Stablecoins的演變：從利基到主流採用

全球金融體係正處於深刻的變革之中。傳統的支付網絡正面臨新興替代方案的全面挑戰 -

Author: Alice

作者：愛麗絲

The global financial system is in the midst of a profound wave of change. Traditional payment networks are facing all-round challenges from emerging alternatives - stablecoins due to outdated infrastructure, lengthy settlement cycles and high fees. These digital assets are rapidly revolutionizing the mode of cross-modular value flow, the paradigm of corporate transactions and the way individuals obtain financial services.

全球金融體係正處於深刻的變革之中。傳統的支付網絡正面臨新興替代方案的全方位挑戰 - 由於過時的基礎設施，冗長的定居週期和高費。這些數字資產迅速徹底改變了跨模塊價值流，公司交易的範式以及個人獲得金融服務的方式。

In the past few years, stablecoins have continued to develop and have become an important underlying architecture for global payments. Large fintech companies, payment processors, and sovereign entities are gradually integrating stablecoins into consumer-facing applications and corporate funding flows. At the same time, a series of emerging financial tools, from payment gateways to deposit and withdrawal channels to programmable income products, have greatly improved the convenience of using stablecoins.

在過去的幾年中，Stablecoins繼續發展，並成為全球付款的重要基礎建築。大型金融科技公司，付款處理器和主權實體正在逐步將Stablecoins整合到面向消費者的應用程序和公司資金流中。同時，一系列新興的財務工具，從支付網關到存款和提款渠道到可編程收入產品，都大大改善了使用穩定的便利性。

This report deeply analyzes the stablecoin ecosystem from both a technical and commercial perspective. It studies the key players that shape this field, the core infrastructure that supports stablecoin transactions, and the dynamic needs that drive its application. In addition, it explores how stablecoins can give rise to new financial application scenarios and the challenges they face in the process of being widely integrated into the global economy.

該報告從技術和商業角度深入分析了Stablecoin生態系統。它研究了塑造該領域的關鍵參與者，支持穩定交易的核心基礎架構以及推動其應用程序的動態需求。此外，它探討了穩定幣如何引起新的財務應用方案以及他們在廣泛融入全球經濟的過程中所面臨的挑戰。

1. Why choose stablecoin payment?

1。為什麼選擇Stablecoin付款？

To explore the impact of stablecoins, it is first necessary to examine traditional payment solutions. These traditional systems include cash, checks, debit cards, credit cards, international wire transfers (SWIFT), automated clearing houses (ACH), and peer-to-peer payments. Although they have become part of everyday life, the infrastructure for many payment channels, such as ACH and SWIFT, has existed since the 1970s. Although groundbreaking at the time, most of these global payment infrastructures are now outdated and highly fragmented. In general, these payment methods are plagued by high fees, high friction, long processing times, the inability to achieve 24/7 settlement, and complex back-end procedures. In addition, they are often bundled (for a fee) with unnecessary additional services such as identity verification, lending, compliance, fraud protection, and bank integration.

為了探索穩定幣的影響，首先需要檢查傳統的支付解決方案。這些傳統系統包括現金，支票，借記卡，信用卡，國際電匯（SWIFT），自動化清算房（ACH）和點對點付款。儘管它們已成為日常生活的一部分，但自1970年代以來，許多支付渠道的基礎設施（例如ACH和Swift）已經存在。儘管當時開創性的，但這些全球支付基礎設施中的大多數現在已經過時並且高度分散。通常，這些付款方式受到高費用，高摩擦，較長的處理時間，無法實現24/7解決方案以及復雜的後端程序的困擾。此外，他們經常（收費）與不必要的其他服務（例如身份驗證，貸款，合規，欺詐保護和銀行集成）捆綁在一起。

Stablecoin payments are effectively solving these pain points. Compared with traditional payment methods, using blockchain for payment settlement greatly simplifies the payment process, reduces intermediate links, and achieves real-time visibility of capital flow, which not only shortens settlement time but also reduces costs.

穩定的付款正在有效地解決這些疼痛點。與傳統的付款方式相比，使用區塊鏈進行付款結算大大簡化了付款過程，減少了中間鏈接並實現了資本流的實時可見性，這不僅縮短了結算時間，而且還會降低成本。

The main advantages of stablecoin payments can be summarized as follows:

Stablecoin付款的主要優勢可以總結如下：

2. Stablecoin Payment Industry Landscape

2. Stablecoin支付行業格局

The stablecoin payment industry can be divided into four technology stack levels:

Stablecoin支付行業可以分為四個技術堆棧級別：

1) Layer 1: Application Layer

1）第1層：應用程序層

The application layer is mainly composed of various payment service providers (PSPs), which integrate multiple independent deposit and withdrawal payment institutions into a unified aggregation platform. These platforms provide users with convenient stable currency access, provide tools for developers developing at the application layer, and provide credit card services for Web3 users.

應用層主要由各種支付服務提供商（PSP）組成，該提供商將多個獨立的存款和提款機構集成到統一的聚合平台中。這些平台為用戶提供方便的穩定貨幣訪問，為在應用程序層開發的開發人員提供工具，並為Web3用戶提供信用卡服務。

a. Payment Gateway

一個。付款網關

A payment gateway is a service that facilitates transactions between buyers and sellers by securely processing payments.

付款網關是一項通過安全處理付款來促進買賣雙方之間交易的服務。

Notable companies innovating in this area include:

在這一領域創新的著名公司包括：

The field of payment gateway providers can be clearly divided into two categories (there is some overlap)

付款網關提供商領域可以清楚地分為兩類（有一些重疊）

1) Payment gateways for developers; 2) Payment gateways for consumers. Most payment gateway providers tend to focus more on one of these categories, thereby shaping their core products, user experience, and target market.

1）開發人員的支付網關； 2）消費者的支付網關。大多數支付網關提供商傾向於更多地關注其中一個類別，從而塑造其核心產品，用戶體驗和目標市場。

Payment gateways for developers are designed to serve enterprises, fintech companies, and businesses that need to embed stablecoin infrastructure into their workflows. They typically provide application programming interfaces (APIs), software development kits (SDKs), and developer tools to integrate into existing payment systems to enable features such as automatic payments, stablecoin wallets, virtual accounts, and real-time settlements. Some emerging projects that focus on providing such developer tools include:

開發人員的支付網關旨在為需要將Stablecoin基礎架構嵌入工作流程的企業，金融科技公司和企業提供服務。他們通常提供應用程序編程接口（API），軟件開發套件（SDK）和開發人員工具，以集成到現有的付款系統中，以啟用諸如自動付款，Stablecoin錢包，虛擬帳戶和實時結算之類的功能。一些專注於提供此類開發人員工具的新興項目包括：

Consumer-facing payment gateways are user-focused, providing a simple, easy-to-use interface for stablecoin payments, remittances, and financial services. They typically include mobile wallets, multi-currency support, fiat on/off ramps, and seamless cross-border transactions. Some notable projects focused on providing this simple payment experience to users include:

面向消費者的支付網關以用戶為中心，為Stablecoin付款，匯款和金融服務提供了簡單，易於使用的接口。它們通常包括移動錢包，多貨幣支持，命令開/關坡道以及無縫的跨境交易。一些著名的項目致力於向用戶提供這種簡單的付款經驗包括：

b. U card

b。 U卡

Crypto cards are payment cards that allow users to spend cryptocurrencies or stablecoins at traditional merchants. These cards are usually integrated with traditional credit card networks (such as Visa or Mastercard) to enable seamless transactions by automatically converting cryptocurrency assets into fiat currency at the point of sale.

加密卡是付款卡，允許用戶在傳統商人上花費加密貨幣或穩定幣。這些卡通常與傳統信用卡網絡（例如簽證或萬事達卡）集成在一起，以在銷售點自動將加密貨幣轉換為法定貨幣，從而實現無縫交易。

Projects include:

項目包括：

There are many cryptocurrency card providers, which mainly differ in the service areas and supported currencies, and usually provide low-fee services to end users to increase their enthusiasm for using cryptocurrency cards.

有許多加密貨幣卡提供商，主要在服務領域和支持的貨幣上有所不同，通常為最終用戶提供低收入服務，以增加他們使用加密貨幣卡的熱情。

2) Second Layer: Payment Processors

2）第二層：付款處理器

As a key layer of the stablecoin technology stack, payment processors are the backbone of payment channels, mainly covering two categories: 1. Deposit and withdrawal service providers 2. Stablecoin issuance service providers. They act as a key middle layer in the payment life cycle, connecting Web3 payments with traditional financial systems

作為Stablecoin技術堆棧的關鍵層，支付處理器是付款渠道的骨幹，主要涵蓋兩個類別：1。存款和提款服務提供商2。Stablecoin發行服務提供商。它們是付款生命週期中的關鍵中層，將Web3付款與傳統金融系統聯繫起來