The U.S. Securities and Exchange Commission (SEC) has approved a special request from asset manager WisdomTree to allow shares of its Treasury Money Market Digital Fund to trade with traders intraday at $1, regardless of the fund’s end-of-day net asset value.
Until now, investors in the fund, whose stock has the ticker WTGXX, had to trade at the fund’s net asset value at the close, which is standard for traditional mutual funds. The new structure allows trades to proceed around the clock through broker-dealers acting as principals, with instant settlement on a blockchain track.
WisdomTree said the approval requires exemptive relief from the U.S. Securities and Exchange Commission (SEC) and regulatory clearance from the U.S. Financial Industry Regulatory Authority (FINRA) to expand the activities of its broker-dealer subsidiary. Under the new model, trades are made against dealer inventories rather than directly with the fund, enabling 24/7 liquidity while maintaining the integrity of the fund’s primary structure.
Will Peck, head of digital assets at WisdomTree, said in a statement on Tuesday: “This is a true innovation and improvement to the investor experience, and it demonstrates how blockchain can become a new set of trajectories for capital markets.”
WisdomTree has also introduced continuous accrual of dividends to the fund, distributing interest based on how long each wallet holds shares throughout the day. This feature tracks wallet activity on-chain, ensuring that even mid-day transfers don’t miss out on a portion of the proceeds.
The company plans to make the feature available to institutions first through its Connect platform, with potential retail access later through its Prime app.
The change marks a step in a broader push to tokenize parts of capital markets. Several large banks and asset managers have piloted blockchain-based systems to issue and settle traditional assets, aiming to shorten settlement times and reduce operational friction. Tokenization refers to the representation of financial instruments as digital tokens on the blockchain, allowing ownership to be transferred in near real-time.
Money market funds backed by U.S. Treasuries have emerged as a key test case. According to data provider rwa.xyz, more than $10 billion worth of tokenized U.S. Treasuries are currently in circulation.
Leading the way is BlackRock and Securitize’s BUIDL fund, which has more than $2 billion in total value locked, a metric that reflects the dollar value of on-chain product assets. Other products include those from stablecoin issuer Circle (CRCL) and Ondo Finance.
With SEC approval, WisdomTree joins a growing number of companies seeking to bring traditional cash management tools to blockchain infrastructure while remaining within existing regulatory frameworks.
