富達投資（Fidelity Investments

本週早些時候，我們報導說，富達投資正在推出一個令牌化的貨幣市場基金，鑑於富達是第一位傾向於加密貨幣的主要資產經理，因此出人意料的遲到了。現在，《金融時報》引用了內幕消息來源，報告說，資產經理正計劃發行自己的穩定幣。

Earlier this week we reported that Fidelity Investments was launching a tokenized money market fund, a surprisingly late launch given Fidelity was the first major asset manager to lean into crypto.

本週早些時候，我們報導說，富達投資正在推出一個令牌化的貨幣市場基金，鑑於富達是第一位傾向於加密貨幣的主要資產經理，因此出人意料的遲到了。

Now the Financial Times, citing insider sources, reported that the asset manager is planning to issue its own stablecoin.

現在，《金融時報》引用了內幕消息來源，報告說，資產經理正計劃發行自己的穩定幣。

Both the tokenized fund and stablecoin fit with recent moves by US derivatives regulator, the Commodity Futures Trading Commission (CFTC) to pilot the use of tokenized assets including stablecoins for margin purposes. Yesterday the CME Group announced it was testing a solution and would involve market participants later this year.

令牌化基金和Stablecoin都符合美國衍生產品監管機構，商品期貨貿易委員會（CFTC）的最新動作，以試行使用包括穩定資產在內的代幣資產用於利潤率。昨天，CME集團宣布正在測試解決方案，並將在今年晚些時候參與市場參與者。

The move comes as the Trump administration has put stablecoins at the core of its crypto policy and is targeting the passage of stablecoin legislation by the end of April. Yesterday the Trump-associated World Liberty Financial announced it would issue the USD1 stablecoin. We noted in our analysis that the USD1 reserve assets might include tokenized Treasuries.

此舉是因為特朗普政府已將穩定幣置於其加密政策的核心，並針對4月底的穩定立法的通過。昨天，與特朗普相關的世界自由金融宣布將發行USD1 Stablecoin。我們在分析中指出，USD1儲備資產可能包括令牌化的國庫。

We’ve previously argued that asset managers and brokers need to participate in stablecoins, although we suggested they create a joint one (similar to the M coin or the Global Dollar), rather than their own.

我們以前曾認為，資產經理和經紀人需要參加Stablecoins，儘管我們建議他們創建一個聯合（類似於M Coin或全球美元），而不是自己的聯合。

While asset managers tend to allow fund redemptions at regular intervals, usually daily for money market funds, that doesn’t work in the 24/7 world of crypto. Hence, there will be a desire to switch instantly between tokenized funds and stablecoins.

儘管資產經理傾向於允許定期兌換資金贖回，通常每天用於貨幣市場基金，但在24/7的加密世界中不起作用。因此，將有一個渴望在標記資金和穩定幣之間立即切換的願望。

That means the asset manager has to keep a stash of stablecoins in order to buy back or redeem the funds. If the asset manager is involved in a stablecoin, they can earn yield on the underlying assets, rather than holding a stablecoin which earns them nothing.

這意味著資產經理必須保留一大堆穩定的人才能回購或贖回資金。如果資產經理參與了穩定的資產，他們可以在基礎資產上賺取收益，而不是持有穩定的資產，這使他們無所事事。

Ondo Finance is providing another path, by enabling the holders of various tokenized funds to sell them to Ondo at any time. In turn, Ondo uses those same tokenized funds as reserve assets for its yield bearing funds. If that sounds complicated, there’s more on that here.

Ondo Finance通過使各種代幣資金的持有人隨時將其出售給Ondo，這提供了另一條道路。反過來，Ondo使用了同樣的代幣資金與儲備資產的收益率軸承資金。如果聽起來很複雜，那麼這裡還有更多。