穩定法的通過將基本上受益於主要受監管的參與者

穩定的透明度和對更好的分類帳經濟（穩定）法案的透明度和問責制的通過，將大大受益於主要受監管的參與者

The passage of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act would benefit major regulated players in the US financial and crypto sectors, according to a Nansen report.

根據Nansen的一份報告，穩定的透明度和對更好的分類帳經濟（Stable）法案的責任通過，將使美國金融和加密部門的主要受監管參與者受益。

The firm highlighted that the STABLE Act’s licensing and reserve requirements create a regulatory moat favoring established institutions already aligned with US compliance standards.

該公司強調，《穩定法案》的許可和儲備要求創造了一種監管護城河，偏愛已經與美國合規標准保持一致的已建立機構。

Additionally, the report predicted that Coinbase (NASDAQ:COIN) could be among the biggest winners in crypto. As a major distributor of USDC and a partner of Circle, the exchange’s model already fits the regulatory vision for fiat-backed stablecoins.

此外，該報告預測Coinbase（NASDAQ：COIN）可能是加密貨幣中最大的贏家之一。作為USDC的主要分銷商和Circle的合作夥伴，該交易所的模型已經適合菲亞特支持的Stablecoins的監管願景。

Coinbase’s custody and exchange operations may also see expanded demand for compliant storage solutions and increased liquidity consolidation.

Coinbase的監護權和交換業務可能還會看到對合規存儲解決方案的需求不斷擴大，並增加了流動性合併。

The STABLE Act proposes establishing a comprehensive federal framework for payment stablecoins, restricting issuance to licensed entities, and requiring full backing with cash or short-term Treasury securities.

《穩定法》提議為付款穩定幣建立全面的聯邦框架，限制對許可實體的發行，並需要提供現金或短期國庫券的全部支持。

Advantages for TradFi and crypto firms

Tradfi和加密公司的優勢

Payment companies such as PayPal (NASDAQ:PYPL), which issued PYUSD in collaboration with Paxos, are positioned to leverage new regulatory clarity to expand stablecoin-enabled payment services across peer-to-peer transfers, e-commerce, and cross-border transactions.

與PYUSD合作發行的PayPal（NASDAQ：PYPL）等付款公司的定位是利用新的監管清晰度，以擴大跨同伴轉移，電子商務和交叉交易的啟用StableCoin的支付服務。

Visa (NYSE:V) and Mastercard (NYSE:MA), which previously piloted stablecoin settlement projects, could further integrate regulated stablecoins into B2B payments, treasury management, and real-time settlement layers.

先前試行的Stablecoin和解項目的Visa（NYSE：V）和MasterCard（NYSE：MA）可以進一步將受監管的Stablecoins進一步整合到B2B付款，財政部管理和實時和解層中。

Traditional custodians, including BNY Mellon (NYSE:BNY) and State Street (NYSE:STT), as well as infrastructure providers like Nasdaq (NASDAQ:NDAQ), are poised to benefit from the demand for custody and compliance services. BNY Mellon’s relationship with Circle, managing USDC reserves, is a model for this emerging service line.

包括BNY Mellon（NYSE：BNY）和State Street（NYSE：STT）以及納斯達克（NASDAQ：NDAQ）等基礎設施提供商在內的傳統託管人，也有望從對監護和合規服務的需求中受益。 BNY Mellon與Circle（管理USDC儲備金）的關係是該新興服務線的模型。

Meanwhile, asset managers, like BlackRock (NYSE:BLK) and Charles Schwab (NYSE:CSCO), are also expected to benefit indirectly. As regulated stablecoin issuers park reserves in government money market funds, these firms may see increased inflows. BlackRock, which already manages USDC reserves, could expand its role in this area.

同時，貝萊德（NYSE：BLK）和查爾斯·施瓦布（Charles Schwab）（NYSE：CSCO）等資產經理也有望間接受益。隨著受監管的Stablecoin發行人公園在政府貨幣市場基金中的儲備，這些公司可能會看到流入增加。已經管理了USDC儲備的BlackRock可以擴大其在這一領域的作用。

Global and DeFi implications

全球和defi的含義

The report notes that international firms such as Payoneer, MUFG, and Nomura will benefit from using compliant stablecoin infrastructure for cross-border US dollar-denominated transfers.

該報告指出，諸如Payoneer，MUFG和Nomura之類的國際公司將從使用合規的Stablecoin基礎架構進行跨境美元計數的轉讓中受益。

In contrast, decentralized stablecoins such as DAI, crvUSD, and GHO, which do not meet the Act’s definition of payment stablecoins, will see a diminished role within US markets. These tokens will likely shift activity offshore, explore legal workarounds, or operate in a regulatory gray zone.

相比之下，不符合該法案對付款穩定的定義的Dai，Crvusd和Gho等分散的穩定者將在美國市場中的作用下降。這些令牌可能會在海外活動，探索法律解決方法或在監管灰色區域中運行。

The report expects lending protocols like Aave and Compound to adapt by prioritizing compliant stablecoins in their US offerings. At the same time, DEXs like Uniswap and Curve will need to geofence or de-emphasize pools tied to non-compliant assets.

該報告預計，諸如AAVE和COMPOUND之類的貸款協議可以通過優先考慮在美國產品中的合規性穩定劑來適應。同時，諸如UNISWAP和曲線之類的DEX將需要地理林或脫穎而出，以與不合規資產相關的池。

The STABLE Act also bans direct interest payments to stablecoin holders, restricting yield-bearing stablecoins like the Origin Dollar (OUSD) unless they register as securities with the SEC.

《穩定法》還將直接支付給穩定股持有人，除非在SEC中註冊為證券，否則限制了諸如原始美元（OUSD）之類的承重穩定股。

As a result, the future stablecoin market may favor tokenized money market funds and compliant DeFi lending products.Mentioned in this article

結果，未來的Stablecoin市場可能有利於標記的貨幣市場資金和合規性貸款產品。