代币化基金竞逐，争的不只是规模
货币基金正在从一个"获取收益的工具"，变成机构数字资金体系里的中间层。规模最大的美国拿到了先发优势，却不是每一条规则都能自己定。
Tokenized fund race: it's about more than scale
Money market funds are shifting from a 'yield tool' to an intermediary layer in institutions' digital money systems. The US, with the largest scale, has first-mover advantage—but can't set every rule itself.