理解新型货币类产品脆弱性的框架

Federal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print) A Framework for Understanding the Vulnerabilities of NewMoney-Like Products Kenechukwu Anadu, Patrick McCabe, JP Perez-Sangimino, and Nathan Swem 2026-002 Please cite this paper as:Anadu, Kenechukwu, Patrick McCabe, JP Perez-Sangimino, and Nathan Swem (2026). “AFramework for Understanding the Vulnerabilities of New Money-Like Products,” Finance NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment.The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or the A Framework for Understanding the Vulnerabilities of New Money-Like Kenechukwu Anadu*, Patrick McCabe†, JP Perez-Sangimino†, and Nathan Swem† *Federal Reserve Bank of Boston First draft: May 9, 2025 This draft: December 22, 2025 Abstract New money-like products, such as tokenized money market funds (MMFs), money marketexchange-traded funds (MMETFs), and stablecoins, could be transformative for finance. Theseproducts may offer significant benefits, but like other money-like assets, they also have certainvulnerabilities. We introduce a framework to analyze the vulnerabilities of new products bycomparing their features to those that contribute to vulnerabilities in MMFs. Specifically, weexamine the extent to which each product engages in liquidity transformation, is subject tothreshold effects, serves as a money-like asset, poses contagion risks, and has reactive investors. Keywords:money market funds (MMFs), stablecoins, tokenized money market funds, moneymarket exchange-traded funds (MMETFs), financial stability, liquidity transformation, private JEL Classification:E5, G1, G23 1.Introduction Money and money-like assets are central components of our financial system andeconomy. As such, the recent emergence of new types of nonbank money-like products, such asstablecoins, tokenized money market funds (MMFs), and money market exchange-traded funds(MMETFs), could be transformative for finance. These nonbank products may offer significant In this paper, we introduce a general framework for analyzing the vulnerabilities in novelmoney-like products. Our framework builds on the well-documented vulnerabilities in an oldernonbank innovation with wide-ranging benefits and well-understood risks – MMFs – and thefeatures that contribute to MMF vulnerabilities. To illustrate the utility of the framework, wefocus on three promising novel money-like products and examine the extent to which each: (1) These features include structural attributes that arise directly from the core businessmodel of a product or the legal framework that governs it, as well as other features reflectinghow a product is perceived and used. Structural features, such as liquidity transformation andthreshold effects, are unlikely to change significantly without changes to laws or rules. Non- Because our framework builds on the literature on MMF vulnerabilities, it is best suitedfor study of potential vulnerabilities arising fromstore-of-valuefunctions of money-likeproducts, that is, from their role as cash-like investments. Money-like products may also provide As reported in Table 1, using this framework, we find that features that contribute tovulnerabilities are present to varying extents in U.S. MMETFs, tokenized MMFs, andstablecoins. For example, although MMETFs may have the flexibility to redeem largely in-kind(which would reduce liquidity transformation), they currently redeem mostly or exclusively incash, so their liquidity transformation is similar to that of MMFs. Threshold effects in MMETFs We illustrate our framework by focusing on U.S. MMETFs, tokenized MMFs, andstablecoins because these products may grow rapidly in scale and scope and be offered to a widerange of investors, from households to large financial institutions.3 Some other money-likeproducts, such as specialized investment funds that offer cash-management options for a narrow To be sure, the new products we examine are still evolving rapidly, and their nascencylimits our ability to foresee the full range of possible uses and how they might affect financialstability. In particular, the structural features of these products may change if laws, regulations,or business models are altered, while non-structural features are likely to shift as productsbecome more familiar in the marketplace, and both types of changes could affect our assessmentsof vulnerabilities considerably. Yet, even as products’ features vary, the framework itself remains Section 2 of this paper provides a brief introduction to each of the novel products weexamine. Section 3 describes our framework for assessing how these products may contribute to 2.Background on Money-Like Products 2.1.MMFs MMFs are specialized open-end (mutual) funds that invest in short-term assets, maintaina stable – or