Smart money and the rise of the tokenized MMFs: Digital Digest July 2026

As the new head of Digital Asset Solutions, I am pleased to share this edition of the State Street Digital Digest at a pivotal stage in the industry’s development.

Earlier this year, I spoke at the Financial Times Digital Assets Summit, where the discussions focused on the accelerating adoption of digital assets by institutional investors and their transition from proof-of-concept to real-world application. Building on those insights, this edition examines where tokenization is already delivering measurable efficiency, particularly across cash, collateral, and fund servicing.

A key theme highlighted at the event is the growth of tokenized money market funds (MMFs) as an emerging component of digital market infrastructure. As the primary focus of this quarter’s Digest, we outline how tokenized MMFs have developed in recent years as well as the use cases that are beginning to drive institutional investment in them at scale.

In addition, our regular update on the judicial and regulatory developments in this space — provided by our Head of Digital Legal, Digital Asset Solutions, Justin McCormack — offers a detailed overview of how tokenized MMFs are being approached across key global markets.

As always, this edition brings together our latest perspectives on the most important developments shaping digital assets. We hope you will find these insights valuable.