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 te paearu tika mō tēnei hua — ehara i te pūtea tirotiro — ā, mō te nuinga o ō 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 utu a Coinstancy Pro i te 6.00% me te kore rākau, ā, tae atu ki te 6.75% i ngā marama tekau mā rua, me ngā tangohanga e wātea ana i roto i ngā hāora 48.
- Ka whakataunga te pūtea i te rā anō, i te T+1 rānei, ā, he kōpaki whakahaere tōna kāore mātou e tāruarua. 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 ai tatou e te kaiwhakahaere pūtea — ehara i te pūkete tirotiro. He hua pai, ā, ko te mōhio pū ki tāna mahi anake te huarahi e whakatau ai mehemea me noho tētahi mea ki tōna taha.
He pepa poto te wā, he kounga teitei: Pūtea Tārewa, whakaaetanga hoko-hoki e whakamana ana i ngā pūtea kāwanatanga, pukapuka whakahekenga umanga, ā, — i roto i ngā pūtea matua — tiwhikete pūtea pēke me pepa arumoni. Ka inea te pakeke toharite i roto i ngā wiki, kaua 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.
Ko ngā pūtea a te kāwanatanga me ngā pūtea hokohoko e whakahaeretia ana ki te $1.00 uara rawa neto pūmau. Ko ngā pūtea matua umanga me ngā pūtea tāone e mau ana i te NAV mānehu, ā, i raro i ngā ture 2a-7 a te SEC, ka taea te tono utu waihotanga herea ina whiti ngā whakawhitinga utu ā-rā i te paepae.
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.
Pūkete mākete moni. He hua pūtea pēke me te reiti ka whakaritea e te pēke, ka inihuatia e FDIC ki te taumata. He momo rerekē, he iti ake te reiti i te nuinga o te wā.
Nama T e puritia tika. He herenga tika nā te US Treasury me te paunga kua whakaritea. Kāore he utu pūtea, kāore he kaiwhakahaere pūtea, kāore hoki he moni wātea i ia rā ki te kore koe e hoko.
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.
Ka tangohia ia rā. Ko te hua SEC 7-rā kua whakaputaina kua heke iho i a ia — engari ko te hekenga o ngā whakapaunga o taua akomanga hea anake.
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
Kāore i te whakapumautia, kāore i te inihuatia e FDIC, ā, ehara te hua i te reiti pūtea moni. Te papa mō Mahuru 2026. Ka whakahoutia ia marama ki ngā reiti pānuitia o ngā pēke me ngā pūtea i te whārangi reiti, me ngā puna kōrero.
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 | Te utu mākete i te hokonga — ka ngaro pea he moni ki a koe mena i piki ake ngā reiti | 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 rawa — kua whakaritea te rā paunga | He matapihi, ehara i te whakawhiti inamata |
Fund liquidity is not unconditional either
Worth stating for completeness rather than as a point against the fund: institutional prime and municipal money market funds can apply a mandatory liquidity fee when daily net redemptions exceed the regulatory threshold. Government funds are the ones people mean when they say a money market fund is always liquid — and for them, in practice, it is.
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 whakahaerehia te kapinga mā OpenCover, tae atu ki te 100% o te uara USD, i runga i ngā tikanga o te kaupapa here, ngā rohe me ngā whakakahoretanga. Kei te whārangi kapinga 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 te rā e mōhiotia ana — te tāke, te whiwhinga, te utu wāhanga | 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% | Ko te wā e whakatika ana i te reiti. Ko te putanga wawe ka whakahoki i te moni whakapaunga me te ngaro o te huamoni kua whiwhi — ko te tauhokohoko e whakaae ana koe. |
| 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 whai mana, kāore rānei e taea te whakaoti te 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. |
The cases where the money market fund wins.
E ono ngā āhuatanga e pai ake ai te pūtea, kāore mātou. Mēnā ko tētahi o ēnei e whakaahua ana i tō moni, noho tonu ki tō wāhi — kāore he putanga o tēnei whārangi e tohe ana i tua atu.
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 — a narrower thing, and it is not a substitute.
Depeg of the underlying stablecoin is not a covered event. If your policy treats that exposure as unacceptable — a defensible position — then no amount of yield resolves it.
Ina pai te utu o te pito poto, ka whāiti te āputa, ā, ka ngoikore ake te take mō te tango i te mōrearea atu anō i runga i ōna ake tikanga. Ka whawhai taua tatauranga ki a mātou, ā, he pai ake kia tirohia e koe i te whakapono ki ā mātou kōrero.
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
Tonoa te urunga, ka pātai rānei i ngā pātai uaua i te tuatahi.
Whakatuwherahia tētahi pūkete tika. Mēnā e hiahia ana tō rōpū pūtea ki ngā tikanga kapinga me ngā whakaritenga KYB i mua i tērā, ko te waea atu te huarahi tere ake.