WisdomTree, MoonPay Partner on $1.2B Tokenized Money Market Fund

The tie-up matters less as a distribution story than as a sign that stablecoin issuers are increasingly treating tokenized government money market funds as reserve collateral rather than purely bank deposits or T-bills held off-chain. MoonPay's decision to hold WTGXX in its own reserves puts a payments firm's balance sheet behind the format, which is a stronger endorsement than a listing alone. Whether other stablecoin issuers follow into tokenized money funds, and how that interacts with reserve-disclosure expectations, is the open question worth watching.