[Bank for International Settlements: Tokenized Money Market Fund Reaches $9 Billion] The Bank for International Settlements (BIS) report shows that the total assets of tokenized money market funds have grown from $770 million at the end of 2023 to nearly $9 billion, becoming an important source of collateral in the crypto ecosystem. BIS pointed out that while these assets possess the 'flexibility of stablecoins,' they face significant operational and liquidity risks, particularly issues related to liquidity mismatches. Investors can redeem tokenized fund shares daily, but the underlying assets still follow the traditional T+1 settlement mechanism, and concentrated redemption demands may expose structural risks under market pressure. The report mentions that Broadridge's Distributed Ledger Repo (DLR) system provides a tokenized treasury transfer solution with same-day settlement.