令牌化的货币市场资金正在重塑融资。他们将传统投资的安全性与区块链的速度相结合。

像Abrdn和Franklin Templeton这样的资产经理正在领导创新。他们与区块链专家合作，创造了提供更好的流动性，更快和解和更广泛访问的资金。一份新的数字机会（或DIGOPP）报告显示，这些基金中有40％仍然对美国投资者限制。监管障碍正在扼杀世界上最大市场的进步。使用区块链可以帮助切入繁文tape节吗？

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.

货币市场基金是金融界的热门话题，这是有充分理由的。他们提供两全其美的最好：传统投资的安全以及区块链技术的速度和效率。

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.

随着Abrdn和Franklin Templeton等资产经理更深入地深入研究令牌化，旨在扩大访问权限并降低运营成本，随着DiGopp的发布发布，他们的努力现在已经启动了。但是，该报告显示出令人惊讶的统计数据 - 美国投资者中有41％的资金仍然无法访问。这为在世界上最大的市场中融合的货币市场基金的整合构成了重大障碍。

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?

使用区块链可以帮助切除繁文tape节并促进令牌化货币市场资金进入美国市场吗？

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.

令牌化资金可能是重新定义我们的货币市场，包括债券，镀金和债务证券的关键。但是首先，在我们探索潜在的解决方案之前，掌握令牌化货币市场资金的基础以及它们如何运作至关重要。

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

什么是标记货币市场基金（MMF），它们如何工作？

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年代推出的货币市场基金（也称为现实世界中的资产（RWA）标记基金）提供了低风险的投资选择，这些投资选择着重于短期债务工具，例如国债债券。这些资金旨在提供流动性和稳定性，使它们与大部分人口的投资偏好相一致。但是，传统的货币市场资金模式由固有的低效率限制，包括冗长的和解时间和高运营成本。通常用T+1，T+2和经常t+3观察到这是指结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.

令牌化通过数字化基金所有权，几乎可以立即进行交易，增强透明度并促进部分所有权来解决这些问题。

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

为什么像Abrdn和Franklin Templeton这样的大球员进入？

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.

主要的金融机构将令牌化视为可能大大减少定居时间的关键因素。去年年初，一个破坏银行的故事强调了中央银行数字货币（CBDCS）如何利用区块链技术，可以消除国际贸易交易中的中介，最终将处理时间从几天减少到几秒钟。这种转变引起了Abrdn和Franklin Templeton等公司的兴趣，他们正在寻求更快，更具成本效益的财务运营。

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通过将其货币市场基金在Hedera区块链上迈出了一步。该公司与Archax合作推出了机构级令牌投资，超出了初始市场期望。该公司之所以选择Hedera，是因为其能够快速处理高交易量并确保几乎立即进行基金结算。

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.

同时，管理1.4万亿美元资产的富兰克林·邓普顿（Franklin Templeton）将其富兰克林·奥诺·奥诺（Franklin OnChain）美国政府货币基金（FOBXX）扩展到了Aptos，并增加了与Stellar，Polygon，Avalanche，Avalanche，Outum，Outum，Base，Base，Ethereum，Ethereum，Ethereum等现有的集成，最近，Solana。该公司旨在使其令牌化资金在多个区块链网络中提供，以提高可访问性。

Are Tokenized Money Market Funds a Success?

令牌化的货币市场是否成功？

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年的破坏银行故事中，富兰克林·邓普顿（Franklin Templeton）首席执行官珍妮·约翰逊（Jenny Johnson）将令牌化描述为“类固醇上的证券化”，强调了其重新定义融资的潜力。该报告指出：“ FOBXX是现实世界资产（RWAS）的标记（目前处于近180亿美元）的预兆，该公司的现实世界资产追踪器RWA.xyz的数据显示。

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.

它的策略正在获得回报 - 富兰克林·邓普顿（Franklin Templeton）的标记基金现在持有超过5亿美元的资产。该公司跨多个区块链运营的能力已经在行业中树立了新的标准，使令牌化的货币市场基金成为全球更可行的投资选择。

RWA value across segments. Source: RWA.xyz

RWA跨细分市场的价值。资料来源：rwa.xyz

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

Digopp报告：为什么41％的资金向美国投资者脱离了限制？

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是一家设计投资产品并管理数字资产基金的专业金融公司 - 于2025年1月发布了一份报告。该报告可深入了解令牌化的货币市场基金的状况。该研究分析了37种不同的产品，比较了其基本资产，区块链平台和投资结构。这些资金中的大多数投资于固定收益证券，主要是债券不到一年的到期，包括反向存储库，公司纸和T-Bills。

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

该报告表明，这些产品中的许多被更准确地描述为“令牌现金替代品”，而不是传统的货币市场基金。

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

该报告中最重要的发现之一是，这些基金中有41％仍限于美国投资者。这是一个重大的监管障碍。该报告指出“美国监管机构是一个问题