An investor may be able to redeem a fund at midnight. But can the fund calculate its net asset value (“NAV”) at that moment, accrue interest up to the point of exit, and return the proceeds within minutes? That is the operational test behind 24/7 investment access.
Tokenised money market funds bring this question into focus. An investor can hold a yield-bearing fund in a digital wallet, continue accruing interest, and convert the holding into stablecoins when the money is needed for a payment or another investment. The time between being invested and having money available can narrow to moments.
Providing that experience requires more than keeping access open around the clock. The infrastructure behind the fund must support on-demand valuation, interest calculations at redemption, and instantaneous or near real-time settlement.
Interest calculated at the point of exit
An investor who can redeem at any time will expect interest to accrue until that time. A valuation calculated once a day does not readily support this.
If an investor exits several hours after the latest valuation, the fund manager needs a current NAV for the fund. The manager must also determine how much interest has accrued since the last calculation. Without more frequent valuations, access may be continuous, but the economic outcome is still tied to a fixed daily cycle.
We can already value funds intraday. By the end of 2026, we expect to support hourly valuations, followed by instantaneous, on-demand NAV calculations in the first half of 2027. This will allow fund managers to calculate accrued interest up to the point of each investor’s exit.
Settlement that matches the speed of redemption
The process does not end when a redemption is approved. If the investor must wait days for the proceeds, much of the benefit of real-time access is lost.
We have built the capability to support instantaneous or near real-time settlement, both on-chain and off-chain. An investor can receive the proceeds in a wallet or account within seconds or minutes, rather than waiting days or weeks. The cash can then be reinvested sooner.
Bringing the process together
A 24/7 fund only works when continuous access, current valuations, accurate interest calculations, and fast settlement operate as one connected process.
Fidelity International’s FIL.Q fund provides an early example. The Moody’s first ever AAA rated digital liquidity fund gives investors 24/7 access with near-instant settlement. It allows them to retain access to a yield-bearing fund around the clock and receive their proceeds near instantaneously. This shows how fund infrastructure can support a different relationship between investment and liquidity.
As more investors experience this level of access, it is likely to shape what they expect from other digital funds. Fund managers will need infrastructure that can support each stage, from entry and valuation through to redemption and settlement.
We are building the capabilities required to support that shift and help managers provide investment access that is no longer restricted by the clock.
Speak to our team about the infrastructure required to support 24/7 fund operations.
