About TCMAG
Validating the Next Generation of Treasury Infrastructure
The Tokenized Cash Management Advisory Group brings together corporates, banks, regulated stablecoin issuers, asset managers, and ecosystem participants to define, test, and validate wallet-based treasury management using tokenized money.
Our Mission
TCMAG exists to answer a critical question: can tokenized money — tokenized deposits, regulated stablecoins, and tokenized money market funds — transform how the world's largest companies manage cash?
Today, Fortune 500 multinationals maintain 500 to 1,200 bank accounts globally, spending $5-15 million annually on maintenance alone. Wallet-based treasury management could consolidate these into 50-75 digital wallets with multi-asset capability, instant settlement, and programmable operations.
TCMAG's ongoing programme moves from definition to live demonstration, producing tangible evidence of what works, what doesn't, and what the industry needs to make tokenized treasury management a reality.
Governance
- Up to 18 members across corporates, banks, stablecoin issuers, and asset managers
- Annual programme with ongoing membership
- Monthly meetings (last week of month)
- Advisory only — non-binding recommendations
- Strictly confidential proceedings
Secretariat
TCMAG is administered by its Secretariat, which provides administrative support, meeting coordination, and programme management. For inquiries, contact info@tcmag.org.
Core Principles
TCMAG is designed to produce genuinely useful industry output, not marketing material.
Bank Agnostic
No preference for any bank's tokenized deposit implementation. Interoperability is the goal.
Chain Agnostic
Working groups operate across multiple blockchains. No single chain is favored.
Token Agnostic
Stablecoins, tokenized deposits, and tokenized MMFs are all in scope. The best instrument wins.
Vendor Agnostic
Sponsors and technology providers participate as observers, not decision-makers.
Confidential
All proceedings and discussions are strictly confidential. Published outputs require member consent.
Corporate-Led
Corporates are members with voting rights. Everything begins with the voice of the client.
Live Demo Programme
From definition to evaluation — an ongoing structured programme to validate tokenized treasury management under realistic conditions.
Definition
- •Define operational KPIs
- •Establish success criteria
- •Scope test cases
- •Set governance standards
Deployment
- •Deploy wallets for simulated multinational
- •Populate with tokenized instruments
- •Initial operations
- •Validate multi-chain connectivity
Advanced Operations
- •Programmable liquidity
- •Automated sweeping
- •Cross-chain transactions
- •Privacy mechanisms
Evaluation
- •Evaluate against KPIs
- •Prepare case studies
- •Publish permitted outputs
- •Assess production readiness
Tokenized Instruments in Scope
TCMAG evaluates all forms of tokenized money that could serve corporate treasury operations.
Tokenized Deposits
Created by commercial banks. Same protections and deposit insurance as traditional deposits, but programmable and interoperable.
Regulated Stablecoins
1:1 peg to fiat currency. Backed by reserves (cash, bonds, Treasuries). Regulated under MiCA, Genius Act, and equivalent frameworks.
Tokenized Money Market Funds
Yield-bearing instruments providing digital representation of government securities. Daily liquidity with automated yield optimization.