為什麼 Ripple 的 RLUSD 是“特洛伊木馬”

激進創投公司 Cinneamhain Ventures (CEHV) 的合夥人 Adam Cochran 在 YouTube 上最新的影片分析中描述了 Ripple 新推出的穩定幣

Adam Cochran, partner at Cinneamhain Ventures (CEHV), an activist venture capital firm, described Ripple’s newly launched stablecoin, RLUSD, as a “Trojan Horse” poised to transform both decentralized finance (DeFi) and traditional banking sectors.

激進創投公司 Cinneamhain Ventures (CEHV) 的合夥人 Adam Cochran 將 Ripple 新推出的穩定幣 RLUSD 描述為“特洛伊木馬”，準備改變去中心化金融 (DeFi) 和傳統銀行業。

In his latest video analysis on YouTube, Cochran highlighted the strategic significance of RLUSD, stating, “It’s something that no one’s really talking about but it could dramatically revolutionize the position of Ripple in the marketplace.” He elaborated that while the crypto community remains largely focused on XRP’s price movements and its upcoming programmability upgrades, RLUSD marks a fundamental shift within the XRP Ledger (XRPL) ecosystem.

在 YouTube 上最新的視頻分析中，Cochran 強調了 RLUSD 的戰略意義，並表示：“雖然沒有人真正談論它，但它可能會極大地改變 Ripple 在市場中的地位。”他闡述說，雖然加密社群仍然主要關注 XRP 的價格走勢及其即將推出的可編程性升級，但 RLUSD 標誌著 XRP Ledger (XRPL) 生態系統內的根本性轉變。

Crucially, RLUSD differentiates itself from other stablecoins by adhering to stringent regulatory standards. As Cochran noted, “RLUSD isn’t just another USDC clone; this is getting more into the original Paxos stablecoin that’s NYDFS regulated, custodian issued, backed by secure cash assets.”

至關重要的是，RLUSD 透過遵守嚴格的監管標準來區別於其他穩定幣。正如 Cochran 所指出的，「RLUSD 不僅僅是 USDC 的另一個克隆；這將更多地涉及由 NYDFS 監管、由託管人發行、由安全現金資產支持的原始 Paxos 穩定幣。

The stablecoin is exclusively backed by real US cash equivalents, which are held in US banks that are registered with regulators and subject to regular audits. This regulatory compliance ensures that RLUSD meets stringent monetary transfer licenses, including a Virtual Asset Service Provider (VASP) license, which would enable its use by EU exchanges and banks.

該穩定幣完全由真實的美國現金等價物支持，這些現金等價物存放在已向監管機構註冊並接受定期審計的美國銀行中。這種監管合規性確保 RLUSD 滿足嚴格的貨幣轉移許可證，包括虛擬資產服務提供者 (VASP) 許可證，這將使其能夠被歐盟交易所和銀行使用。

Furthermore, unlike other stablecoins such as Tether (USDT), RLUSD is set to be issued on both the XRP Ledger and the Ethereum blockchain. In Cochran’s words, “Something that stood out to me is that while it’s being issued on the XRPL, Ripple is making sure they themselves capture it and can provide more value into the ecosystem.”

此外，與 Tether (USDT) 等其他穩定幣不同，RLUSD 將在 XRP Ledger 和以太坊區塊鏈上發行。用 Cochran 的話來說，“令我印象深刻的是，雖然它是在 XRPL 上發行的，但 Ripple 正在確保他們自己捕獲它並能為生態系統提供更多價值。”

According to Cochran, RLUSD is integral to unlocking the vast multi-trillion dollar Forex markets on the blockchain without the need for advanced technological upgrades. “This stablecoin is going to open up the ability for real-world asset (RWA) issuers, Forex issuers, currency issuers, and other programs to be able to price on a native AMM their assets in the US dollar,” he remarked.

根據 Cochran 的說法，RLUSD 是在區塊鏈上解鎖龐大的數萬億美元外匯市場不可或缺的一部分，而無需進行先進的技術升級。他表示：“這種穩定幣將為現實世界資產 (RWA) 發行人、外匯發行人、貨幣發行人和其他項目提供能力，使其能夠在本地 AMM 上以美元對其資產進行定價。”

With the introduction of RLUSD, assets can be priced in US dollars directly on the XRPL’s Automated Market Maker (AMM), which is expected to attract institutional trading and Forex settlement activities. As Cochran elaborated, “This opens up the possibility for a yield to come back into the XRP ecosystem, which Ripple can begin to benefit from and put that back into the ecosystem.”

隨著RLUSD的推出，資產可以直接在XRPL的自動做市商（AMM）上以美元定價，這有望吸引機構交易和外匯結算活動。正如 Cochran 所闡述的那樣，“這為 XRP 生態系統帶來了收益的可能性，Ripple 可以開始從中受益，並將其放回生態系統中。”

He suggests that the stablecoin could ultimately enhance liquidity on-chain, which is currently limited to opaque exchange balances:

他認為穩定幣最終可以增強鏈上的流動性，目前僅限於不透明的交易餘額：

“What we’ve seen is that sophisticated participants don’t want to have an AMM that trades against XRPA as the underlying currency. They want to be able to price their assets in the US dollar and until the launch of RLUSD that was something that wasn’t possible. But now, this stablecoin is going to open up the ability for RWA assets, Forex issuers, currency issuers and other programs […] to allow Ripple to bring a lot of their overall liquidity on-chain.”

「我們看到的是，經驗豐富的參與者不希望 AMM 與 XRPA 作為基礎貨幣進行交易。他們希望能夠以美元對資產進行定價，但在 RLUSD 推出之前這是不可能的。但現在，這種穩定幣將為 RWA 資產、外匯發行商、貨幣發行商和其他項目開放能力 [...]，使 Ripple 能夠將大量整體流動性帶入鏈上。

It is worth noting that Ripple has consistently targeted institutional clients, including banks, financial institutions and Forex traders, in its strategic initiatives. Cochran highlighted the importance of regulatory compliance in this regard, stating, “If Ripple can get their MA compliance approved and be offered in the EU and bring this stablecoin to diverse markets, they have a great opportunity to get these providers to integrate Ripple’s Network by offering them on-chain yield and sharing of that yield.”

值得注意的是，Ripple 的策略性舉措始終以機構客戶為目標，包括銀行、金融機構和外匯交易商。 Cochran 強調了監管合規性在這方面的重要性，他表示：「如果Ripple 能夠獲得MA 合規性批准並在歐盟提供服務，並將這種穩定幣推向不同的市場，那麼他們就有很好的機會讓這些提供者透過以下方式整合Ripple 的網路：為他們提供鏈上收益並分享該收益。

Moreover, the company’s focus on programmability through upcoming features like Hooks and an Ethereum Virtual Machine (EVM) sidechain is expected to further enhance RLUSD’s utility. “Ripple still really needs hooks and their EVM sidechain to perform well, get the programmability in place to be able to offer more sophisticated DeFi products,” Cochran noted.

此外，該公司透過即將推出的 Hooks 和以太坊虛擬機 (EVM) 側鍊等功能來專注於可程式性，預計將進一步增強 RLUSD 的實用性。 Cochran 指出：“Ripple 仍然確實需要 hooks 及其 EVM 側鏈才能表現良好，獲得適當的可編程性，以便能夠提供更複雜的 DeFi 產品。”

In conclusion, Cochran’s analysis underscores the significant opportunity presented by RLUSD within the global stablecoin market, which is currently dominated by Tether (USDT) and USD Coin (USDC), particularly in the EU with its stringent regulatory frameworks. As Cochran estimated, “If Ripple was to issue the same amount of stablecoins as Tether does nowadays, they’d be looking at something like $5 billion a year potentially in yield gains.”

總而言之，Cochran 的分析強調了 RLUSD 在全球穩定幣市場中帶來的重大機遇，目前該市場由 Tether (USDT) 和 USD Coin (USDC) 主導，特別是在監管框架嚴格的歐盟。正如 Cochran 估計的那樣，“如果 Ripple 發行與 Tether 目前相同數量的穩定幣，他們每年可能會獲得 50 億美元的收益收益。”

Crucially, Cochran also highlighted the competitive edge that RLUSD could provide to Ripple, stating, “These are the type of asset issuers that care about RWA issuance, Forex settlement and interchange […] something that no

至關重要的是，Cochran 也強調了 RLUSD 可以為 Ripple 提供的競爭優勢，他表示：「這些資產發行人關心 RWA 發行、外匯結算和交換 [...]