富达投资（Fidelity Investments

本周早些时候，我们报道说，富达投资正在推出一个令牌化的货币市场基金，鉴于富达是第一位倾向于加密货币的主要资产经理，因此出人意料的迟到了。现在，《金融时报》引用了内幕消息来源，报告说，资产经理正计划发行自己的稳定币。

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.

本周早些时候，我们报道说，富达投资正在推出一个令牌化的货币市场基金，鉴于富达是第一位倾向于加密货币的主要资产经理，因此出人意料的迟到了。

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

现在，《金融时报》引用了内幕消息来源，报告说，资产经理正计划发行自己的稳定币。

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都符合美国衍生产品监管机构，商品期货贸易委员会（CFTC）的最新动作，以试行使用包括稳定资产在内的代币资产用于利润率。昨天，CME集团宣布正在测试解决方案，并将在今年晚些时候参与市场参与者。

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.

此举是因为特朗普政府已将稳定币置于其加密政策的核心，并针对4月底的稳定立法的通过。昨天，与特朗普相关的世界自由金融宣布将发行USD1 Stablecoin。我们在分析中指出，USD1储备资产可能包括令牌化的国库。

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.

我们以前曾认为，资产经理和经纪人需要参加Stablecoins，尽管我们建议他们创建一个联合（类似于M Coin或全球美元），而不是自己的联合。

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.

尽管资产经理倾向于允许定期兑换资金赎回，通常每天用于货币市场基金，但在24/7的加密世界中不起作用。因此，将有一个渴望在标记资金和稳定币之间立即切换的愿望。

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.

这意味着资产经理必须保留一大堆稳定的人才能回购或赎回资金。如果资产经理参与了稳定的资产，他们可以在基础资产上赚取收益，而不是持有稳定的资产，这使他们无所事事。

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通过使各种代币资金的持有人随时将其出售给Ondo，这提供了另一条道路。反过来，Ondo使用了同样的代币资金与储备资产的收益率轴承资金。如果听起来很复杂，那么这里还有更多。