距離貨幣的未來還有幾年，它的味道就像信任和包容

金錢是資源的巨大推動者和解放者。在每個數據和數字都將被追蹤的世界中，我們需要確保支付軌道安全、透明且適合宏觀和微觀。

The digital and globalized economy has brought about significant changes in the past thirty years. One of the most notable is the ability to access and consume content generated by users worldwide, thanks to the internet. This has led to the democratization and decentralization of information.

過去三十年來，數位化和全球化經濟帶來了重大變化。其中最值得注意的一項是透過網路存取和消費全球用戶產生的內容的能力。這導致了資訊的民主化和去中心化。

However, one piece was still missing: money. Companies like PayPal integrated payment into the whole internet movement, giving it an additional purpose: commerce. Websites quickly transformed from mere vitrines into profit and data centers. Trading could now be done 24/7, and the world was introduced to digital money and a global marketplace that became increasingly open and liquid. Total Marketing needs full liquidity of data and money flows. Are we there yet?

然而，仍然缺少一件：錢。像 PayPal 這樣的公司將付款整合到整個網路運動中，賦予它一個額外的目的：商業。網站迅速從單純的櫥窗轉變為利潤和資料中心。現在交易可以 24/7 進行，世界開始接觸數位貨幣，全球市場變得越來越開放和流動。全面行銷需要數據和資金流的充分流動性。我們到了嗎？

In 2023, PayPal launched its first stable coin, pegged to the US dollar (called PYUSD), and in 2024, the coin was added to Solana, another blockchain, in addition to Ethereum. The coin is available to the US market, and the move has brought over 300 million wallets on chain and reached more than $1 billion market capitalization within three weeks of launch. While in the old days, you would need a bank account to use PayPal (which is, to buy and sell anything online,) a blockchain-based currency opens up new entry points into the global economy. PYUSD, indeed, is exchangeable with other crypto currencies and functions exactly like one.

2023 年，PayPal 推出了第一個與美元掛鉤的穩定幣（稱為 PYUSD），2024 年，該幣被添加到除以太坊之外的另一個區塊鏈 Solana 中。該幣已在美國市場上市，推出後三週內，鏈上錢包已超過 3 億個，市值超過 10 億美元。在過去，您需要一個銀行帳戶才能使用 PayPal（即在線買賣任何東西），而基於區塊鏈的貨幣則為全球經濟開闢了新的切入點。事實上，PYUSD 可以與其他加密貨幣進行兌換，功能與其他加密貨幣完全相同。

The addition of Solana, which has been designed for high throughput and security, allows PayPal to compete, for example, with the Visa network, head to head. Is the financial sector ripe for disruption? Are we going to witness some kind of Star Wars, where financial giants must defend their kingdoms and fight for brand new territories, unveiled by exponential technologies?

Solana 的加入專為高吞吐量和安全性而設計，使 PayPal 能夠與 Visa 網路等進行正面競爭。金融業顛覆的時機是否已經成熟？我們是否會見證某種星際大戰，金融巨頭必須保衛自己的王國，為指數級技術揭開的全新領土而戰？

This is why we speak to Tom Rieder, serial entrepreneur and Managing Director at Tokengate, a platform that allows tokenization services, for example for real world assets (RWA,) or financial instruments. Tokengate is a major player in the Zug district and the whole blockchain global scene.

這就是為什麼我們採訪了 Tokengate 的連續創業家兼董事總經理 Tom Rieder，Tokengate 是一個允許代幣化服務的平台，例如現實世界資產 (RWA) 或金融工具。 Tokengate 是楚格地區乃至整個區塊鏈全球場景的主要參與者。

“Especially for cross-border transactions, there are a lot of middle men, filters and frictions. Technologies like blockchain make financial transactions frictionless. The potential and the tech capabilities have been built and are there. We have, however, the old banking and financial system, which still works and wants to keep their interests and fees intact. A financial revolution will not happen immediately,” says Rieder.

「尤其是跨境交易，存在大量中間商、過濾器和摩擦。區塊鏈等技術使金融交易變得毫無摩擦。潛力和技術能力已經建立並存在。然而，我們擁有舊的銀行和金融體系，它仍然有效，並且希望保持其利息和費用不變。金融革命不會立即發生，」里德說。

“The financial sector, by definition, is a labyrinth of regulations, and they differ at a market and nation level. Regulation is fundamental. We need strong anti-money-laundering laws, and we must eradicate large-scale criminality, which thrives in new and unregulated channels. The main point, however, of the whole decentralized finance movement (DeFi) is inclusion. We need to take care of those who are unbanked today, and have no chance to participate in the global economy, as the traditional system (Web2) cannot afford to let them in. All we are saying is to lower hurdles and costs, granted we need trust and safety, but we need everyone to join, which is not the case today,” highlights Rieder.

「從定義上來說，金融部門是一個監管的迷宮，而且它們在市場和國家層面上有所不同。監管是根本。我們需要強而有力的反洗錢法，我們必須消除在新的、不受監管的管道中猖獗的大規模犯罪行為。然而，整個去中心化金融運動（DeFi）的要點是包容性。我們需要照顧那些今天沒有銀行帳戶、沒有機會參與全球經濟的人，因為傳統系統（Web2）無法讓他們進入。個人都加入，但今天的情況並非如此，」Rieder 強調。

In the case of PYUSD, a stablecoin could be a good bridge between the traditional and the new finance worlds. It will drive adoption of digital assets thanks to its lower volatility, especially if tied to the likes of the US dollar. But, at the same time, it has all the advantages of crypto: safety, transparency, access, interoperability with top chains and tokens, perfect for micro-transactions and programmability, making trading almost like a commodity, therefore open to whoever has an internet connection. Are PayPal and the new digital financial players going to kill established banks?

就 PYUSD 而言，穩定幣可以成為傳統金融世界和新金融世界之間的良好橋樑。由於其較低的波動性，它將推動數位資產的採用，尤其是與美元等貨幣掛鉤時。但同時，它具有加密貨幣的所有優點：安全性、透明度、可訪問性、與頂級鍊和代幣的互通性，非常適合微交易和可編程性，使交易幾乎像商品一樣，因此向任何擁有網路的人開放聯繫。 PayPal 和新的數位金融參與者會殺死老牌銀行嗎？

“Commercial banks were born as local consultants, at the service of the community and fully trusting of their clients. They do have a pivotal role in our society, which is their trust and the proximity, thanks to their retail outlets. New banks have a very compelling edge, of course, but they need to gain the trust of fans and institutions. In the end, trust remains the only currency, so to speak, that any financial institution has to achieve, protect and nurture. There is room for innovative financial platforms in the future, especially for use cases where users are willing to be in control and need no help. These services will become commodities. But, things like wealth management, tax advisory, inheritance, investments will continue to need assistance, and most likely that human touch that we all need with managing our assets and shaping our future,” remarks Rieder.

「商業銀行作為本地顧問而誕生，為社區服務並充分信任客戶。他們確實在我們的社會中發揮關鍵作用，這要歸功於他們的零售店的信任和接近。當然，新銀行擁有非常引人注目的優勢，但它們需要獲得粉絲和機構的信任。可以說，最終，信任仍然是任何金融機構必須實現、保護和培養的唯一貨幣。未來創新金融平台還有空間，特別是使用者願意掌控且不需要協助的用例。這些服務將成為商品。但是，財富管理、稅務諮詢、繼承、投資等方面將繼續需要幫助，最有可能的是我們在管理資產和塑造未來時都需要的人情味。

Basic finance, which is also what the periphery of the world needs most urgently, will be outsourced to machines, with zero fees and rents. Traditional banks will adjust and focus on value added services. New banks will need to pass the stress tests of regulators to eat at the adults’ table. Technology will serve an economy that needs higher liquidity of data points and money flows. Same question as before: are we there

基礎金融，也是世界外圍國家最迫切需要的，將外包給機器，零費用和零租金。傳統銀行將調整並專注於增值服務。新銀行需要通過​​監管機構的壓力測試才能在成年人的餐桌上吃飯。科技將為需要更高數據點和資金流動性的經濟服務。和之前一樣的問題：我們在嗎？