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FollowingWisdomTree与MoonPay合作的核心价值
WisdomTree与MoonPay达成合作，旨在扩大美国投资者对代币化国债货币市场基金的准入渠道，并将该产品与MoonPay日益增长的稳定币基础设施相连接。WisdomTree正在利用MoonPay的技术，为WisdomTree国债货币市场数字基金（代码：WTGXX）开发接入点。该代币化货币市场共同基金旨在维持1美元的每股净值，同时提供对美国短期政府证券及其他合格货币市场工具的 exposure。
这一安排使WTGXX能够触达MoonPay旗下超过3500万个账户的网络，从而为WisdomTree提供了一个新的分销渠道，使其产品——作为最大的代币化国债基金之一——获得更广泛的曝光。此外，此次合作的意义远超单纯的分销层面。MoonPay计划将WTGXX纳入其稳定币储备管理栈中，将受监管的代币化投资基金与用于支持以美元计价的数字资产的底层基础设施联系起来。
MoonPay于2025年11月启动了其企业级稳定币业务。该公司在多条区块链上发行以美元计价的稳定币，这些稳定币由存放在隔离账户中的美元及其他高质量流动资产作为支撑。
为何稳定币发行商会使用代币化国债？
稳定币发行商需要具备高流动性的储备资产，以支持赎回需求，同时保持旨在以1美元交易的代币价值。短期美国国债债务已成为该领域最重要的储备资产之一，因为它兼具流动性与收益性。代币化国债基金增添了另一项关键功能：底层投资可以直接存在于基于区块链的基础设施上，而无需让现金、证券和数字资产之间的每一次流转都经过传统系统。
对于MoonPay而言，在其储备管理基础设施中使用WTGXX，可以为其提供一种专为数字资产运营设计的国债暴露形式。对于WisdomTree来说，这一安排扩大了其代币化基金的应用场景，使其不再仅仅是投资者持有的独立投资产品。两家公司表示，未来的合作可能包括更多代币化基金，并拓展至美国以外的市场。目前，WisdomTree在其更广泛的投资业务中管理的资产规模约为1767亿美元。
投资者的启示
此次合作表明，代币化国债基金正从单纯的投资产品演变为金融基础设施的一部分。如果稳定币发行商越来越多地使用受监管的代币化基金进行储备管理，那么国债代币化的增长将与稳定币的发行同步发生，而非作为一个孤立的市场存在。
代币化国债市场的规模有多大？
According to market data, as of Thursday, the size of the tokenized U.S. Treasury bond market was approximately $15.4 billion, of which WTGXX accounted for approximately $1.23 billion. This gives WisdomTree significant market share in this space. The sector continues to expand as asset management companies, cryptocurrency companies and institutional investors increasingly migrate traditional interest-bearing assets to blockchain networks. WTGXX has also recently recorded considerable capital inflows. Over the past 30 days, the fund generated a net inflow of approximately $466 million, measured by the difference between coins minted and destroyed.
Among the major tokenized treasury bonds products, the Ondo Dollar Yield Fund was the only other fund to record a positive net inflow during the same period, with an amount of approximately US$66 million. This difference illustrates how assets are quickly concentrated in individual products when products gain new distribution channels or institutional uses. If WTGXX not only enters investors 'portfolios, but is also embedded in reserve operations, MoonPay's network could become another source of demand.
What does this mean for the stablecoin competition?
The deal brings two fast-growing parts of digital finance closer: tokenized government securities and stablecoins. Competition among stablecoin issuers is not limited to the scope of distribution and blockchain availability, but also to how reserves are structured, held and managed. Products backed by transparent, highly liquid assets are more easily integrated by organizations that are subject to stricter risk and compliance standards. At the same time, asset managers are looking for new uses, trying to transform tokenized funds from digital versions of traditional products into components of blockchain-based financial infrastructure. This makes reserve management a potentially important source of demand.
Tokenized treasury bonds used by stablecoin issuers can benefit from the growth in stablecoin circulation, while issuers can earn interest-bearing government debt through infrastructure specifically designed to interact with digital assets. Therefore, for WisdomTree, the partnership with MoonPay does not just provide another way for investors to purchase WTGXX. It also builds a potential bridge between its tokenized asset management business and the balance sheet that supports U.S. dollar digital currencies.
