代币化货币市场基金的兴起

The rise of tokenised money market funds Matteo Aquilina,Ulf Lewrick,Federico Ravenna andLorenzo Schönleber BIS Bulletins are written by staff members of the Bank for International Settlements, and from time to timeby other economists, and are published by the Bank. The papers are on subjects of topical interest and aretechnical in character. The views expressed in this publication are those of the authors and do notnecessarily reflect the views of the BIS or its member central banks. The authors thank the editor, IñakiAldasoro, Imad Archid, Giulio Cornelli, Daniel Eidan, Jon Frost, Pablo Hernández de Cos, Daniel Rees, This publication is available on the BIS website (www.bis.org). ©Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or The rise of tokenised money market funds Key takeaways •Tokenised money market funds (TMMFs) are a fast-growing collateral asset and savingsinstrument in the crypto ecosystem. Like stablecoins, TMMFs circulate on public permissionless •TMMFs currently cater strongly to decentralised finance protocols and rely on “allow-listing” ofblockchain wallets to constrain peer-to-peer trading of their tokens to ensure regulatory •TMMFs give rise to risks that mirror, and potentially amplify, those found in conventionalmoney market funds, such as liquidity mismatches, as well as the operational and anti-money Tokenised money market funds (TMMFs) are a rapidly growing segment of decentralised finance (DeFi).They represent shares in funds that invest in money market instruments, but circulate as tokens on publicpermissionless blockchains, such as Ethereum or Stellar. Legally, TMMF shares are classified as securities –although not always as money market funds – and are subject to regulation and supervision by securities This Bulletin provides a primer on TMMFs. It discusses potential use cases, illustrates the operationalmodel of major funds and documents the growth and composition of the TMMF market. It also lays outthe sources and implications of interlinkages with stablecoins, suggesting that current TMMFs often TMMFs as on-chain collateral The DeFi ecosystem stands or falls with the availability of collateral. In a public, permissionless blockchain,where market participants’ identities are hidden behind wallet addresses, credit needs to be backed bycollateral. Recurrent spikes in the volatility of cryptoasset prices call for additional lender protection.Accordingly, lending in DeFi protocols is based on significant overcollateralisation, driving up the Stablecoins have evolved as an important source of collateral in DeFi but face inherent limitations(Aldasoro et al (2025a)). Breaches of parity in secondary markets and episodes of runs illustrate risksassociated with stablecoin arrangements. Seizures of tokens by authorities in the context of scams andother illicit activities have highlighted the risks associated with the uncontrolled float of stablecoins Ocampo (2025)) implies significant opportunity costs of holding stablecoins relative to the returns on risk-free assets in traditional financial markets, particularly when interest rates are significantly above zero.1 TMMFs seek to provide an alternative, yield-bearing source of on-chain collateral, mimicking featuresof government bonds – the backbone of collateralised transactions in traditional finance. By providing aclaim on traditional money market instruments, like conventional money market funds (MMFs), TMMFsoffer returns comparable with short-term risk-free rates. For investors predominantly active in cryptomarkets, TMMFs have clear advantages over their conventional counterparts. As tokens, they match keyfeaturesof stablecoins on distributed ledgers,such as enabling peer-to-peer transactions andprogrammability through smart contracts. In principle, this allows investors to continuously rebalancepositions without the need for intermediaries, while earning returns for each instant of time at which Operational model TMMFs are digital representations of regulated funds. This makes them subject to the same regulatoryrequirements as their non-tokenised counterparts. Leveraging synergies that result from this equivalence,TMMFs have been launched by fund management companies, such as Franklin Templeton and BlackRock, Legal structures of current TMMFs differ. Some are digital representations of shares in a conventionalUS government MMF. This allows retail and institutional investors to participate but requires adherenceto stringent liquidity requirements and investment constraints (eg 99.5% of assets must be invested incash, government securities and/or repos collateralised by the former). Others are not MMFs at all, butprivate funds for accredited investors. The latter structure is common for international funds as it provides Regulatory compliance requires that TMMF tokens do not flow freely between wallets of unknownbeneficiaries on blockchains. Investors need to be onboa