WisdomTree and MoonPay have announced a collaboration to make the WisdomTree Treasury Money Market Digital Fund, known as WTGXX, available to eligible US investors through MoonPay’s platform, which hosts more than 35 million accounts. The deal, announced September 17, also positions the tokenized Treasury fund as a reserve asset for stablecoin issuers, tying a decades-old fund management brand to the fastest-growing corner of the crypto market. It is one of the first times a major US fund manager has handed retail distribution of a tokenized fund to a crypto-native payments company rather than building the channel itself.
What WTGXX is
WTGXX is a tokenized money market mutual fund that invests in short-term US government securities and targets a stable $1.00 net asset value per share. It carries a 0.25 percent expense ratio and a $1 minimum investment. Ownership is recorded in traditional book-entry form, and digital tokens representing fund shares are recorded on several blockchains, including Ethereum and Stellar, reconciled daily through blockchain-integrated recordkeeping. The fund does not invest in cryptocurrencies, and transaction fees on the underlying chains are covered by WisdomTree Digital Management rather than fund investors.
Retail investors have been able to buy WTGXX through the WisdomTree Prime app, and institutions through the WisdomTree Connect platform. The MoonPay deal adds a third distribution channel aimed at a much larger audience: the fintech’s user base, which skews toward consumers who already buy crypto but may not have a brokerage account. That difference in audience is the point of the deal. Brokerage accounts in the US number in the tens of millions, but MoonPay’s checkout flows sit inside wallets and apps that most traditional fund managers cannot reach.
Stablecoin reserves are the bigger prize
The more consequential part of the announcement sits in the stablecoin reserve language. MoonPay expects to use WTGXX in stablecoin reserve management, meaning the tokenized fund could back digital dollars with tokenized Treasury exposure rather than unremunerated bank deposits. That structure pays a yield while keeping the assets redeemable, and it mirrors what larger players have been building all year.
The timing is not accidental. The GENIUS Act rulemaking is moving through US agencies, with the Treasury’s proposed rule on stablecoin issuance published in August and comments due October 19. The OCC has said a final rule for payment stablecoin issuers will arrive by November, with applications opening in January. Tokenized Treasury funds have become the default reserve asset for compliant issuers, and fund managers are racing to lock in distribution before the rules harden. Florida has already enacted its own state-level framework for qualified payment stablecoin issuers, effective October 1, and other states are following with similar bills.
Distribution is the whole game
For WisdomTree, a NYSE-listed asset manager, the deal solves a problem that has dogged tokenized funds since their launch: reach. WisdomTree Prime’s user base is small compared with MoonPay’s 35 million accounts. MoonPay processes fiat-to-crypto conversions for consumers across more than 180 countries, and its infrastructure handles the compliance and payment rails that a traditional fund manager would struggle to build from scratch. The company was valued at $3.4 billion after a $200 million funding round in March 2025, and it has been expanding from simple buy-and-sell services toward payment infrastructure.
For MoonPay, the deal moves the company up the value chain. A checkout button for token purchases earns a spread on each trade. A reserve-management relationship with tokenized funds earns recurring fees on assets that stay parked. The company has spent the past two years signing partnerships that push it in that direction, and this is the clearest example yet.
The competitive picture
WisdomTree is not alone in this race. BlackRock’s BUIDL fund and Franklin Templeton’s BENJI have dominated institutional tokenized Treasury flows, and Circle, the issuer of USDC, has built its own reserve structures. What distinguishes WTGXX is the retail-first design: a $1 minimum and a consumer app, now extended through a crypto-native distribution partner. The institutional giants have largely kept their minimums high and their channels closed to everyday investors.
The deal also lands in a market where stablecoin capitalization has climbed to roughly $291 billion, according to stablecoin.com data from September 19. Reserve management for that float is a fee business worth billions annually, and tokenized funds are competing for a share of it against bank deposits and direct Treasury holdings. Every basis point of reserve yield that migrates to a tokenized fund is revenue that a bank would otherwise keep.
What happens next
Neither company has given a launch date for WTGXX access through MoonPay, and eligibility will depend on state-level availability, a constraint that has shaped WisdomTree Prime’s rollout from the start. The two firms said additional products could follow, but the initial scope covers the money market fund only. WisdomTree has also expanded into private markets through its acquisition of Ceres Partners’ US farmland platform, a sign that the company sees tokenization as one product line among several rather than its whole future.
The deal is a quiet marker of where the tokenization market is heading. The first wave of tokenized funds targeted institutions with large minimums. This one targets anyone with a MoonPay account and a dollar to invest, and it does so through a regulated mutual fund wrapper rather than a crypto-native product. If the stablecoin reserve use case takes off, the distribution deal may matter more than the fund itself.