WisdomTree Opens Tokenized Treasury Fund to MoonPay's 35 Million Accounts

MoonPay just opened the door for its 35 million accounts to access WisdomTree's tokenized Treasury fund, WTGXX. The fintech will use the fund as backing for its stablecoin reserves and build a direct access point for users. It's the first major move by a stablecoin issuer to integrate a third-party tokenized money market fund at this scale.

Context: from stablecoins to tokenized Treasuries

The tokenized Treasury market already holds $15.4 billion, and WisdomTree has been pushing WTGXX as a regulated, transparent vehicle. MoonPay, meanwhile, needed to back its reserves without relying solely on cash held at traditional banks. The combination isn't random: both firms are chasing regulatory legitimacy in a sector where liquidity and auditability are the battleground.

The numbers behind the deal

WTGXX manages $1.23 billion, making it the fifth-largest fund in a $15.4 billion tokenized Treasury market. MoonPay will not only integrate the fund as collateral for its stablecoin reserves but also build an access point so its 35 million accounts can move in and out of the product. The deal doesn't mean MoonPay is issuing its own stablecoin backed by this fund—it's using it as a yield and backing layer.

Analysis: who wins and who loses

WisdomTree gains massive distribution: 35 million accounts is a channel no tokenized fund has had before. MoonPay gains a regulated, yield-bearing asset it can audit, something its cash reserves didn't always offer. The losers are traditional money market funds that haven't tokenized their offering, and possibly stablecoin issuers still holding reserves in banks without on-chain transparency. My take: this isn't just a commercial deal—it's a signal that stablecoins are starting to behave like brokerage accounts with yield.

Implications: the market gets serious

If MoonPay integrates WTGXX without friction, other stablecoin issuers will likely copy the model. That will push tokenized funds to compete on distribution, not just yield. It also opens the door for regulators to demand more transparency in stablecoin reserves, which could benefit funds already compliant with those rules.

The question is no longer whether stablecoins will have yield, but who controls the infrastructure that makes it possible.

Source: The Defiant