Nicht auf Deutsch verfügbar.
Vanessa Schöller
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- The market for tokenised money market funds (TMMFs) – money market funds (MMFs) whose shares are issued as tokens on distributed ledgers – remains small but is expanding rapidly. This article explores the specific design features of TMMFs, including the tokenisation of their underlying assets, liabilities and operational processes. It analyses key economic differences between TMMFs and traditional MMFs, with a particular focus on their implications for financial stability. Tokenisation has the potential to enhance efficiency by enabling faster settlement together with near-24/7 availability and programmability, while unlocking new use cases, such as employing TMMF tokens as collateral. However, TMMFs could also amplify risks related to liquidity mismatches and operational fragilities. A dedicated box in this article compares TMMFs with stablecoins, assessing their financial stability implications and interlinkages. Ultimately, the net financial stability impact of TMMFs will depend on how the market evolves, how it will affect prevailing business models and how it will integrate and interact with traditional financial markets.
- JEL Code
- G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 25 March 2026
- WORKING PAPER SERIES - No. 3205Details
- Abstract
- The smooth functioning of the repo market is essential to financial stability. However, the market has faced repeated episodes of stress in recent years. This paper examines the resilience of the euro-denominated repo market during recent episodes of elevated financial stress, drawing on transaction-level data and applying network analysis. The institutional repo network displays a core–periphery structure, with connectivity intensifying during stress periods. At the sectoral level, trading volumes and repo spreads remain broadly stable. For the euro repo market as a whole, financial stress is associated with lower spreads, consistent with the interpretation that the market functions as a shock absorber.
- JEL Code
- G01 : Financial Economics→General→Financial Crises
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy