Question 1

What is the ownership structure of the tokenized fund units?

Accepted Answer

The underlying MMF units are held through Axiology's custody structure, typically through an omnibus position registered with the relevant fund or its transfer agent.   Each client's individual entitlement is recorded on Axiology's DLT ledger and reconciled against the corresponding underlying fund position.

Question 2

Who can invest in a tokenised money market fund on Axiology's infrastructure?

Accepted Answer

Access runs through licensed intermediaries, brokers, banks, and other MiFID-regulated investment firms, that distribute the fund to their own institutional and professional clients, rather than a direct retail sign-up on Axiology's platform. Eligibility and onboarding checks follow the same rules as any traditional share class of the fund; tokenisation doesn't create a separate, looser investor pool, so standard KYC and AML checks apply before units reach your wallet. Any counterparty receiving MMF units through an eligible secondary transfer is also subject to applicable onboarding, investor eligibility and financial-crime controls.

Question 3

How can I access liquidity outside the fund's normal dealing cycle?

Accepted Answer

While subscription and redemptions are processed according to the underlying funds normal dealing terms, Axiology clients will be able to obtain liquidity through a transfer to an eligible liquidity provider, hence obtaining access to immediate cash funds.

Question 4

How are my tokenised money market fund units protected?

Accepted Answer

Your units represent an investment in the fund, with the corresponding holding recorded on Axiology’s distributed ledger. Axiology operates as an authorised DLT Trading and Settlement System under the EU’s DLT Pilot Regime (Regulation 2022/858), supervised by the Bank of Lithuania. Your assets are held separately from those of Axiology and other participants in the infrastructure, providing an additional layer of protection in the event of a participant’s failure. Axiology’s DLT infrastructure provides the regulated environment for recording, settling and safekeeping the units held through the system.

Question 5

Can tokenised MMFs be used for treasury management?

Accepted Answer

Yes.  Tokenised money market funds can help treasury managers put short-term cash to work without committing it for a fixed term. Standard fund redemptions may provide same-day liquidity where instructions are received before the applicable dealing cut-off, while Axiology can also support additional intraday liquidity through a separate liquidity service.

Question 6

Are client assets and cash segregated?

Accepted Answer

Cash used for subscriptions is transferred through designated client-money or settlement accounts and is kept separate from Axiology's own operating funds.   Client MMF positions are separately recorded and reconciled within Axiology's custody records.

Question 7

Why use a tokenised money market fund for short-term cash?

Accepted Answer

A tokenised MMF combines money-market exposure with digital infrastructure designed for liquidity and efficient settlement. It can help regulated firms and treasury teams earn on idle balances while retaining the ability to move cash when needed.

Question 8

What is atomic settlement, and how does it apply to tokenised MMFs?

Accepted Answer

Atomic settlement means both sides of the trade happen as a single step, not two. When you subscribe or redeem, your cash and the fund's units change hands in the same transaction on the ledger, rather than settling as separate legs hours or days apart. That's what removes settlement risk from the process – there's no window where one side has moved and the other hasn't. It's also what makes T+0 possible: the exchange clears same day, and the balance is straight back to earning or ready to use.

Question 9

How can EMIs earn yield on idle cash while keeping it accessible?

Accepted Answer

A tokenised money market fund can help EMIs put eligible short-term cash to work while maintaining access to liquidity. Standard subscriptions and redemptions remain subject to the underlying fund’s normal dealing terms and cut-off times. However Axiology can also facilitate intraday liquidity through a transfer to an eligible liquidity provider, allowing clients to access cash outside the fund’s normal redemption cycle.

Question 10

How can CASPs offer yield on client cash while keeping it accessible?

Accepted Answer

CASPs can give eligible clients the option to invest idle cash in a tokenised money market fund and earn money-market yield. Standard subscriptions and redemptions follow the underlying fund’s normal dealing terms, however Axiology can also support intraday liquidity through a secondary transfer to an eligible liquidity provider.

Question 11

Which blockchain does Axiology use, and is my holding visible on-chain?

Accepted Answer

Axiology’s system runs on a private, permissioned blockchain built using the open-source code of the XRP Ledger, operating independently from the public XRP Ledger and Ripple. Axiology also operates a validator on Canton, providing an additional connection to institutions and applications using the Canton network. Tokenised fund units and transactions can therefore be supported across Axiology’s regulated infrastructure and its connected blockchain networks, with access and participation governed by the relevant permissions and regulatory requirements.

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