## Kaleido Platform

### What are tokenized money market funds?

Tokenized money market funds are fund shares recorded on a distributed ledger that earn yield while serving as programmable on-chain collateral, moving between counterparties, or settling against other tokenized assets.

Traditional money market fund shares cannot be posted as collateral without manual custodian processes and T+1 settlement cycles, leaving yield idle while the position is locked. Tokenization removes that constraint, enabling yield-bearing collateral posting, same-day redemption, and programmatic fund lifecycle management.

Kaleido provides the full infrastructure stack for tokenized money market fund programs, covering fund share issuance, investor access controls, on-chain collateral workflows, and integration with existing fund administration infrastructure.

### Tokenized money market funds vs traditional money market funds

| Feature                       | Tokenized money market funds                     | Traditional money market funds         |
|-------------------------------|-------------------------------------------------|---------------------------------------|
| Subscription / redemption      | T+0 capable, same-day                           | T+1 standard                          |
| Collateral use                | Programmable, on-chain posting and release      | Manual custodian process, T+1 settlement |
| Yield while posted            | Yes, shares continue earning yield when posted   | No, collateral requires custody transfer |
| Transfer                      | On-chain, configurable transfer rules            | Manual custodian instruction          |
| Investor eligibility           | Enforced on-chain at the transaction level       | Managed off-chain by fund administrator |
| Audit and reporting           | Real-time on-ledger audit trail                 | Fund administrator records, periodic reporting |
| Regulatory status             | Same fund regulation, tokenization layer adds programmability | Established fund regulation           |