穩定經濟的興起

全球金融體係正在發生深刻的變化。傳統的支付網絡正面臨著新興替代方案（穩定的基礎設施，冗長的定居週期和高成本）面臨的全面挑戰。

Author: Alice

作者：愛麗絲

The global financial system is undergoing profound changes. As traditional payment networks face comprehensive challenges—outdated infrastructure, lengthy settlement cycles, and high costs—emerging alternatives are rapidly innovating the modes of cross-border value flow, the paradigms of corporate transactions, and the ways individuals access financial services. These changes are converging around a new class of digital assets: stablecoins.

全球金融體係正在發生深刻的變化。隨著傳統的支付網絡面臨著全面的挑戰，即已建立的基礎設施，冗長的和解週期和高昂的成本 - 替代方案正在迅速創新跨境價值流的模式，公司交易的範式以及個人訪問金融服務的方式。這些變化正在圍繞一類新的數字資產：Stablecoins融合。

In recent years, stablecoins have continued to develop and have become an important underlying infrastructure for global payments. Major fintech companies, payment processors, and sovereign entities are gradually integrating stablecoins into consumer-facing applications and corporate cash flows. Meanwhile, a series of emerging financial tools, from payment gateways to deposit and withdrawal channels to programmable yield products, have greatly enhanced the convenience of using stablecoins.

近年來，Stablecoins繼續發展，並已成為全球支付的重要基礎設施。主要的金融科技公司，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現金流中。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產量產品，都大大提高了使用Stablecoins的便利性。

This report deeply analyzes the stablecoin ecosystem from both technical and business perspectives. It studies the key players shaping this field, the core infrastructure supporting stablecoin transactions, and the dynamic demand driving their applications. Additionally, it explores how stablecoins are giving rise to new financial application scenarios and the challenges they face in being widely integrated into the global economic process.

該報告從技術和業務角度深入分析了Stablecoin生態系統。它研究了塑造這一領域的主要參與者，支持穩定交易的核心基礎架構以及推動其應用的動態需求。此外，它探討了穩定幣是如何帶來新的財務應用方案以及他們在全球經濟過程中所面臨的挑戰所面臨的挑戰。

I. Why Choose Stablecoin Payments?

I.為什麼選擇Stablecoin付款？

To explore the impact of stablecoins, we first need to examine traditional payment solutions. These traditional systems include cash, checks, debit cards, credit cards, international wire transfers (SWIFT), Automated Clearing House (ACH), and peer-to-peer payments. Although they have become part of daily life, many payment channels, such as ACH and SWIFT, were invented in the 1970s. While they were groundbreaking at the time, most of these global payment infrastructures are now outdated and highly fragmented.

為了探索Stablecoins的影響，我們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，國際電線傳輸（SWIFT），自動化銷售公司（ACH）和點對點付款。儘管它們已經成為日常生活的一部分，但1970年代發明了許多付款渠道，例如ACH和Swift。儘管當時它們是開創性的，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。

Overall, these payment methods are plagued by high fees, high friction, long processing times, inability to achieve round-the-clock settlement, and complex backend processes. Additionally, they often bundle unnecessary extra services such as identity verification, lending, compliance, fraud protection, and bank integration.

總體而言，這些付款方式受到高費用，高摩擦，較長的處理時間，無法實現全天候和解的困擾以及復雜的後端流程。此外，他們通常會捆綁不必要的額外服務，例如身份驗證，貸款，合規，欺詐保護和銀行集成。

Enter stablecoins. Compared to traditional payment methods, using blockchain for payment settlement simplifies the process, reduces intermediaries, achieves real-time visibility of fund flows, shortens settlement times, and lowers costs.

輸入stablecoins。與傳統的付款方式相比，使用區塊鏈進行付款結算簡化了過程，減少了中介機構，實現了基金流量的實時可見性，縮短了和解時間和降低成本。

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：

| Category | Traditional Payment Methods

|類別|傳統的付款方式