Fidelity FILQ：資產秒到，結算現金怎麼追？
Tokenized liquidity
- Emma Pecenicic Fidelity International 數位資產業務主管
影片
影片與逐字稿來源：Stablecoin Summit 直播
從 7:45:06 開始播放
場次摘要
Fidelity International 的 Emma Pecenicic 指出，代幣化資產可全天移動，傳統現金結算卻可能要等銀行開門。團隊推出 FILQ 美元代幣化流動性基金，讓合格投資人能在以太坊上全天申購和贖回；代幣本身代表基金股份，並非另一層包裝。她說，以穩定幣贖回約需 15 到 20 分鐘，但這是演講當時的產品安排，服務對象仍限專業及機構投資人。
值得記下的 5 件事
- 鏈上資產秒級轉手，現金卻仍需數日，兩邊速度不一致會卡住交易。
- FILQ 的代幣本身就是開曼基金股份，並非再包一層的股份憑證。
- FILQ 的以太坊申贖流程支援全天運作，穩定幣結算約需 15 至 20 分鐘。
- FILQ 當時只面向專業與機構投資人，還沒有開放一般投資人。
- Apex 與 Sygnum 分工維護持有人紀錄，Chainlink 把淨值與收益資料發布到鏈上。
逐字稿
開場
大家午安，很高興來到這裡。我是 Emma，負責 Fidelity International 數位資產。工作分兩塊：一是 crypto、ETF、ETP（今天不是主題），二是基金代幣化。從標題看得出這是大命題。Good afternoon, everyone. It's a pleasure to be here. So I'm Emma. I'm leading digital assets at Fidelity International. I have two parts in my job. I'm taking care of everything crypto, ETF, ETPs. I know it's not the topic of the day, and the— And the second area is really around fund tokenization. So you can see from this title, it's sort of a big statement.
貨幣市場基金存在很久，建在舊基礎設施上：銀行營業時間、cutoff、T+2 結算。那個世界在變。我們都在 crypto 領域，市場從多天變成秒級，交易所、協議、鏈上 treasury 都期待 24/7 即時結算。And the idea is that money market funds have been here for a really, really long time, right? And they've been built on the old infrastructure, banking hours, cutoff time. T plus two settlement. That world is changing. As you know, we're all in the crypto space, right? And now it's moving from multiple days to seconds. Exchanges, protocols, on-chain treasuries are all expecting 24/7 and instant settlement.
市場已 24/7，但底層基礎設施還沒跟上。兩個世界怎麼橋接？Fidelity 認為重建資本市場要從流動性開始。So markets have moved to... 24/7, but the infrastructure beneath them have not yet moved. So how do we bridge those two worlds? And at Fidelity, what we think is that as we're rebuilding capital markets, we need to start with liquidity.
所以我們說：沒有代幣化流動性，就沒有代幣化金融。從 stablecoin、代幣化存款、代幣化貨幣市場基金開始；債券、基金、private credit 等代幣化市場，都會期待同一套結算軌道。So that's why we're saying there is no tokenized finance without tokenized liquidity. We start with stablecoin, tokenized deposits, tokenized money market funds. So every tokenized market, whether it's bonds, funds, private credit, will expect that settlement leg to be, you know, on the same rail.
現金仍慢於資產
資產幾秒就動，現金仍要幾天。我相信在座有些是 stablecoin 發行方，跨多國多銀行移動資金仍是惡夢，對吧？Assets move in seconds, but the cash still moves in days. And I'm sure, as, you know, some of you are stablecoin issuers, when you are moving from multiple banks across multiple jurisdictions, it's still a bit of a nightmare, right?
我們看到三種成本。第一，週末閒置現金零收益。第二，過度抵押：若把資產 parked 作 crypto 抵押，週六凌晨 2 點無法做 margin call。So we see three costs of that, right? First, idle cash balances earning nothing over the weekend. Over-collateralization, if you're starting to park basically, you know, an asset against a crypto asset for collateral call, you cannot basically make a margin call at 2 a.m.
週末若全球某處出事更是問題；我們的領導也愛在週末發公告。第三，營運風險，舊基礎設施與新基礎設施拼湊。這種結構性低效有直接成本。Fidelity International 的解法是什麼？on Saturday, and that's a problem, especially, you know, if something is happening, you know, somewhere in the world. Our leaders, they like weekend announcements. Operational risk as well. Systems stitched together between old infrastructure and, you know, the new infrastructure. So this structural inefficiency comes with a direct cost. So what is the solution we have come up with at Fidelity International?
我們看到四項要求。第一，底層要是真東西：來自受監管、高評等短期工具的 yield，Fidelity International 管理貨幣市場基金已有 30 年紀錄。So we saw four requirements. First, the real thing underneath. So we thought that you need yield from regulated, highly, you know, rated short-term instruments that you can, you know, rely on. And today we have, at Fidelity International, a 30-year track record in managing, you know, money market funds, as you can expect.
四項要求與 FILQ
第二個問題是它仍綁市場時間。現在要 24/7 申購贖回，跨時區、全球時區。第三，要能鏈上對話，與 stablecoin 結算腿互連。最後是可信資料，投資策略所需部分資料也要上鏈，為下一階段鏈上組合管理做準備。The second problem is, like, that we see, that it was keeping market hours. So now it's 24/7 subscription and redemption capability across multiple time zones, across global time zones. So, and something that speaks on-chain, right? That means that it's interconnected with stablecoin for the settlement leg. Finally, trusted data. So... You need to have as well part of the data on which you're building your investment strategy that sits on-chain, so that you can be ready for the next phase of portfolio management on-chain.
對我們的結論是新策略 Fidelity International U.S. Dollar Tokenized Liquidity，暱稱 FILQ USD Token。今年五月推出，是第一個 primary 市場 24/7 token，我們幾乎從零重建資產管理者營運模式。So the takeaway has been for us this new investment strategy called Fidelity International U.S. Dollar Tokenized Liquidity. So the nickname is... FILQ USD Token. So we launched this token back in May. It's the first 24/7 token on the primary, where we basically had to rebuild from scratch the operating model of an asset manager.
圍繞 digital-native：從 Cayman Islands 發行，律師確認 token 就是 share，對吧？So we worked really around the concept of, of course, digital-native. So we issued that from the Cayman Islands because that's where we had the comfort from our lawyers that you can really own—the token is the share, right?
不是 tokenized share class，token 本身就是 share，有時外界會誤解。第二，24/7 營運，可隨時申購贖回，從一開始就發在 Ethereum。So it's not a tokenized share class. The token is the share. So sometimes it's a bit misleading. Second, 24/7 operating model. So, of course, it's instant. You can subscribe and redeem anytime. We issued on Ethereum since the start.
鏈上贖回與客群
鏈上結算延遲約 15 到 20 分鐘。你按 redeem，約 20 分鐘內以 stablecoin 收到現金。也很重要：我們是第一個獲 Moody's Aaa-mf 的 tokenized liquidity fund。Our latency to settle on-chain is between 15 to 20 minutes. So you receive, really, your cash when you click redeem in 20 minutes in stablecoin. And finally, it's as well quite important. We have—we are the first tokenized liquidity fund that has received Aaa-mf from Moody's.
對我們是大評估，Moody's 來看如何在 tokenization 下仍保留資本與流動性 profile，而不 downgrade 整體流動性管理結構。And that was a big, you know, I mean, assessment for us because Moody's came, you know, looking how we could preserve, you know, the capital, the liquidity of, you know, the profile of the structure, but as well deliver.
誰需要？在 Stablecoin Summit，當然是 stablecoin 發行方，要以 mint/burn 同樣速度管理 reserve。也看到 crypto 與機構需求，要在鏈上交易、作抵押。You know, with tokenization, not downgrade the overall structure for liquidity management. So who needs that? As we are at the Stablecoin Summit, right? So, of course, stablecoin issuers that are looking, you know, to manage their reserve at the same speed that they're minting and burning the stablecoin. We're seeing demand from crypto as well as institutions that are looking to trade on-chain, to use that as collateral.
我們與 Sygnum Bank 合作，此 token 可在 Sygnum Protect 等託管基礎設施使用，資產鏡像到交易所賺 yield 的同時，週末也能做 collateral margin call。We have partnered with Sygnum Bank, and this token is available, for example, in what Sygnum Bank calls Sygnum Protect, which is basically a custody infrastructure, and then you can mirror those assets on exchange while you're earning yield, and, you know, the collateral margin call can happen as well over the weekend.
託管夥伴與展望
更 broadly，任何欣賞鏈上速度的投資人。今天僅限專業與機構，但我們希望這類流動性策略能觸及下一代投資人。And finally, more generally, any, you know, investor that appreciates, you know, the speed of on-chain market. So today it's only for professional and institutional investors, but tomorrow what we really hope with such liquidity strategy is to be able to target the next generation of investors.
為何信任 Fidelity？大型機構該有的治理、資安標準。Moody's Aaa-mf 已提。傳統託管用 JP Morgan，並用 Kinexys 平台提供 24/7 現金，再與 stablecoin 互連做 on/off-ramp。So why you can trust Fidelity for that, right? I think you have the best, what you expect from a governance and, you know, cybersecurity and standard of a large institution like Fidelity International. So first, Moody's Aaa-mf assessment I mentioned. We use JP Morgan as the traditional custodian for the assets, and we leverage as well on the Kinexys platform of JP Morgan to deliver 24/7 cash that is then interconnected with stablecoin for on-/off-ramping.
transfer agent 是 Apex Group，digital transfer agent 是 Sygnum Bank，可在鏈上維護股東名冊。Chainlink 發布 NAV 與其他資料集，含 yield、股息等鏈上組合管理所需資料。下一步？We use Apex Group as our transfer agent and Sygnum Bank as the digital transfer agent that is able to maintain the registrar on-chain, so all shareholders are recorded basically on the blockchain. And finally, Chainlink is used to publish the NAV on-chain, but as well other data sets. You can find yield, dividends, and other, you know, important data points to manage portfolio on-chain. So what comes next?
現在有強 asset 上鏈，下一步是更正式作為 collateral：從 parking cash 到被承認作 margin、repo、cleared derivatives 抵押，crypto 領域已可用。What we see is that now that we have a, I think, you know, a really strong asset on-chain, the next step is how we can use that asset more as a collateral. We're seeing, you know, the tokens from liquidity funds moving from just parking the cash to formally being recognized as collateral for margin, repo, cleared derivatives, and it's already available in the crypto space.
結語
但在更傳統領域，監管者也在看。自動化：machine-readable NAV 等資料可管理 vault。But, you know, in more traditional space, that's something that regulators are looking at as well. Automation. So now you have machine-readable NAV and, you know, overall data points that enable you to manage, you know, vaults as well with that asset.
有了 tokenized liquidity 這層 sequencing，也應出現更好產品，例如 tokenized multi-asset 等。收尾：Fidelity International 管理貨幣市場解決方案超過 30 年。And finally, as we have, you know, sequencing, meaning we have tokenized liquidity, so we should see as well better products built around it, so potentially, you know, tokenized multi-asset products, etc. So to close, Fidelity International, we have more than 30 years of experience in managing money market solutions.
國際端同一策略今天約 300 億美元，打包成這個 token。問題已不再是受監管、有收益的鏈上資產可不可行。We manage today 30 billion US dollars on the international side of the same strategy that has been packaged around this token. So really, the question is no longer whether regulated yield-bearing assets on-chain are possible.
它們已存在，FILQ 美元 token 就是證明。真正問題是你多快能整合進工作流程與 reserve。謝謝。They exist, and I think, you know, the FILQ U.S. dollar token is proof of that. It's really how quickly you can integrate that into your workflows and into your reserves. Thank you.
