WisdomTree’s digital money market fund WTGXX can now be used for spending using the WisdomTree Prime Visa Debit Card. This is the vision many have had for tokenization – that instead of keeping money in bank accounts, investors can earn a yield on their assets until they are ready to spend. WisdomTree refers to it as “Earn-Until-You-Spend”.
Crypto investors have been doing this for years, but WisdomTree is the first traditional financial (TradFi) institution to make it possible with more conventional investments such as its digital money market fund. Currently WTGXX yields 4.6%. Of course, unlike a bank account, a money market fund doesn’t carry deposit insurance. Although it is backed by government bonds.
“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,” said Will Peck, Head of Digital Assets at WisdomTree.
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