Tokenized money market funds are money market funds whose ownership records are kept partly or fully on a crypto network, according to the SEC. Their shares represent an interest in a regulated investment fund. A token is a digital way to record or transfer that ownership. A money market fund is an investment fund. In a tokenized version, a crypto network records some or all of the fund’s share ownership. The token isn’t automatically a stablecoin or bank deposit. Its rights depend on the fund’s structure and governing documents.