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Deployments · platform by Phillip Securities

Tokenized Phillip USD Money Market Fund (tMMF-USD)New

Phillip Securities, part of Singapore's PhillipCapital group, issues tokens on the XRP Ledger that represent units it holds as nominee in the MAS-authorised Phillip US Dollar Money Market Fund (Class I, USD 100,000 minimum). A two-tier register keeps the fund register off chain and records beneficial owners on chain; transfers are limited to whitelisted wallets. Institutional distribution to accredited and professional investors began in November 2025, with retail access through POEMS and a listing on the AltaX exchange planned.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since Nov 2025[2][1] — Accredited and professional investors only so far; retail access via POEMS announced but not confirmed. No dollar size published; about 4.3 million tokens outstanding in October 2026. · Reviewed 21d ago

Assets
Beneficial interest[1]
Tokens representing beneficial ownership of existing USD money market fund units held by a nominee
Networks
XRP Ledger Public, permissionless[1]
Use cases
Fund subscription and redemption[1]Secondary trading[2]
Jurisdictions
Singapore

Participants

Assets

Metrics

  • ~4,297,748 fund unitsTokens issued on XRP Ledger · as of 18 Oct 2026 · on XRP Ledgercontext[3]
    Outstanding PCMUSD obligations of the issuer wallet published in the fact sheet (gateway_balances on a public XRP Ledger node, validated ledger 107731058). One token per Class I unit; no Class I NAV per unit found (the fund page shows 'NA'), so no dollar value is recorded. Recorded on ledger: the ledger mirrors an ownership record kept elsewhere, so this balance is counted in the separate recorded-on-ledger figure, not in totals.
  • $931.84mWhole fund size · as of 31 Aug 2026context[4]
    All classes of the Phillip US Dollar Money Market Fund, not the tokenised units.

Timeline

  1. Happened Feb 2026 (month only) · Production milestone · recorded 14 Oct 2026
    Tokenisation fact sheet published, naming the XRP Ledger, the issuer wallet and the two-tier register model.[1]
  2. Happened Nov 2025 (month only) · Launch · recorded 14 Oct 2026
    PhillipCapital launches the tokenised USD money market fund, starting institutional distribution to accredited and professional investors.[2]

Sources

  1. [1]Tokenized Phillip USD Money Market Fund (I Class) - Tokenization Fact Sheet, February 2026 — Phillip Securities (POEMS), Feb 2026. Accessed 14 Oct 2026.B
  2. [2]Singapore | Drew & Napier team advised PhillipCapital on ground-breaking tokenised distribution of money market fund — Drew & Napier (Drew Network Asia), 11 Nov 2025. Accessed 14 Oct 2026.C
  3. [3]XRP Ledger account rNHVLh7t8Fz9v8GoGR8eWDmeLZSoi1Xy2z — XRP Ledger (public ledger data). Accessed 18 Oct 2026. Figure read with the gateway_balances method from the public node xrplcluster.com; the explorer page shows the same account..A
  4. [4]Phillip US Dollar Money Market Fund (I Class), August 2026 — Phillip Capital Management, Aug 2026. Accessed 18 Oct 2026.B
  5. [5]Phillip Treasury Fund Semi-Annual Report for the period ended 30 September 2025 (unaudited) — Phillip Capital Management, Nov 2025. Accessed 28 Oct 2026. Directory page lists the manager, trustee and registrar, custodian and fund administrator, and auditors of the umbrella that holds the US Dollar Money Market Fund..B

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