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BTC 富兰克林邓普顿 reportedly 将其抵押品计划扩展至 Bybit
据报道，富兰克林邓普顿（Franklin Templeton）已将其抵押品计划扩展至加密货币衍生品交易所 Bybit。此举将一家大型传统资产管理公司的代币化基金基础设施，直接连接至全球最大的加密衍生品交易所之一。截至本报告发布时，具体的条款、合格资产范围以及运营时间表尚未公开披露。
此次扩展涉及的内容
这一举措将使 Bybit 的用户或机构交易对手方能够使用由富兰克林邓普顿管理的代币化资产作为抵押品，从而无需为了满足保证金要求而清算持仓。目前，双方均未确认具体的合格资产类型、最低门槛以及托管安排。
富兰克林邓普顿一直在稳步构建其链上资产基础设施。该公司已获得美国证券交易委员会（SEC）员工豁免，用于管理一只规模达 7.21 亿美元的链上基金。此外，该公司一直是积极扩大代币化国债发行的传统资产管理公司之一，与 Securitize 和摩根大通并列。今年早些时候，随着代币化国债市值在单周内攀升 6500 万美元，这一趋势愈发明显。
代币化抵押品如何融入交易所工作流程
In standard exchange collateral arrangements, assets submitted by traders must be liquid, verifiable, and able to be transferred within a short period of time. Tokenized money market funds or treasury bonds may meet these criteria while still generating returns, unlike idle stablecoins or fiat currencies held in margin accounts.
The potential benefits are real, but they are also conditional. Settlement speed, custody safeguards, and regulatory attitudes towards tokenized securities as margin collateral are all issues that have not yet been clarified. These issues will determine whether the arrangement can be applied on a large scale among active traders. Although Franklin Templeton provides some regulatory basis for the SEC's "no action letters" obtained by his blockchain funds, the use of collateral at the exchange level remains a separate compliance issue.
Bybit is a platform mainly based on derivatives, and the efficiency of margin deposits directly affects the economic interests of traders. If the plan allows institutional clients to maintain trading positions while holding income-producing tokenized assets, the advantages of capital efficiency are obvious. As for whether retail users can obtain access rights and under what conditions, it has not yet been explained.
Key points worth paying attention to in the future
决定该计划实际影响力的细节目前尚未公开。需要重点监控的披露信息包括：哪些具体的富兰克林邓普顿产品有资格作为抵押品？适用的折价率（haircuts）或集中度限制是多少？实时估值和清算机制如何运作？此外，该安排是仅限于机构账户，还是更广泛地开放给其他用户？
管辖范围同样重要。Bybit 在多个地区运营，各地的监管框架各不相同，而代币化证券在不同规则体系下的待遇也存在差异。任何一家公司发布的正式公告若涉及上述要点，都将澄清这究竟是一个狭义的试点项目，还是一项更广泛的基建布局。
