A new innovation from WisdomTree allows users to use a debit card to make purchases from their tokenized money market fund.
With the WisdomTree prime Visa debit card, consumers may now purchase directly from their tokenized government money market fund, thanks to a new feature from global exchange-traded fund provider WisdomTree.
The company said in a press release on October 9 that the connection enables customers to use their yield-bearing assets for regular purchases, revolutionizing their approach to money management.
The WTGXX fund is an alternative to conventional low-income checking accounts, with a current 7-day yield of 4.60%.
According to the organization, consumers can maximize their financial management and make revenue while accessing their assets for spending by connecting these funds to their debit cards. Will Peck, head of digital assets at WisdomTree:
The purpose of WisdomTree Prime from its genesis has always been to empower consumers with choice. In this case, rolling out the capability to link our money market Digital Fund to our debit card gives users choice in how they put their money to work.”
Tradfi Turns to Tokenized Solutions
The effort demonstrates WisdomTree’s dedication to meeting the growing desire for greater control over financial management by combining investing, saving, and spending inside a single platform.
Simultaneously, tokenization prospects are being investigated by other prominent entities in conventional finance.
As previously reported, State Street, the biggest custodian bank globally, is investigating the tokenization of bonds and money market funds through blockchain technology, following a growing trend of companies integrating distributed ledger technology into conventional banking.
Not only has BlackRock introduced a blockchain-based fund this year, but JPMorgan, which has already tokenized actual money through its stablecoin, is actively investigating using tokenized money market funds as collateral. State Street is by no means alone in this regard.
