rates, you can usually get out daily, and there is no deposit guarantee. We track 12 of them; this page compares them, with the investors each issuer aims at.
Text reviewed September 17, 2026 · figures from our database, latest check August 25, 2026
The short answer
- No token is a fixed deposit: no fixed rate, no fixed term, no deposit insurance.
- Tokenized money market funds behave like an instant-access savings account — variable rate, usually daily access.
- In euros they currently pay around 1.66%, in US dollars around 4.11%. The gap is currency risk, not a free bonus.
- Most of the big names — BlackRock BUIDL, Franklin, WisdomTree — are aimed at qualified investors or at the US market.
Every tokenized money market fund — and who it is aimed at
Yields are the current net figures from our database and change with each data update. Sorted by yield.
| Product | Yield p.a. | Currency | Aimed at | Minimum | Getting out |
|---|---|---|---|---|---|
| Spiko US T-Bills Money Market Fund USTBL · Spiko (SICAV, France) | 4.11% | USD | Retail · EU | $1 (≈$1,000 in practice) | Daily, via the provider |
| Midas mTBILL mTBILL · Midas | 4.00% | USD | Retail · EU (issuer’s statement) | none stated | Swap against stablecoins with the issuer |
| BlackRock USD Institutional Digital Liquidity Fund BUIDL · BlackRock / Securitize | 3.59% as of August 25, 2026 | USD | Qualified purchasers | $5 million | 24/7 for approved holders |
| Janus Henderson Anemoy Treasury Fund JTRSY · Anemoy / Janus Henderson (Centrifuge) | 3.59% as of August 25, 2026 | USD | Professional investors | $500,000 | Daily, via the provider |
| Ondo US Dollar Yield USDY · Ondo Finance | 3.55% as of August 25, 2026 | USD | Investors outside the US (Reg S) | ~$50 on exchanges | 24/7 on exchanges; redemption with KYC |
| Ondo Short-Term US Government Treasuries OUSG · Ondo Finance | 3.53% as of August 25, 2026 | USD | Accredited investors & qualified purchasers · US | $5,000 | 24/7 for approved holders |
| WisdomTree Government Money Market Digital Fund WTGXX · WisdomTree | 3.50% | USD | US investors | low, via app | Daily, via the provider |
| OpenEden TBILL TBILL · OpenEden | 3.48% as of August 25, 2026 | USD | Investors outside the US, after KYC | set at onboarding | Swap against stablecoins with the issuer |
| Franklin OnChain US Government Money Fund BENJI · Franklin Templeton | 3.47% | USD | Mainly US investors | low, via app | Daily, via the provider |
| Superstate Short Duration US Government Securities Fund USTB · Superstate / Invesco | 3.38% as of August 25, 2026 | USD | Qualified purchasers · US | high | Daily, via the provider |
| Circle USYC USYC · Circle (Hashnote Intl. Short Duration Yield Fund) | 3.28% as of August 25, 2026 | USD | Institutional investors | institutional | 24/7 for approved holders |
| Spiko EU T-Bills Money Market Fund EUTBL · Spiko (SICAV, France) | 1.66% | EUR | Retail · EU | €1 (≈€1,000 in practice) | Daily, via the provider |
Fixed deposit, savings account, tokenized fund — side by side
| Fixed-term deposit | Savings account | Tokenized money market fund | |
|---|---|---|---|
| Interest rate | Fixed for the term | Variable | Variable, follows short-term government bill rates |
| Access to your money | Locked until the term ends | Any time | Usually daily; some tokens 24/7 |
| Deposit insurance | Yes, up to €100,000 per bank (EU) | Yes, up to €100,000 per bank (EU) | No |
| What you own | A claim on the bank | A claim on the bank | A fund share — or a claim on the token issuer |
| Currency | Euro | Euro | Euro or US dollar |
| Where | Your bank | Your bank | A fund platform, or your own crypto wallet |
The currency trap
The highest yields on this page are in US dollars. USTBL pays 4.11%, the best euro fund, EUTBL, pays 1.66%. The difference is not a better product — it is the gap between US and euro interest rates. If you think in euros, you carry the exchange rate: should the dollar lose 5% against the euro over a year, 4.11% in dollars turns into roughly −1.10% in euros.
If you earn and spend in euros, compare euro yields with euro yields.
What you actually own — and how you are protected
A share in a regulated fund
Spiko’s funds are money market funds approved by the French regulator AMF. The fund’s assets are held by a depositary, separate from the fund manager: if the manager fails, the T-bills still belong to the investors. What you do not get is deposit insurance — the value of a fund can, in principle, fall.
A claim on the token issuer
USDY is not a fund share but a debt claim on Ondo, backed by short-term US Treasuries and bank deposits. How well you are protected depends on that structure and on the issuer, so the offering documents are worth reading. It is offered to non-US persons only.
What can go wrong
- Rates fall — and your yield with them.
- The exchange rate moves against you (dollar products).
- The issuer or a service provider fails, and there is no deposit insurance behind it.
- Tokens in your own wallet: a lost key or a hacked wallet cannot be recovered.
- Redemption requires KYC; on exchanges the price can briefly deviate.
How to buy one
Through the fund provider — no wallet needed
- Open an account with the provider (for example Spiko) and verify your identity.
- Fund the account the way the provider specifies.
- Subscribe to the fund; shares are issued at the next valuation.
- To get out, redeem — the money comes back on the provider’s daily schedule.
As a token in your own wallet
- Set up a self-custody wallet on the network the token lives on.
- Buy a dollar stablecoin such as USDC on a crypto exchange and send it to the wallet.
- Swap it for the token on a decentralized exchange — or mint directly with the issuer after KYC.
- Keep the recovery phrase offline. Nobody can restore it for you.
Before you pay in, always check the provider’s own eligibility page for your country. Whether you qualify is decided by the provider, not by TokenBank.
Questions, answered
Is a tokenized money market fund covered by deposit insurance?
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No. Deposit insurance (up to €100,000 per bank in the EU) covers bank deposits — not fund shares and not tokens. A regulated fund protects you differently: its assets are held separately from the fund manager.
Can I lose money?
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Yes, although the price risk of a short-term government bill fund is small. The realistic risks are falling rates, the exchange rate on dollar products and the failure of an issuer or platform — and, for tokens you hold yourself, losing access to your wallet.
Is there a crypto product with a fixed rate and a fixed term?
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Tokenized bonds with a fixed coupon exist — Société Générale has issued some, for example — but they are almost always reserved for professional investors, with minimums around €100,000.
How quickly can I get my money back?
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Funds like Spiko’s redeem daily. Tokens such as USDY trade around the clock on exchanges, but a direct redemption with the issuer requires KYC and follows its schedule.
Why do dollar funds pay more than euro funds?
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Because short-term rates are higher in the US than in the euro area. Right now the best dollar fund pays about 2.5 percentage points more than the best euro fund — which is exactly the compensation for taking on exchange-rate risk.
Do I need a crypto wallet?
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Not necessarily. With a provider like Spiko you hold the shares through your account there. For tokens like USDY you need your own wallet.
Where these numbers come from
Yield per product comes from our database, checked against the issuer or a named source on the date shown in the table. Who each fund is aimed at is taken from the issuers’ own pages, re-checked on 17 September 2026; whether you qualify is for the provider to decide. Not investment advice.