Ngā pūtea mākete moni vs hua stablecoin
He whakataurite pono mō te hua, te waihanga me te tūponotanga, tae atu ki ngā wā e pai ake ai te pūtea mākete moni.
Te papa reiti mai i Mahuru 2026 · USD, USDC rānei · E hiahiatia ana te KYB
Te putanga poto
- Ko te pūtea mākete moni (MMF), ehara i te pūkete arowhai, te paerewa tika mō tēnei hua. Mō te nuinga o āu moni ka noho tonu hei whakautu tika.
- Whakatauritea te kupenga ki te kupenga: ka whakaatu te pūtea i te hua o ngā rā e 7 o tētahi akomanga hea, i muri i ngā whakapaunga o taua akomanga, ā, i mua i te tāke.
- Ka utua e Coinstancy Pro te 6.00% o te huamoni ā-tau (APY) kāore he raka, ā, tae atu ki te 6.75% i te tekau mā rua marama, ka wātea ngā tangohanga i roto i te 48 hāora.
- Ka whakatau te pūtea i te rā kotahi, i te T+1 rānei (te rā mahi e whai ake nei), ā, kei a ia tētahi kōpaki whakahaere ture kāore mātou e whakatauira. Kāore tēnei hua i te inihua FDIC.
- Whakatau mā ia peere moni, kaua mā ia hua. Ko te nuinga o ngā pūtea kāwanatanga ka mutu ki runga i ngā rārangi neke atu i te kotahi o te tēpule whakatau.
Te āhua o te mahi o tētahi pūtea mākete moni.
Koinei te taputapu e whakatauritea ana mātou e te kaiwhakahaere pūtea, ehara i te pūkete arowhai. He hua pai, ā, ko te mōhio tika ki tāna mahi anake te huarahi ki te whakatau mēnā he mea tika kia noho tētahi atu mea ki tōna taha.
Pepa poto te wā, tino kounga: pire Pūtea, whakaaetanga hoko whakahoki kua whakamanaia e ngā peka kāwanatanga, tuhipoka whakahekenga umanga, ā, i roto i ngā pūtea matua, ngā tiwhikete putea pēke me te pepa arumoni. Ka inehia te roanga toharite taumaha ki ngā wiki, ehara i ngā tau.
Ka puta te pūtea i ngā mea e utua ana e aua taputapu, ka tangohia te ōwehenga whakapaunga. Kāore he huanga, kāore hoki he pūtea whakatairanga. Ina neke te pito poto o te ānau, ka whai te hua o te pūtea i roto i ngā wiki.
Ka whakahaerehia ngā pūtea a te kāwanatanga me ngā pūtea hokohoko ki te uara rawa neto (NAV) pūmau $1.00. Ko ngā pūtea matua me ngā pūtea taone o ngā whare whakangungu ka mau i tētahi NAV rere. I raro i te Ture 2a-7 a te Komihana Haumaru me te Whakawhiti (SEC), kua whakarerekētia e ngā whakahoutanga o Hūrae 2023, me whakamahi rātou i tētahi utu wē i te wā ka whiti ngā whakahekenga neto o ia rā i te paepae kua whakaritea e te ture.
He pūtea kua rēhitatia, he pukapuka whakamahere, he kaitiaki motuhake, he kaikaute, he whakapuaki pūtea ā-rā, me tētahi kaiwhakahaere. Ko taua takai he wāhanga tūturu o te mea e hoko ana koe, ā, ko te wāhanga kāore mātou e tāruarua.
Pūtea mākete moni. He pūtea kua rēhitatia e pupuri ana i ngā pepa wā poto. Ehara i te pūtea penapena, ehara i te inihua FDIC. Ka rereke te utu whakaputa i ia rā.
Pūtea putea moni. He hua pēke pēke me te reiti ka whakatauhia e te pēke, ka inihuatia e te Federal Deposit Insurance Corporation (FDIC) ki te $250,000 mō ia kaipupuri moni, mō ia pēke kua inihuatia, mō ia momo rangatiratanga. He momo rerekē, he reiti iti ake te nuinga: ko te reiti pēke ā-motu FDIC mō ngā pūtea putea moni he 0.63% i te 21 o Mahuru 2026.
Nga pire-T e pupuri tika ana.
Ko ngā nama o nāianei i ia pēke kei runga i te arotahi reiti mākete moni, me ngā tikanga sweep kei te arotahi pūkete sweep.
Te hua kupenga i muri i ngā utu i te tau 2026.
Whakatauritea te kupenga ki te kupenga. Ko te hua 7-rā matua o tētahi pūtea he kupenga i ngā whakapaunga o taua akomanga hea, ā, ko te akomanga hea i whakaurua koe ki roto, kāore i te nuinga o te wā te mea iti rawa te utu i runga i te pūtea kotahi.
Te tae ki te tau tūturu o te pūtea
Ko te mea e whiwhi ana ngā pīki, repo me ngā pepa o raro.
Deducted daily. The published 7-day SEC yield is already net of it, but only net of that share class’s expenses.
He iti ake te utu o ngā akomanga hea umanga, ā, me nui ake ngā iti rawa. Ko te akomanga sweep taunoa a te kaihokohoko te mea tino utu nui i runga i te pūtea kotahi.
Ko te moni whiwhi mai i ngā herenga tika a te Karauna i te nuinga o te wā kāore e pāngia e te tāke moni whiwhi a te kāwanatanga; ko te repo me te pepa matua kāore. I roto i te kāwanatanga tāke nui ka huri te rārangi. Pātai atu ki tō kaikaute, kaua ki a mātou.
Te taha Coinstancy Pro
Kaore i te whakapumautia, kaore i te inihua FDIC, a, ehara te huanga i te reiti putea. Ko te matiti i te Hepetema 2026. Ko nga reiti peeke me nga reiti putea kua whakaputaina, me nga puna korero, kei runga i te wharangi reiti.
Te āputa, e whakaaturia ana i ngā wāhi e rua
He whakaahua noa iho, ehara i te whakataurite kua whakahuahia. Ka whakapaetia he rerekētanga rua-piro, he huanga moni pūtea mākete moni whakaahua o te 4% ki te taumata kore-raka 6.00%, ka puritia mō te tau katoa, i mua i te tāke. Ko te 4% he whakapaetanga kua whakatakotoria tata ki te huanga par o te Pūtea Moni 3-marama o 4.25% i te 29 o Hepetema 2026 (Pūtea Moni o Amerika), ehara i te huanga pūtea kua whakahuahia: ka rere ngā huanga pūtea ia rā, ā, ko tō ake karaehe hea te mea nui. Whakamahia ō nama tūturu mā te tātaitai.
Liquidity compared: T+1 against 48 hours.
Ko te whakarāpopototanga pono: he tere ake, he māmā ake te matapae o te pūtea. Ko te pātai, he mea nui rānei te rerekētanga mō te wāhanga moni e whakatakotoria ana e koe.
| Āhuatanga | Pūtea mākete moni | Nga T-bills e puritia tika ana | Coinstancy Pro |
|---|---|---|---|
| Whakahokinga noa | Rā anō ka tutuki i a koe te tapahi, ki te kore, T+1 | I te paunga, he hoko rānei i te rā anō i te mākete tuarua | E wātea ana i roto i ngā hāora 48 |
| Te utu o te wehe wawe | Kāore he utu i ngā āhuatanga noa | Market price on sale; you can realise a loss if rates rose | Taumata kore-mau: kore. Taumata mau: ka whakahokia te moni whakapaunga, ka riro te moni whiwhi kua whakaemitia |
| Te whiunga ki te moni matua | Kore | Kore mena ka puritia ki te paunga | Kore |
| Ngā here e piri ana | Ka taea e ngā pūtea matua umanga me ngā pūtea tāone te tono utu waihanga here i raro i te 2a-7 | Te utu me te whakataunga mākete tuarua | Matapihi 48-hāora; ko te whakataunga pēke whakamua ka whai i te wātaka a tō ake pēke |
| Te matapae | Teitei me te tino tuhia | Teitei: kua whakaritea te rā pakeke | He matapihi, ehara i te whakawhiti inamata |
Te tikanga o ngā hāora 48
He wā tēnei e wātea ai te tangohanga, ehara i te whakawhitinga i te rā kotahi. I runga i tētahi taumata kua maukati, mēnā ka puta wawe, ka whakahokia katoatia tō pūtea, ā, ka ngaro te huamoni kua whakaemihia; kāore he whiu i runga i te pūtea matua. Ko te whakataunga whakamua ki tō pēke ka rere i runga i te wātaka ake a tō pēke’. Whakamaheretia kia hāngai ki te wā, kaua e whakahē; ko te whārangi o te pūnaha e whakaatu ana i ia hipanga.
Fund liquidity is not unconditional either
He mea tika kia whakahuahia mō te whakaoti, kaua hei whakahē i te pūtea: ka taea e ngā pūtea mākete moni matua me te taone nui te whakamahi i te utu waiwai herea ina nui ake ngā whakahekenga kupenga ā-rā i te paepae ture. Ko ngā pūtea kāwanatanga te mea e kōrerohia ana e te tangata ina kī ana he waiwai tonu te pūtea mākete moni, ā, mō rātou, i roto i te mahi, he pēnā tonu.
The nature of the risk: counterparty against smart contract.
Ehara ēnei i te mōrearea ōrite i ngā rahi rerekē. He āhua rerekē. Ko te mōrearea o tētahi pūtea ka horahia ki ngā kaiwhakaputa maha, ka puta hei rerekētanga iti; ko te ngoikoretanga o tētahi kawa he tata ki te rua, ā, ka taea te hono i ngā tūranga. Whakaritea te tohatoha ki te āhua, kaua ki te hua.
Ngā mōrearea o te pūtea
hoa rironga me te namaŌ mātou tūraru
kawa me te waehereKa hipokina ngā pūtea e OpenCover i runga i ngā Kawa Tairongo kua tautuhia e Coinstancy, i raro i ngā tikanga herenga, ngā here me ngā whakakorenga. Kei te whārangi hipoki te whānuitanga katoa; kei te whārangi kawa ngā paearu whiriwhiri kawa.
He aha te pūtea e hoatu ana ki a koe kāore mātou e hoatu
Ko te whakamarumaru mā tētahi kaupapa here he kupu whakaari whāiti ake i tētahi hanganga pūtea kua whakaritea, ā, he pai ake kia kī atu mātou i konei, kaua mā te puta i roto i tō komiti mōrearea.
Te tēpū whakatau.
Kāore te pātai e kī ana “pūtea, pūtea-mau tonu rānei”. Ko te peere moni e whakatakotoria ana e koe, me te here e herea tuatahi ana. Kimihia tō rārangi.
| Tō āhuatanga | Te wāhi e noho ana te moni | He aha |
|---|---|---|
| E hiahiatia ana te moni mō te utu kaimahi, ngā nama, tētahi tangohanga rānei i roto i ngā rā 30 | Pūtea mākete moni | Te whakataunga i te rā anō, i te T+1 rānei, ā, e rua ngā pīra o te hua i roto i te marama kotahi, kāore e tika ana kia ngaro te matapihi whakataunga e tūpono ai koe. |
| He rerenga moni e mōhiotia ana i tētahi rā e mōhiotia ana (tāke, whiwhinga, utunga hoko) | Te pīti-tārewa e pakeke ana i mua i taua rā | Ka ōrite te pakeketanga ki te nama. Kāore he mōrearea whakangao anō, kāore he whakatau wā hei mahi. |
| Ka whakawhāitihia e te kaupapa here pūtea ngā taputapu e tika ana ki ngā waka kua whakatauria, kua whakahaeretia rānei | Pūtea mākete moni | Kāore he mea hei tautohetohe. Whakarerekētia te kaupapa here i te tuatahi ki te hiahia koe, engari kaua e mahi huri noa i taua mea. |
| Rāhui kāore i pā atu koe i roto i te tau, te wā tino pāpōuri | Taumata kore-maukati i te 6.00% | Ka taea te tango moni i roto i ngā hāora 48, kāore he whakakore, ā, ka whakapiki te āputa i te wā e tatari ana te moni. |
| Rāhui kua āraitia mō te hauwhā neke atu rānei, me tētahi poari kua hainatia | Taumata maukati, 6.25% ki te 6.75% | The term fixes the rate. Early exit returns capital and forfeits accrued interest. That is the trade you are accepting. |
| Kua mau kē i a koe te USDC ā e noho koretake ana i roto i tētahi putea | Coinstancy Pro | Kāore he hurihanga, kāore he FX, me te whakamarutanga i ngā kaupapa kawa e kore koe e whiwhi i tēnei rā. |
| Kāore he hinonga e tika ana, kāore rānei e taea te whakaoti te manatoko Know Your Business (KYB) | Pūtea mākete moni | E hiahiatia ana te KYB i mua i te putunga tuatahi. Ki te kore, kāore he pūkete hei whakatuwhera. |
| Te toenga i runga ake i ngā rohe inihua e noho ana i roto i tētahi pūkete pēke whakahaere | Nukuhia atu i te tuatahi, kātahi ka whakatau | Ko te whakakotahitanga ki tētahi pēke kotahi te tūraru hei whakatika i te rā tuatahi. Mā te pūtea mākete moni, mā te horoinga moni inihua rānei e mahi ai tērā. Ko te tohatoha i tētahi wāhanga te whakatau tuarua, ehara i te mea tuatahi. |
Ka mutu te nuinga o ngā pūtea ki runga i te rārangi neke atu i te kotahi. Ka noho te moni whakahaere me te putea mō te wā poto ki roto i te pūtea; ko te pūtea rahui anake kua tino noho mārō ka tohatohahia. Ko tērā wehenga te whakamahinga e whakaarohia ana: tirohia te whakataurite pēke me te whakaritenga horoi.
The cases where the money market fund wins.
E ono ngā āhuatanga e tika ake ai te pūtea, kāore mātou e tika. Mēnā kei te whakaahua tētahi o ēnei i tō moni, noho tonu ki tō wāhi. Kāore he putanga o tēnei whārangi e kī ana he rerekē.
Ko tō mātou matapihi tangohanga he 48 hāora, ā, he matapihi tērā, ehara i te pātene. Mēnā ka hiahiatia te moni i taua ahiahi anō, ko te pūtea te taputapu tika, kāore mātou.
E rua ngā ira i runga i te $50,000, āhua $1,000 ia tau i mua i te tāke, i runga i te whakaaturanga anō i whakamahia i runga ake nei. Kāore tērā e utu mō tētahi kōnae KYB, tētahi whakatikatika kaupapa here, me tētahi hoa whakawhiti hou i roto i ō whakahaere.
A money market fund generally qualifies as a cash equivalent on the balance sheet. A stablecoin position generally does not, and your auditor makes that call, not us. If the classification matters to a covenant or a reporting line, the fund wins outright.
A prospectus, a custodian, an auditor, daily holdings disclosure and a regulator with jurisdiction. Those are real protections. We are covered through OpenCover for specific protocol events, which is a narrower thing and not a substitute.
Ko te wehenga o te moni pūmau tūāpapa ehara i te kaupapa kua hipokina. Mēnā ka whakaarohia e tō kaupapa here he kore e whakaaetia tērā tūponotanga (he tūnga ka taea te wawao), kāore he nui o te huamoni e whakatau i tērā.
When the short end pays well, the gap narrows and the case for taking additional risk gets weaker on its own terms. With the 3-month Treasury par yield at 4.25% on September 29, 2026 (US Treasury), the gap to the 6.00% no-lock tier is under two points. That arithmetic runs against us and we would rather you check it than take our word for it.
Ā, ki ō mātou whakaaro, he wāhi tika tēnei mō mātou
Ko tētahi take, e kīia ana i runga i te āhua whāiti rawa e taea ana e mātou te tiaki: he rāhui kāore i pākia e koe mō ngā wāhanga e rua, e toru rānei, e puritia ana e tētahi hinonga e taea ana te whakaoti i tētahi KYB, i raro i tētahi kaupapa here pūtea e whakaae ana ki tētahi tohatoha pēke-kore kua tautuhia me tētahi taupoki. Mō taua wāhanga, 6.00% me te kore maukati, ki te 6.75% rānei i ngā marama tekau mā rua, me te whakaurunga mā OpenCover i ngā kaupapa kawa, he hokohoko e tika ana kia whakatakotoria ki mua i tētahi poari. Ko ētahi atu mea katoa i roto i tō pūtea, me noho tonu pea ki te pūtea
Ngā puna me ngā pānuitanga atu anō
Ka whakawhirinaki ngā tatauranga me ngā kerēme o tēnei whārangi ki ngā tuhinga kei raro nei. Ka neke ngā tatauranga pā ki te wā (reiti, hua, utu, raraunga mākete): tirohia te uara ora i te puna i mua i te mahi.
- SEC, Money market fund rules (Rule 2a-7 and the July 2023 reforms)sec.gov
Ngā momo pūtea uara rawa mārō me te tere, me te utu waiwai herenga mō ngā pūtea tūmatanui me ngā pūtea kaunihera.
- US Treasury, Ngā reiti ā-tau o te kurupae utu a Treasury o ia rāhome.treasury.gov
3-marama te pihi utu a te Treasury o 4.25% i te 29 o Hepetema 2026, te paerewa i muri i te reiti pēke 4% whakaahua i whakamahia i roto i te tatauranga.
- FDIC, Ngā reiti ā-motu me ngā tāpiringa reitifdic.gov
Ngā reiti putunga ā-motu i te 21 o Mahuru 2026: 0.37% mō ngā pūkete penapena me te 0.63% mō ngā pūkete pūtea hokohoko.
- FDIC, Inihua pūteafdic.gov
Standard insurance amount of $250,000 per depositor, per insured bank, per ownership category, and what FDIC coverage does not apply to.
- Te Pēke Matua, ngā whakahaerenga mākete tuwherafederalreserve.gov
Te awhe whāinga o ngā pūtea a te Pēke Matua mai i te 3.75% ki te 4.00% mai i te 17 o Hepetema 2026, te reiti kaupapa here kei muri i ngā reiti tāpui me ngā pire T i whakahuahia nei.
- Circle, te mārama o USDCcircle.com
Ngā whakaaturanga rahui USDC. E tautoko ana i te mōrearea whakaheke o te moni pūmau e whakaahuatia ana i tēnei whārangi, kāore nei i te kapi i te inihua.
I arotakea whakamutunga: Mahuru 2026. Ka whakatuwheratia ngā hononga o waho ki tētahi tihopa hou; kāore a Coinstancy e whai kawenga mō ō rātou ihirangi.
Tonoa te urunga, ka pātai rānei i ngā pātai uaua i te tuatahi.
Whakatuwheratia he pūkete tika. Mēnā e hiahia ana tō rōpū pūtea ki ngā kupu whakamarumaru me ngā whakaritenga KYB i mua i tērā, ka taea e tō mātou rōpū te whakautu mā te whārangi whakapā.