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Following66% 的机构计划推出代币化货币市场基金
代币化浪潮席卷全球：机构布局加速
在加密货币领域，若说有一条趋势已获得近乎普遍的认可，那便是代币化的迅速崛起。目前，已有超过 330 亿美元的现实世界资产迁移至区块链上。这些资产涵盖美国国债、大宗商品、股票、私人信贷以及房地产等多个类别。
然而，在代币化国债、股票和私人信贷备受瞩目的同时，另一类资产正悄然崛起，成为下一个主要增长引擎——这就是代币化货币市场基金。
尽管它们不像比特币或稳定币那样常登头条，但代币化货币市场基金将传统货币市场基金的稳定性与收益性，同区块链基础设施的快速、可编程以及 24/7 全天候结算能力完美结合。
根据全球数字金融协会与国际掉期与衍生工具协会联合发布的最新报告，下一项重大突破可能来自传统金融领域最古老的产品——货币市场基金。以下为具体内容。
现状：代币化货币市场基金处于什么阶段？
报告指出，在超过 5000 家受访机构中，三分之二计划在 2027 年之前推出代币化货币市场基金，近半数机构则准备将其接受为合格抵押品。
报告发现，66% 的受访金融机构计划在 2027 年底前推出代币化货币市场基金，这凸显出机构对基于区块链的现金管理产品的信心正在迅速增强。
更重要的是，44% 的受访者预计将接受代币化货币市场基金作为合格抵押品。这表明机构正着手将这些产品融入主流金融基础设施，而非将其视作实验性的数字资产。
这一发现正值机构对代币化货币市场基金的兴趣已转化为实际资产之际。根据报告，截至 2026 年 5 月，代币化资产管理规模已达到约 84 亿美元，与 2024 年相比几乎增长了两倍。
另据 RWA.xyz 数据显示，代币化国债和货币市场产品目前在链上共同管理的资产规模已远超 150 亿美元，使其成为现实世界资产生态系统中增长最快的板块之一。其中，Hashnote 的 USYC 以约 30 亿美元的资产规模保持市场领先地位，紧随其后的是贝莱德的 BUIDL，资产规模接近 29 亿美元；富兰克林坦伯顿的 BENJI 已突破 10 亿美元大关，而 Ondo Finance 的国债产品则持续吸引机构资本。
This growth is largely due to the launch of tokenized U.S. Treasury bonds and money market fund products by leading asset managers. In recent weeks, the momentum has accelerated further. Last month, JPMorgan Asset Management launched its on-chain liquid tokenized money market fund. Although the product is still significantly smaller in front of market leaders compared to previous JSTRY, the institutional adoption process continues to advance.
However, the report believes that the current market size is far from touching on real opportunities.
Where is the next US$1.6 trillion opportunity in tokenization?
Thereport does not focus on investment returns, but sees tokenized money market funds as a solution to one of Wall Street\'s biggest operational challenges: collateral liquidity. As of the end of 2025, the total amount of initial and variable margins for decentralized clearing submitted or received by financial institutions was approximately US$1.6 trillion.
Every day, banks, asset managers and clearing participants are moving large amounts of collateral to support derivatives, securities financing and other capital market transactions. However, current processes still rely heavily on manual reconciliations, fragmented systems, and settlement delays, especially during times of market stress.
The report states: \"The right collateral must be in the right place at the right time.\" It believes that operational frictions often create unnecessary liquidity pressures across financial markets.
Unlike many industry white papers, this joint research report is not limited to theory. The working group conducted practical simulations involving major financial institutions to examine how tokenized money market funds operate in a real collateral workflow, including repo transactions, margin calls, collateral substitutions, and default scenarios.
Simulation results show that tokenized funds can integrate with existing institutional processes without the need for financial markets to rebuild infrastructure from scratch. Tokenized money market funds allow institutions to transfer collateral between different counterparties more quickly and efficiently, significantly improving this process.
However, one of the most revealing findings in the report is that only 33% of companies surveyed believe the existing money market fund process is efficient. This means that nearly two-thirds of institutions believe that there is still huge room for improvement in operational efficiency.
Therefore, although trillion-dollar opportunities are emerging, organizations still need to address and overcome actual operational issues before they can truly achieve full adoption.
