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"Does tokenization actually save money on a money market fund?" It's the most common question I get from institutional allocators. Here's how I think about it. The short answer: traditional MMF servicing runs roughly 10 - 20 bps of AUM (drawn from "Other Expenses" disclosures in insti MMF prospectuses on SEC EDGAR). Tokenized MMF servicing should land closer to 5 - 12 bps once the operating model matures. Call it ~45% savings at the midpoint. These are directional estimates, not measured numbers. But here's where the savings likely come from...Five components make up MMF servicing cost. Each 1 moves differently when the share becomes a token: 1) Transfer agency: ~3 - 8 bps may drop to ~1 - 3 bps. The smart contract becomes the share register itself, so the transfer agent's role shrinks to a compliance overlay (whitelist management, tax docs, regulatory liaison) instead of being the primary record-keeper. (BIS Bulletin No. 115, Oct 2025, describes this directly in tokenized fund pilots). 2) Fund administration: ~2 - 5 bps drops to ~2 - 4 bps. The fund admin still strikes NAV every day, but no longer has to reconcile share counts w/ the transfer agent. These represent modest savings, not transformational. 3) Custody: ~1 - 3 bps stays the same. The underlying Treasuries still sit off-chain with a qualified custodian. This is a key pt: tokenization is a liability-side change, vs. an asset-side one. 4) Reconciliation: ~2 - 4 bps drops to ~1 bp. This is where the biggest savings live, imo. In a traditional mmf, the fund admin, transfer agent, custodian, + asset manager each maintain their own ledger + reconcile with each other every day. PwC has reported ~30% of finance-team time goes to manual reconciliation generally, & fund operations vendors (Linedata, Indus Valley Partners, Grant Thornton) consistently position reconciliation as the largest efficiency target in fund admin. When everyone reads from the same on-chain ledger, most of that work disappears. McKinsey's "From ripples to waves" (Jun 2024) frames this as the core operational case for tokenization. 5) Audit, compliance, legal: ~1 - 2 bps may drop to ~1 bp. The cap table is verifiable on-chain in real time, so the audit cycle compresses. (CFA Institute, "Tokenized Money Market Funds Emerge," Oct 2025, on continuous on-chain audit trails.) What that looks like in dollars (at midpoint compression): ~$1B AUM: ~$1M/year saved ~$10B AUM: ~$7M/year saved ~$50B AUM: ~$35M/year saved ~$100B AUM: ~$70M/year saved A few notes... 1) the tokenized side is modeled, not yet measured at scale. Issuers bundle servicing into management fees + most early funds run parallel systems, so the public data isn't there yet. 2) today's tokenized funds are capturing ~20-30% of the eventual savings bc they're running both old and new infra in parallel. The full savings show up over a 5 - 10 year arc, not today. 3) custody doesn't change. The underlying Treasuries still req a qualified custodian. Anyone telling you tokenization eliminates the entire operating model is overselling it.

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Hyperliquid's HIP-4 prediction markets have done ~$10M in volume in their opening weekend The overall prediction market sector did ~$1.3B in volume across those 2 days (Hype did 0.7%) https://t.co/aHAQHJLZwt

This is INSANE. No exploit, no bug, just a cleverly hidden prompt and an AI with a wallet. $175K gone in seconds… and only saved because the attacker sent it back.

Eligible for 8500 $BILL So I will pay my Bills today. Not much but honest work https://t.co/ib83kzdNib

【Bullish🔥】 🇺🇸BlackRock's European iShares Bitcoin ETP (IB1T) has reached a total assets under management of $1.1B (approximately ¥172.7 billion). $BTC #AUM - Since its launch in March 2024, interest from institutional investors has increased. #ETF https://t.co/bGvMGgTBHa

$IBIT coming in at #11 in April flows with $2.3b, baller number considering it's only ETF on list with negative YTD return. Typically only see that with Vanguard ETFs (their invs buy rain or shine). Good sign for long-term viability of category. Also notable $DRAM at #12, unheard of for a newborn theme ETF to be that high.