令牌化的貨幣市場資金正在重塑融資。他們將傳統投資的安全性與區塊鏈的速度相結合。

像Abrdn和Franklin Templeton這樣的資產經理正在領導創新。他們與區塊鏈專家合作，創造了提供更好的流動性，更快和解和更廣泛訪問的資金。一份新的數字機會（或DIGOPP）報告顯示，這些基金中有40％仍然對美國投資者限制。監管障礙正在扼殺世界上最大市場的進步。使用區塊鏈可以幫助切入繁文tape節嗎？

Tokenized money market funds are a hot topic in the financial world, and for good reason. They offer the best of both worlds: the security of traditional investments and the speed and efficiency of blockchain technology.

貨幣市場基金是金融界的熱門話題，這是有充分理由的。他們提供兩全其美的最好：傳統投資的安全以及區塊鏈技術的速度和效率。

As asset managers like abrdn and Franklin Templeton delve deeper into tokenization, aiming to broaden access and reduce operational costs, their efforts are now coming to light with the release of DigOpp's report. However, the report reveals a surprising statistic—41% of these funds remain inaccessible to U.S. investors. This poses a significant barrier to the integration of tokenized money market funds in the world's largest market.

隨著Abrdn和Franklin Templeton等資產經理更深入地深入研究令牌化，旨在擴大訪問權限並降低運營成本，隨著DiGopp的發布發布，他們的努力現在已經啟動了。但是，該報告顯示出令人驚訝的統計數據 - 美國投資者中有41％的資金仍然無法訪問。這為在世界上最大的市場中融合的貨幣市場基金的整合構成了重大障礙。

Can the use of blockchain help to cut through the red tape and facilitate the entry of tokenized money market funds into the U.S. market?

使用區塊鏈可以幫助切除繁文tape節並促進令牌化貨幣市場資金進入美國市場嗎？

Tokenized funds could be pivotal in redefining our money markets, encompassing bonds, gilts, and debt securities. But first, it's crucial to grasp the basics of what tokenized money market funds are and how they operate before we can explore potential solutions.

令牌化資金可能是重新定義我們的貨幣市場，包括債券，鍍金和債務證券的關鍵。但是首先，在我們探索潛在的解決方案之前，掌握令牌化貨幣市場資金的基礎以及它們如何運作至關重要。

What Are Tokenized Money Market Funds (MMFs), and How Do They Work?

什麼是標記貨幣市場基金（MMF），它們如何工作？

Introduced in the 1970s, money market funds, also known as real-world asset (RWA) tokenized funds, offer low-risk investment options that focus on short-term debt instruments like treasury bonds. These funds are designed to provide liquidity and stability, rendering them highly congruent with the investment preferences of a large portion of the population. However, traditional models of money market funds are encumbered by inherent inefficiencies, including lengthy settlement times and high operational costs. This is commonly observed with T+1, T+2, and frequently T+3, referring to the business days required to settle the payment.

在1970年代推出的貨幣市場基金（也稱為現實世界中的資產（RWA）標記基金）提供了低風險的投資選擇，這些投資選擇著重於短期債務工具，例如國債債券。這些資金旨在提供流動性和穩定性，使它們與大部分人口的投資偏好相一致。但是，傳統的貨幣市場資金模式由固有的低效率限制，包括冗長的和解時間和高運營成本。通常用T+1，T+2和經常t+3觀察到這是指結算付款所需的工作日。

Tokenization solves these issues by digitizing fund ownership, enabling almost immediate transactions, fostering greater transparency, and facilitating fractional ownership.

令牌化通過數字化基金所有權，幾乎可以立即進行交易，增強透明度並促進部分所有權來解決這些問題。

Why Are Big Players Like abrdn and Franklin Templeton Getting In?

為什麼像Abrdn和Franklin Templeton這樣的大球員進入？

Major financial institutions are recognizing tokenization as a key factor that could significantly decrease settlement times. Early last year, a Disruption Banking story highlighted how central bank digital currencies (CBDCs), leveraging blockchain technology, could eliminate intermediaries in international trade transactions, ultimately reducing processing times from days to seconds. This shift has drawn interest from firms like abrdn and Franklin Templeton, who are seeking faster, more cost-effective financial operations.

主要的金融機構將令牌化視為可能大大減少定居時間的關鍵因素。去年年初，一個破壞銀行的故事強調了中央銀行數字貨幣（CBDCS）如何利用區塊鏈技術，可以消除國際貿易交易中的中介，最終將處理時間從幾天減少到幾秒鐘。這種轉變引起了Abrdn和Franklin Templeton等公司的興趣，他們正在尋求更快，更具成本效益的財務運營。

Early in 2023, abrdn took a step toward this transformation by tokenizing its money market fund on the Hedera blockchain. The firm partnered with Archax to launch institutional-grade tokenized investments, exceeding initial market expectations. The company chose Hedera because of its ability to process high transaction volumes quickly and ensure that fund settlements occur almost instantly.

2023年初，Abrdn通過將其貨幣市場基金在Hedera區塊鏈上邁出了一步。該公司與Archax合作推出了機構級令牌投資，超出了初始市場期望。該公司之所以選擇Hedera，是因為其能夠快速處理高交易量並確保幾乎立即進行基金結算。

Meanwhile, Franklin Templeton, which manages $1.4 trillion in assets, has expanded its Franklin OnChain U.S. Government Money Fund (FOBXX) to Aptos, adding to its existing integrations with Stellar, Polygon, Avalanche, Arbitrum, Base, Ethereum and, more recently, Solana. The company aims to make its tokenized funds available across multiple blockchain networks to increase accessibility.

同時，管理1.4萬億美元資產的富蘭克林·鄧普頓（Franklin Templeton）將其富蘭克林·奧諾·奧諾（Franklin OnChain）美國政府貨幣基金（FOBXX）擴展到了Aptos，並增加了與Stellar，Polygon，Avalanche，Avalanche，Outum，Outum，Base，Base，Ethereum，Ethereum，Ethereum等現有的集成，最近，Solana。該公司旨在使其令牌化資金在多個區塊鍊網絡中提供，以提高可訪問性。

Are Tokenized Money Market Funds a Success?

令牌化的貨幣市場是否成功？

In a 2025 Disruption Banking story, Franklin Templeton CEO Jenny Johnson described tokenization as “securitization on steroids,” emphasizing its potential to redefine finance. The report noted, “FOBXX has been a harbinger of things to come for the tokenization of Real World Assets (RWAs), which currently sits at nearly $18 billion, according to data from tokenized real-world assets tracker, RWA.xyz.

在2025年的破壞銀行故事中，富蘭克林·鄧普頓（Franklin Templeton）首席執行官珍妮·約翰遜（Jenny Johnson）將令牌化描述為“類固醇上的證券化”，強調了其重新定義融資的潛力。該報告指出：“ FOBXX是現實世界資產（RWAS）的標記（目前處於近180億美元）的預兆，該公司的現實世界資產追踪器RWA.xyz的數據顯示。

It’s strategy is paying off — Franklin Templeton’s tokenized fund now holds over $500 million in assets. The firm’s ability to operate across multiple blockchains has set a new standard in the industry, making tokenized money market funds a more viable investment option worldwide.

它的策略正在獲得回報 - 富蘭克林·鄧普頓（Franklin Templeton）的標記基金現在持有超過5億美元的資產。該公司跨多個區塊鏈運營的能力已經在行業中樹立了新的標準，使令牌化的貨幣市場基金成為全球更可行的投資選擇。

RWA value across segments. Source: RWA.xyz

RWA跨細分市場的價值。資料來源：rwa.xyz

The DigOpp Report: Why Are 41% of Funds Off-Limits to U.S. Investors?

Digopp報告：為什麼41％的資金向美國投資者脫離了限制？

DigOpp — a specialized financial firm that designs investment products and manages digital asset funds — released a report in January 2025. The report provides an in-depth look at the state of tokenized money market funds. Analyzing 37 different products, the study compares their underlying assets, blockchain platforms, and investment structures. Most of these funds invest in fixed-income securities, primarily with bonds less than one year in maturity, including reverse repos, corporate paper, and t-bills.

DiGopp是一家設計投資產品並管理數字資產基金的專業金融公司 - 於2025年1月發布了一份報告。該報告可深入了解令牌化的貨幣市場基金的狀況。該研究分析了37種不同的產品，比較了其基本資產，區塊鏈平台和投資結構。這些資金中的大多數投資於固定收益證券，主要是債券不到一年的到期，包括反向存儲庫，公司紙和T-Bills。

The report suggests that many of these products are more accurately described as “tokenized cash alternatives” rather than traditional money market funds.

該報告表明，這些產品中的許多被更準確地描述為“令牌現金替代品”，而不是傳統的貨幣市場基金。

One of the most significant findings in the report is that 41% of these funds remain restricted to U.S. investors. This is a significant regulatory hurdle. The report states how “U.S. regulators are a problem

該報告中最重要的發現之一是，這些基金中有41％仍限於美國投資者。這是一個重大的監管障礙。該報告指出“美國監管機構是一個問題