Money-market fund
MMFmoney market fund
A regulated mutual fund holding short-duration government / corporate paper, structured to maintain stable NAV.
Tokenised MMFs (BlackRock BUIDL, Franklin Templeton FOBXX, Ondo OUSG) bring T-bill yield on-chain in a regulated wrapper. Used as reserve instruments by some stablecoin issuers and as collateral / yield products by allocators.
Related terms
- T-bill (US Treasury bill)A short-duration (≤ 1 year) US government debt instrument — the primary reserve asset for major fiat-backed stables.
- RWA (real-world assets)Tokenised off-chain assets — Treasuries, money-market funds, credit pools, real estate — used as on-chain collateral or yield products.
- ReservesThe assets backing a stablecoin's outstanding liabilities — for fiat-backed stables, predominantly cash + Treasuries.