Vaneck启动了一个以太坊，Solana，Avalanche和BNB连锁店的代币化的美国财政基金，以机构加密投资者为目标

Vaneck启动了Vbill，这是一个与证券化建立的代币化的美国财政基金，这标志着大胆的机构转移到了35亿美元的加密代币领域。

VanEck, the renowned investment management firm, has taken a significant step into the world of digital assets with the launch of VBILL, a tokenized U.S. Treasury fund built in partnership with Securitize.

著名的投资管理公司Vaneck通过与Securitize合作建立的代币化的美国财政基金VBill启动，已迈出了重要的一步。

This launch marks a crucial moment in the evolution of institutional investing, merging traditional finance's stability with the innovative potential of crypto.

此次发射标志着机构投资的发展至关重要的时刻，将传统金融的稳定与加密货币的创新潜力融合在一起。

The announcement comes as the broader crypto market adjusts to new lows, with the total market cap dipping 0.4% to reach $3.5 billion on Wednesday.

宣布这一消息是随着更广泛的加密市场适应新的低点，总市值下降了0.4％，在周三达到35亿美元。

However, the focus is shifting towards new avenues of growth, especially within the burgeoning sector of asset tokenization, which saw a slight decrease in value this week.

但是，重点是转移到新的增长途径上，尤其是在迅速发展的资产令牌化领域，这是本周的价值略有下降。

Institutions Are Pivoting to Treasury Tokens

机构正在向财政令牌旋转

The pressing need for stablecoin issuers to maintain a substantial portion of their reserves in short-term U.S. Treasury bills is also driving this development.

迫切需要在短期美国国库账单中维持其大部分储备金的迫切需求也在推动这一发展。

This mandate, currently under review by multiple U.S. states, aims to ensure the stability and solvency of stablecoins, which are frequently used as a medium of exchange within crypto.

目前由美国多个州进行审查的这项授权旨在确保稳定的稳定性和偿付能力，这些稳定性和偿付能力经常用作加密货币中的交换媒介。

“We are proud to partner with VanEck to launch the first tokenized U.S. Treasury fund for institutional investors,” said Carlos Domingo, CEO and Co-founder of Securitize.

Securitize首席执行官兼联合创始人Carlos Domingo说：“我们很自豪地与Vaneck合作，为机构投资者建立了第一个令牌化的美国财政基金。”

“With VBILL, our combined efforts demonstrate tokenization’s ability to create new market opportunities with the speed, transparency, and programmability of blockchain technology.”

“借助VBILL，我们的综合努力表明了令牌化以区块链技术的速度，透明度和可编程性创造新市场机会的能力。”

This initiative is being undertaken in collaboration with Securitize, a prominent tokenization platform that will provide administrative and broker-dealer compliance support for the fund.

该计划正在与Securitize合作进行，这是一个著名的令牌化平台，将为该基金提供行政和经纪交易者的合规性支持。

The fund is set to be accessible via four major blockchains: Ethereum, Solana, Avalanche, and BNB Chain, each catering to a specific segment of institutional investors.

该基金将通过四个主要区块链访问：以太坊，索拉纳，雪崩和BNB连锁店，每个链条都可以满足机构投资者的特定部分。

The minimum investment amounts vary depending on the chain, ranging from $100,000 on Solana, Avalanche, and BNB Chain to a substantial $1 million on Ethereum.

最低投资的数量取决于连锁店的不同，从Solana，Avalanche和BNB连锁店的100,000美元到以太坊的100万美元。

Moreover, to maintain the integrity of the investment vehicle, only accredited entities and large fund managers will be eligible to register for the fund.

此外，为了维持投资工具的完整性，只有认可的实体和大型基金经理才有资格注册该基金。

VanEck is targeting high-net-worth crypto holders and institutional investors with VBILL. The fund’s minimum investment requirements are set at, $100,000 on Solana, Avalanche, and BNB Chain, and $1 million on Ethereum. Other key registration requirements are also in place to restrict accessibility  only to accredited entities and large fund managers.

Vaneck以Vbill为目标，以高净值加密持有者和机构投资者为目标。该基金的最低投资要求定为Solana，Avalanche和BNB连锁店的100,000美元，以及以太坊的100万美元。还制定了其他关键的注册要求，仅将可访问性限制在认可的实体和大型基金经理中。

VanEck’s multichain deployment of VBILL ensures whales across different ecosystems, enlisting by Wormhole for cross-chain interoperability and frictionless movement of VBILL tokens across Avalanche, BNB, Ethereum, and Solana chains.

Vaneck的VBILL多键部署确保了不同生态系统的鲸鱼，并通过虫洞招募了跨链链互操作性和VBILL令牌在雪崩，BNB，以太坊和Solana链中的无摩擦运动。

“Tokenized funds like VBILL enhance market liquidity and efficiency,” said Kyle DaCruz, Director of Digital Assets Product at VanEck.

Vaneck数字资产产品总监Kyle Dacruz说：“ VBILL等令牌资金可以提高市场流动性和效率。”

This launch follows reports of BlackRock's BUIDL fund, which is focusing on accumulating Bitcoin in a trust-fund-like structure accessible to institutional investors.

此次发布之后是关于贝莱德（Blackrock）的Buidl基金的报道，该基金的重点是在机构投资者可以使用的类似信托基金的结构中积累比特币。

The State of the Asset Tokenization Market

资产令牌化市场的状态

Despite the promising developments, the tokenized asset market experienced a slight downturn this week. As of Wednesday, the sector dipped 0.4% to reach $3.5 billion. The decline was attributed to a decrease in the price of real estate, gold, and Treasury-backed assets.

尽管有前途的发展，但标记资产市场本周经历了轻微的低迷。截至周三，该行业下降了0.4％，达到35亿美元。下降归因于房地产，黄金和国库资产的价格下降。

Asset Tokenization Sector Performance, May 15, 2025 | Source: Coingecko

资产令牌化行业绩效，2025年5月15日|资料来源：Coingecko

This cooldown comes as crypto traders displayed a preference for risk-on sentiment following the dovish expectations that greeted US CPI data released on Tuesday.

由于加密货币交易者在周二发布的CPI数据迎接我们的期望之后，加密货币交易者表现出对风险的情绪的偏爱。

However, VanEck’s VBILL rollout sparked renewed bullish momentum for its host chains. Ethereum, BNB Chain, Solana, and Avalanche all saw price gains over the last 24 hours,

但是，Vaneck的Vbill推出引发了新的Bullish势头，其主机连锁店的势头。以太坊，BNB连锁店，Solana和Avalanche在过去24小时内都看到了价格上涨，

Aligning with Blackrock’s BUIDL fund initiative, VBILL further emphasizes institutional demand from blockchain-native Treasury products. Multiple stablecoin regulations reviews are ongoing across multiple US states. 

Vbill与BlackRock的Buidl Fund倡议保持一致，进一步强调了区块链本地财政产品的机构需求。多个美国各州正在进行多个Stablecoin法规评论。

With possible requirements for reserves to be held in short-term Treasuries, tokenized funds like VBILL are well-positioned to become foundational infrastructure for the next phase of cryptocurrency adoption.

由于可能需要在短期国库中持有储备金的要求，因此像VBILL这样的令牌资金非常适合成为下一阶段采用加密货币的基础基础设施。