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Tokenized MMF Expansion: WisdomTree WTGXX, Hashnote USYC, and the Second Tier Beyond BUIDL

Confidence: Likely Updated 2026-05-26 Review by 2026-08-08 Sources 7 Machine-translated Original (JA)
#fintech#tokenization#mmf#wisdomtree#hashnote#usyc
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This entry sits under fintech index. Read it with BlackRock BUIDL as the first-tier leader, Franklin BENJI, and Apollo ACRED for the broader tokenized-MMF and tokenized-RWA matrix. Also read it with reserve-asset mutual lock-in flywheel for the systemic role tokenized MMFs play as stablecoin yield infrastructure.

[!info] TL;DR The tokenized MMF market exceeded roughly $8B in AUM by 2026-Q2, but concentration remains very high: BUIDL at $2.58B, BENJI at $800M, ONDO OUSG at $600M, and FOBXX, the Franklin OnChain U.S. Government Money Fund, together hold more than 60%. The second tier consists of WisdomTree WTGXX, tokenized inside WisdomTree Prime; Hashnote USYC, acquired by Circle in 2024-12 and integrated in 2025 into Circle’s USDC yield product USDC.YS; Superstate USTB; and smaller Centrifuge / Backed solutions. This entry classifies that second tier, asks who ranks second, third, and fourth after BUIDL, and explains the structural impact of Circle acquiring Hashnote to turn tokenized MMF exposure into a direct USDC yield module.

Key facts

  • Total tokenized MMF market AUM was roughly $8B+ in 2026-Q2, about eight times the roughly $1B level in 2024-Q1.
  • First tier: BUIDL $2.58B with Moody’s Aaa-mf rating, BENJI $800M, ONDO OUSG $600M, and FOBXX from Franklin.
  • Second tier: WisdomTree WTGXX at roughly $200M, mainly inside the WisdomTree Prime wallet; Hashnote USYC, which peaked around $1B and was acquired by Circle in 2024-12; Superstate USTB at roughly $150M; plus Centrifuge / Backed and smaller solutions.
  • Circle acquired Hashnote in 2024-12 for roughly $200M+ in cash and stock. USYC moved into Circle’s product line, and USDC.YS launched in 2025-Q1 as a USDC plus yield package with USYC as the yield engine.
  • WisdomTree Prime is WisdomTree’s retail tokenized-asset wallet and brokerage path, offering on-chain WTGXX shares under SEC-regulated structures.
  • Moody’s Aaa-mf ratings: BUIDL and Fidelity FYHXX received ratings on the same date, 2026-05-13. WTGXX, USYC, and FOBXX follow different rating and regulatory routes.
  • Regulatory routes: BUIDL is Reg D 506(c) private placement; WTGXX is a 2a-7 registered public fund with retail purchase access; USYC is a Reg D institutional private product.

Mechanism / How it works

The core differentiation of second-tier tokenized MMFs is that they avoid BUIDL’s already-dominant institutional, private, Reg D battlefield and instead follow retail, chain-native, or yield-bearing-stablecoin-adjacent routes:

SchemeIssuerRegulatory routeMain distributionDifferentiation
BUIDLBlackRock + SecuritizeReg D 506(c) privateInstitutions + stablecoin-issuer reservesLeading “yield infrastructure” product
BENJI / FOBXXFranklin Templeton2a-7 registered public fundFranklin Prime wallet + CoinbaseRetail-friendly and multi-chain naming
ONDO OUSGOndo FinanceReg DCrypto-native institutionsDeep DeFi integration
WTGXXWisdomTree2a-7 registered public fundWisdomTree Prime walletRetail-friendly brokerage-integrated route
USYCHashnote to Circle in 2024-12Reg DIntegrated into USDC yield productDirect USDC plus yield integration
Superstate USTBSuperstateReg DCrypto-native institutionsEarly-stage institutional product

WisdomTree Prime plus WTGXX follows a “traditional asset manager directly tokenizes an MMF and distributes it through an owned retail wallet” route. It resembles Franklin Templeton but puts retail access further forward. Hashnote USYC is distinctive because in 2024 it was a tokenized MMF issued by a crypto-native asset manager with former Cumberland team roots, and it was used mainly as reserve collateral by DeFi protocols such as Frax, Ethena USDtb, and Sky USDS. Circle’s roughly $200M Hashnote acquisition in 2024-12 marked a shift from pure stablecoin issuer to integrated stablecoin plus yield-engine company, creating a direct competitive relationship with BUIDL: Circle internalizes yield infrastructure instead of only holding BUIDL as liquidity-provider collateral.

USDC.YS, launched in 2025-Q1, packages USDC with USYC yield. It is a way to work around the GENIUS Act §501 restriction that stablecoins cannot directly pay interest: USDC itself remains non-yield-bearing, but users can buy a one-click package that combines USDC holding with simultaneous USYC share acquisition. The economic effect resembles yield-bearing USDC and mirrors the Sky USDS / sUSDS model.

Origin & evolution

The first 2022-2023 RWA tokenization wave included MakerDAO placing DAI reserves into short-duration U.S. Treasuries, but market share was still held largely by smaller solutions such as OUSG and Mountain Protocol’s USDM. The 2024-03 launch of BUIDL was the industry inflection point: BlackRock moved tokenized MMFs into the institutional main arena. In 2024-Q3, WisdomTree Prime disclosed on-chain WTGXX shares, mainly on Ethereum. The 2024-12 Circle acquisition of Hashnote was the second major event, internalizing a yield engine and reducing BUIDL dependence. In 2025-Q1, Circle launched USDC.YS as a one-click USDC plus USYC product. In 2025-Q3, Superstate USTB expanded across Solana and competed with ONDO OUSG in DeFi integrations. The GENIUS Act effective in 2025-09 forced yield-bearing routes toward a combined “stablecoin plus independent MMF share” package because stablecoins cannot directly pay interest, directly benefiting second-tier tokenized MMFs as required components of compliant yield products. On 2026-05-13, BUIDL and FYHXX received Moody’s Aaa-mf ratings on the same day, further institutionalizing the first tier. By 2026-Q1, the total market exceeded $8B in AUM but remained early-stage relative to the roughly $7T U.S. MMF market.

Sources