代币化货币市场基金：链上收益如何运作

What is a tokenized money market fund and how does it work?

Imagine a traditional money market fund. Investors deposit cash that they don't plan to use in the near future, and the foundation puts it into very safe short-term debt, mainly government bonds. Now one element is changed: no longer the transfer agency maintains private ledgers, but instead uses tokens on the blockchain to record who owns which shares. This is a tokenized money market fund. This difference is mainly reflected in the underlying infrastructure. Under traditional models, transactions are usually settled during bank business hours and take about a day. Under the tokenization model, tokens can be transferred between approved wallets at any time (including non-working hours) as long as they comply with fund rules. Smart contracts handle cumbersome paperwork: creating tokens when someone buys them and canceling them when someone redeems them. Currently, some large asset management companies have launched real-market versions of such funds.

How do tokenized money market funds generate income?

Income comes from assets held by the fund. These assets mainly include treasury bonds and other government securities, repurchase agreements (ultra-short-term loans with collateral) and some cash. After deducting expenses, the interest generated on all these assets flows to the holder. How earnings go into the wallet depends on the specific fund design. Some tokens use a "duplicate bit" mechanism, which means that the number of tokens in the wallet will slowly increase; others keep a fixed balance, allowing the token price to gradually increase. Either way, the source of revenue is the same-seemingly boring short-term government debt.

Why are tokenized funds growing rapidly in the cryptocurrency space?

There is a problem of "idle cash" in the cryptocurrency industry. Many stablecoins pay zero yield to the holder, while tokens backed by Treasury can provide a yield. In addition, there is the pursuit of "real-world assets"(RWA), which allows blockchain users to hold assets linked to the traditional economy. Institutional investors want to earn a return on idle cash without leaving the chain. Tokens increase liquidity on the chain and can be used as collateral, allowing the same dollar to play a dual role. By 2026, the category has grown to billions of dollars, although different tracking data sources disagree on the exact total.

Main advantages of tokenized money market funds

Transparency is the primary attraction because ownership records are located on shared ledgers. Faster settlement is another big advantage: transfers can be completed in minutes. Programmability is equally important because smart contracts can automate the payment process. Tokens can also be moved around the clock (night or weekend), subject to fund regulations. Some platforms also accept these tokens as collateral.

Top tokenized funds worthy of attention in 2026

**BlackRock's BUIDL**BUIDL was launched in March 2024 and is currently one of the largest tokenized treasury bonds. It holds cash, U.S. Treasurys and repo agreements. Securitize serves as the transfer agent, and the minimum investment threshold of $5 million means only qualified buyers can participate. ** Franklin Templeton's BENJI**BENJI is the on-chain share category of its U.S. registered government money market fund FOBXX. It is widely described as the first U.S. registered fund to use a public blockchain in its official share register. Access is broader and some retail investors can join through its app. Other tokenized funds that exist include Ondo's OUSG, Circle's USYC, and other large managers 'tokenized share categories. Characteristics BUIDL BENJI (FOBXX) Issuer BlackRock Franklin Templeton Access Qualification Qualified buyers only, minimum US$5 million Broader scope to include some retail investors Structure 代币化基金，Securitize 为过户代理 美国注册的政府货币市场基金 简而言之，BUIDL 针对大型机构，而 BENJI 更容易入门，但规模较小。

代币化货币市场基金与传统货币市场基金的对比

在所有权方面，传统股份存储在过户代理的记录中，而代币化股份则存在于区块链上。结算显示出最大差距：银行系统通常需要约一天时间，而链上交易的结算速度要快得多。传统基金通过经纪人和平台进行操作。代币化基金使用获批准的加密钱包，且许多基金仍会对投资者进行筛选。流动性方面并无太大不同。两者都遵循基金的赎回条款，因此更快的清算通道并不意味着可以立即退出。一边是基于较旧数据库的技术，另一边则是添加了区块链记录和智能合约的技术。

代币化基金在去中心化金融 (DeFi) 中的应用

抵押品功能是首要应用。一些平台接受这些代币作为交易的担保。加密公司也将其用于金库管理，将闲置现金存放在能产生收益的工具中。它们还可以帮助各方之间的结算。一些稳定币发行商将其部分准备金存放在短期政府工具中，而 DAO（去中心化自治组织）可以利用类似现金的资产进行链上现金管理，无需离开区块链工具。

代币化货币市场基金的风险有哪些？

智能合约和操作风险首当其冲：代码漏洞、钱包错误或转账失败可能导致资金损失或时间延误。其次是流动性错配风险。代币可能全天候交易，但赎回窗口可能有限，因此市场感觉起来比实际更具流动性。监管限制也会限制准入：许多产品仅接受合格投资者。对手方风险也是真实存在的，因为托管人、过户代理和回购合作伙伴都必须履行其职责。收益率随利率波动，且货币市场基金不提供任何保证。

代币化基金会是现金管理的未来吗？

大型资产管理公司继续发行新代币的可能性很大，这表明他们对机构投资的兴趣日益浓厚。如果 RWA 的趋势得以持续，并且区块链能够证明自己是有效的交易结算方法，现金管理将变得更加高效和灵活。随之而来的可能是抵押品利用率的进一步提高以及与支付系统的更紧密集成。剩余的关键因素在于监管、投资者保护以及既定的市场需求。

最终结论：投资者是否应考虑代币化货币市场基金？

For institutions and qualified investors who want to obtain cash-like income and have on-chain access, tokenized money market funds are worth studying. But it is not a bank account and carries real risks. Before investing, readers should verify qualifications, fees, fund positions, redemption terms, and the legal structure of the token. Official fund documents usually answer most relevant questions. Bank deposits or traditional money funds may still be easier to understand.