代币化国债发行人认为降息是福音，而不是祸根

在美联储开始加息以对抗通胀之前的十年里，持有现金和持有国债之间没有太大区别

Federal Reserve Chair Jerome Powell essentially confirmed on Friday what traders already knew: Interest rate cuts are coming.

美联储主席杰罗姆·鲍威尔周五基本上证实了交易员已经知道的事情：降息即将到来。

Still, don’t expect businesses that offer or rely on tokenised treasuries, which benefit from high interest rates, to lose any sleep, several market players told DL News earlier this month.

不过，一些市场参与者本月早些时候告诉 DL News，不要指望提供或依赖从高利率中受益的代币化国库券的企业会失眠。

That lack of concern prevails now that Powell has all but confirmed interest rate cuts, according to issuers of tokenised treasuries.

据代币化国债发行人称，由于鲍威尔几乎已经确认降息，这种担忧普遍存在。

In the decade before the Fed began raising interest rates to combat inflation, there wasn’t much difference between holding cash and holding treasuries, Jim Hiltner, head of business development at Superstate, told DL News.

Superstate 业务开发主管吉姆·希尔特纳 (Jim Hiltner) 告诉 DL News，在美联储开始加息以对抗通胀之前的十年里，持有现金和持有国债之间没有太大区别。

“Now, obviously there is, and I believe that that will continue to be the case,” he said.

“现在，显然是存在的，而且我相信这种情况将继续存在，”他说。

Issuers of tokenised treasuries include multitrillion-dollar asset managers BlackRock and Franklin Templeton, as well as firms with a background in crypto like Superstate.

代币化国债的发行人包括价值数万亿美元的资产管理公司贝莱德和富兰克林邓普顿，以及像 Superstate 这样具有加密背景的公司。

With $93 million in assets under management, Superstate, which launched in January, is the sixth-largest issuer of tokenised securities.

Superstate 于 1 月份推出，管理资产达 9300 万美元，是第六大代币化证券发行人。

“You have an incentive for the Federal Reserve to continue to have a tight-ish environment with high-ish rates, but they’re not going to bring them back to zero in the next six months. It’s just not going to happen unless the economy falls off a cliff.”

“美联储有动力继续保持高利率的紧缩环境，但他们不会在未来六个月内将利率恢复到零。除非经济跌落悬崖，否则这种情况就不会发生。”

Mission accomplished?

任务完成了吗？

Interest rates hovered just above zero for several years after the Great Recession. Although they began to creep up during the presidency of Donald Trump, they shot back down to near-zero when the pandemic hit, with policymakers pulling out all the stops in an attempt to prevent economic calamity.

大衰退后的几年里，利率一直徘徊在零以上。尽管在唐纳德·特朗普担任总统期间它们开始缓慢上升，但当大流行来袭时，它们又回落到接近于零的水平，政策制定者使出浑身解数试图防止经济灾难。

The subsequent recovery was much faster than they expected. Coupled with lingering, post-pandemic supply chain issues, prices began to skyrocket. The Federal Reserve, tasked with balancing stable prices and low unemployment, raised interest rates to their highest point since mid-2007.

随后的恢复速度比他们预想的要快得多。再加上疫情后供应链问题挥之不去，价格开始飙升。美联储的任务是平衡物价稳定和低失业率，将利率提高至 2007 年中期以来的最高点。

The effective federal funds rate — the median interest rate for overnight loans between US banks — hit 5.33% a year ago and has stayed there since.

有效联邦基金利率（美国银行之间隔夜贷款的中位利率）一年前达到 5.33%，此后一直保持在该水平。

The high rates hobbled DeFi projects, whose relatively high risk was no longer worth their yield. But it was a boon to projects that invested in treasuries such as MakerDAO.

高利率阻碍了 DeFi 项目，其相对较高的风险不再值得其收益。但这对于 MakerDAO 等投资国债的项目来说是一个福音。

Yields from those treasuries has hovered above 5% — a lucrative and safe way to earn from assets that would otherwise be sitting dormant.

这些国债的收益率一直徘徊在 5% 以上，这是一种从原本处于休眠状态的资产中获利的有利可图且安全的方式。

In just a few months, money invested in projects offering tokenised treasuries has soared from about $750 million in March to more than $1.9 billion today, according to data from RWA.xyz, an analytics firm tracking the tokenisation of real-world assets such as treasuries, stocks, and bonds.

根据跟踪国债等现实世界资产代币化的分析公司 RWA.xyz 的数据，在短短几个月内，投资于代币化国债项目的资金已从 3 月份的约 7.5 亿美元飙升至如今的超过 19 亿美元。 、股票和债券。

But the Fed’s strategy has worked — inflation is now hovering just above the Fed’s 2% target. Meanwhile, a cooling labour market suggests a recession could be on the way, forcing the central bank to revisit its strategy.

但美联储的策略奏效了——通胀目前徘徊在美联储 2% 的目标之上。与此同时，劳动力市场降温表明经济衰退可能即将来临，迫使央行重新审视其策略。

“The upside risks to inflation have diminished. And the downside risks to employment have increased,” Powell said at the Fed’s annual gathering in Wyoming on Friday.

“通胀上行风险已经减弱。就业的下行风险有所增加，”鲍威尔周五在怀俄明州举行的美联储年度会议上表示。

“The time has come for policy to adjust.”

“政策调整的时候到了。”

‘Degen mode’

“重剑时尚”

Martin Carrica, co-founder of Mountain Protocol, a stablecoin issuer that used tokenised treasuries as collateral — and passed that yield to stablecoin holders — isn’t too worried about what the lower rates will mean for his business.

Mountain Protocol 的联合创始人 Martin Carrica 是一家稳定币发行商，使用代币化国债作为抵押品，并将收益传递给稳定币持有者，他并不太担心较低的利率对其业务意味着什么。

“Clearly, 5% is better than 2%,” he told DL News, referring to the yield offered by Goldman Sachs’ savings account when it grew to $100 billion in user deposits. (Goldman’s Marcus now offers an interest rate above 4%.)

“显然，5% 比 2% 好，”他告诉 DL News，指的是高盛储蓄账户用户存款增长到 1000 亿美元时提供的收益率。 （高盛的 Marcus 目前提供高于 4% 的利率。）

“To me the critical thing is, how much money can be made with ‘funny money’ (e.g. token incentives) [versus] how much yield-bearing assets can contribute,” Carrica said.

“对我来说，关键是，‘有趣的钱’（例如代币激励）可以赚多少钱，[相对于]有收益的资产可以贡献多少，”卡里卡说。

“If you can lend USDC and get 6% APY kicker on token XYZ, why would you go with [Mountain’s] USDM?”

“如果你可以借出 USDC 并在代币 XYZ 上获得 6% APY 奖励，那你为什么还要选择 [Mountain 的] USDM？”

While high-risk, high-reward DeFi yields will become more attractive as interest rates come down, Hiltner said that nonetheless he isn’t afraid of competition from the unregulated badlands of the crypto economy.

尽管随着利率下降，高风险、高回报的 DeFi 收益率将变得更具吸引力，但希尔特纳表示，尽管如此，他并不害怕来自加密经济中不受监管的荒地的竞争。

“Maybe you’re a retail person, or you’re some degen that doesn’t want to onboard to a regulated security, you can go and get 4.91%” on USDC by lending it on Aave, he said.

他说，“也许你是一个散户，或者你是一个不想加入受监管证券的人，你可以通过在 Aave 上借出 USDC 来获得 4.91% 的利率”。

“That’s suitable for a certain audience. It’s not suitable for everybody. You’ve got big institutional hedge funds that have hundreds of millions of dollars that are like, ‘Yeah, we love that USDC rates are 8%, but I don’t have any interest in doing that.’”

“这适合特定的观众。它并不适合所有人。拥有数亿美元资金的大型机构对冲基金会说，‘是的，我们喜欢 USDC 的利率为 8%，但我对此没有任何兴趣。’”

Moreover, as rates go lower and people go into “de

此外，随着利率下降，人们进入“去