The tokenisation of money market funds (MMFs) has shifted from speculative pilots to a strategic transformation led by the world’s largest asset managers. Firms like BlackRock, Fidelity, Franklin Templeton and others are no longer experimenting; they are actively deploying tokenised fund structures to bring institutional liquidity onto blockchain networks. What once seemed experimental is now becoming an infrastructural layer for global cash management, driven by rising interest rates, improved custody solutions, and a maturing technological stack that blends traditional finance with programmable digital assets.