WisdomTree has rolled out 24/7 trading and instant settlement for shares of its tokenized Treasury money market fund, WisdomTree Treasury Money Market Digital Fund (WTGXX). The launch follows U.S. regulatory approvals and makes WTGXX the first registered tokenized mutual fund share structure under the Investment Company Act of 1940 that can trade and settle continuously within the U.S. regulatory framework.
SEC relief and FINRA approval set up a new secondary market structure
The change comes after the U.S. Securities and Exchange Commission granted exemptive relief that allows secondary market liquidity for registered tokenized fund shares. At the same time, WisdomTree Securities, the firm’s broker-dealer subsidiary, received approval from the Financial Industry Regulatory Authority to expand its activity into principal trading of registered fund shares.
Under this setup, trades are settled from broker-dealer inventory rather than directly with the fund itself. Liquidity is provided bilaterally, with WisdomTree Securities acting as principal up to the limits of its balance sheet, instead of routing transactions through an exchange venue.
Instant settlement cuts the delay built into traditional fund transactions
Conventional mutual fund transactions generally settle on a T+1 basis. WTGXX now moves to real-time settlement, allowing investors to place capital into yield-bearing exposure without waiting for the next business day. That sounds simple. For institutions managing treasury balances across markets that run around the clock, it changes cash deployment in a practical way.
The mechanism relies on blockchain tokenization to record ownership and process transfers, with settlement initially handled through USDC. Investors can transact outside standard market hours, bringing the operating model closer to digital asset markets that do not pause at the end of the trading day.
Will Peck, Head of Digital Assets at WisdomTree, said instant settlement has long been one of the core promises of blockchains and RWA tokenization. He said the company appreciated the engagement from the SEC and FINRA, including the exemptive relief and approvals that made the launch possible, and described the feature as an improvement in investor experience as well as an example of blockchain serving as a new rail for capital markets.
Continuous dividend accrual tracks holding time inside the day
Alongside continuous trading, WisdomTree introduced continuous dividend accrual for WTGXX shares. Income allocation is calculated according to how long each verified wallet holds the tokens during a given day, using blockchain timestamps to track intraday transfers.
That means investors who move tokens between wallets before end-of-day processing can still receive a proportional share of the day’s income based on actual holding time. The underlying investment process of the fund remains in place, while the payout mechanics are adapted to blockchain settlement and wallet-based movement.
Institutional rollout comes first, with broader liquidity possible later
The feature will initially be available to institutional investors through WisdomTree Connect, the company’s institutional platform. WisdomTree said WTGXX has already been used by digital asset institutions seeking yield-bearing exposure without moving funds offchain.
The firm also said that unaffiliated broker-dealers may eventually join in providing liquidity, subject to regulatory conditions. Retail access could expand through other channels over time.
Still a regulated fund structure, with blockchain and fund risks intact
Structurally, the model blends blockchain-based settlement with traditional broker-dealer oversight. Fund governance, disclosure, and supervision remain under existing securities law. The product is not being converted into a decentralized vehicle; tokenization is being applied inside a regulated perimeter.
The risks described in the report remain familiar. Blockchain infrastructure can face cybersecurity issues, transaction delays during network congestion, and variable network fees. Money market fund investors also continue to face traditional risks, including the possibility of loss of principal and the absence of government insurance.
Tokenized RWA keeps moving deeper into regulated fund formats
Tokenized real-world assets have expanded across Treasury bills, private credit, and other fixed-income products, but progress inside registered mutual fund structures has been slower because of regulatory limits. WTGXX’s move to continuous trading and settlement shows a more concrete form of regulatory accommodation for blockchain-based settlement rails.
The launch brings tokenized mutual fund shares closer to the operating logic of crypto markets, where trading and transfers continue without standard market-hour constraints. At the same time, liquidity remains dealer-based and tied to balance sheet capacity. For asset managers looking at tokenization inside established securities law, WisdomTree’s framework offers a regulated path that is now live in the market.