Global Digital Finance (GDF) and ISDA are pleased to announce the publication of Unlocking Capital with U.S. Tokenized Money Market Funds for Collateral Mobility.
Developed through the GDF–ISDA U.S. Tokenized Money Market Fund (TMMF) Working Group, the report examines the legal, regulatory, and operational considerations for using tokenized money market funds as collateral within U.S. financial markets. Drawing on contributions from more than 300 participants across over 120 firms, alongside findings from a multi-firm industry sandbox, the report assesses how TMMFs can improve collateral mobility, support more efficient margin management, and enable near real-time settlement while operating within existing market and regulatory frameworks.
The report provides legal and regulatory analysis, operational guidance, real-world sandbox simulations, and a set of industry recommendations to support the adoption of tokenized collateral and accelerate the modernization of U.S. collateral markets.
