WisdomTree has received SEC approval for a first-of-its-kind tokenized money market fund, called WTGXX. This is the first time a registered mutual fund will trade and settle 24/7. Will Peck,
WisdomTree has received SEC approval for a first-of-its-kind tokenized money market fund, called WTGXX. This is the first time a registered mutual fund will trade and settle 24/7.
Will Peck, head of digital assets at WisdomTree, walked TheStreet Roundtable through what changed.
Watch the full interview on Roundtable!
Peck believes tokenization is the next structural shift in asset management. He pointed out that stablecoins have proven that people want dollars that never sleep, and WTGXX attaches a government backed yield product onto that expectation.
Related: Anchorage's Nathan McCauley say GENIUS moved two of the top three stablecoins onshore
Stablecoins have enabled 24/7 withdrawals, payments, trading, and more. This capability is still not enabled for most traditional finance products.
"One of the key benefits of stablecoins is that they're always on. You're not waiting for wire windows or banking hours. And one of the limitations we felt with existing money market funds was the ability to transact 24/7 in the products,” Peck said.
SEC's exemptive relief (announced late February 2026) came alongside Financial Industry Regulatory Authority (FINRA) clearance for WisdomTree Securities to act as principal for the “dealer-principal liquidity model.” This means that WisdomTree is funding transactions with it’s own capital.
The fund holds short-term Treasuries, targets a $1 share price, runs on nine blockchains including Ethereum and Solana, and has roughly $730 million in assets yielding ~3.5%.
Peck explained that traditional funds usually only make transactions once a day.
"Mutual funds historically have traded on a once-a-day basis. You place the order at 10 a.m. for 100 shares, and you'll figure out how many shares you get when the price of that fund is struck at the end of the day. This traces back to the forward pricing rule, it dates back to the seventies," he said.
The forward pricing rule (SEC Rule 22c-1) requires mutual fund orders to execute at the next calculated net asset value.
ETFs were the first product to really change that.
"ETFs really changed that by allowing a primary market, but also a secondary market where the fund share can trade without changing anything in the underlying portfolio," Peck said.
Now Wisdomtree is running the same playbook for this money market fund.
"What we've done with the money market fund is leverage that same model. The primary market here has not changed at all. We've just added the secondary market component," he explained.
The key difference between this and an ETF is that this secondary market is on-chain, always open, and settles in stablecoins.
