Robinhood 聯手加密貨幣巨頭對抗穩定幣雙頭壟斷

Robinhood 與主要加密貨幣公司合作推出全球美元網絡，標誌著零售交易平台數位化的顯著擴展

Retail trading platform Robinhood has joined forces with major cryptocurrency firms Kraken, Paxos, and Galaxy Digital to launch the Global Dollar Network, a new initiative aimed at challenging the current stablecoin market duopoly held by Tether (USDT) and USD Coin (USDC).

零售交易平台Robinhood 與主要加密貨幣公司Kraken、Paxos 和Galaxy Digital 聯手推出Global Dollar Network，這是一項新舉措，旨在挑戰目前由Tether (USDT) 和USD Coin (USDC) 佔據的穩定幣市場雙頭壟斷地位。

The new network will introduce USDG, a regulated stablecoin fully issued by Paxos in Singapore with DBS Bank, Southeast Asia's largest bank, handling the reserve assets.

新網路將引入USDG，這是一種受監管的穩定幣，由Paxos在新加坡完全發行，並與東南亞最大的銀行星展銀行合作，處理儲備資產。

This marks Robinhood's most ambitious crypto-related venture since introducing cryptocurrency trading to its platform, and its involvement could significantly boost its competitive position in the digital payments space.

這標誌著 Robinhood 自將加密貨幣交易引入其平台以來最雄心勃勃的加密相關企業，其參與可能會顯著提升其在數位支付領域的競爭地位。

The company's pivot toward expanding its cryptocurrency offerings beyond simple trading services into more sophisticated financial products is also evident in this partnership.

該公司致力於將其加密貨幣產品從簡單的交易服務擴展到更複雜的金融產品，這在此次合作中也顯而易見。

Moreover, Robinhood's participation could help bring stablecoin technology to mainstream retail investors. With the platform boasting approximately 24 million users, they could potentially gain direct access to USDG, facilitating easier entry into the cryptocurrency ecosystem.

此外，Robinhood 的參與有助於將穩定幣技術帶給主流散戶投資者。該平台擁有約 2,400 萬用戶，他們有可能直接存取 USDG，從而更容易進入加密貨幣生態系統。

The launch of USDG comes at a crucial moment in the stablecoin market. Currently, USDT and USDC dominate the scene on Ethereum, accounting for over 80% of the market.

USDG的推出正值穩定幣市場的關鍵時刻。目前，USDT和USDC在以太坊上佔據主導地位，佔據了80%以上的市場。

However, both stablecoins have faced scrutiny over their regulatory status and the level of transparency in their operations.

然而，這兩種穩定幣都因其監管狀況和營運透明度而面臨審查。

The Global Dollar Network aims to provide a more equitable and transparent option for both retail and institutional users by introducing a regulated alternative with broad institutional backing.

全球美元網路旨在透過引入具有廣泛機構支持的受監管替代方案，為零售和機構用戶提供更公平和透明的選擇。

Several innovative features distinguish USDG from existing market offerings. Operating initially on the Ethereum blockchain, it maintains a 1:1 peg with the US dollar through a combination of dollar deposits, short-duration US government securities, and cash equivalents.

USDG 有多項創新功能有別於現有市場產品。它最初在以太坊區塊鏈上運營，透過美元存款、短期美國政府證券和現金等價物的組合，與美元保持 1:1 的掛鉤。

However, what sets USDG apart is its regulatory-first approach. By establishing operations in Singapore under Paxos's leadership, the stablecoin is positioning itself to comply with the Monetary Authority of Singapore's forthcoming stablecoin framework.

然而，USDG 的獨特之處在於其監管優先的方法。透過在 Paxos 的領導下在新加坡建立業務，穩定幣將自身定位為遵守新加坡金融管理局即將推出的穩定幣框架。

This strategic choice reflects a growing emphasis on regulatory compliance in the digital asset space.

這項策略性選擇反映了數位資產領域對監管合規性的日益重視。

"The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential," explained Arjun Sethi, Kraken's Co-CEO. “USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases.”

Kraken 聯合執行長 Arjun Sethi 解釋說：“受監管的穩定幣市場缺乏競爭，導致該行業無法充分發揮潛力。” “USDG 透過更公平的模式顛覆了這種動態，將主流參與者帶入生態系統並加速新的穩定幣用例。”

The network's partner ecosystem is a carefully orchestrated collaboration among industry leaders:

這個網絡的合作夥伴生態系統是產業領導者之間精心策劃的合作：

Kraken, the world's largest spot cryptocurrency exchange by volume, will integrate USDG into its trading platform, enabling its users to trade the stablecoin against a wide range of cryptocurrencies.

Kraken 是全球交易量最大的現貨加密貨幣交易所，它將將 USDG 整合到其交易平台中，使其用戶能夠將穩定幣與多種加密貨幣進行交易。

Paxos, a regulated blockchain infrastructure company and the issuer of USDG, will leverage its experience and capabilities in stablecoin operations and technology to ensure the smooth functioning and regulatory compliance of USDG.

Paxos是一家受監管的區塊鏈基礎設施公司，也是USDG的發行人，將利用其在穩定幣營運和技術方面的經驗和能力，確保USDG的順利運作和監管合規。

Galaxy, a leading merchant banking firm focused on digital assets, will spearhead the institutional adoption of USDG, facilitating its integration into payment networks and expanding its utility in the traditional financial sector.

Galaxy 是一家專注於數位資產的領先商業銀行公司，將帶頭推動 USDG 的機構採用，促進其融入支付網路並擴大其在傳統金融領域的效用。

DBS Bank, as the primary banking partner, will add a layer of traditional financial security to the project. The bank's reputation as Asia's safest bank for 16 consecutive years will lend significant credibility to USDG's reserve management.

星展銀行作為主要銀行合作夥伴，將為此專案增加一層傳統的金融安全保障。該銀行連續 16 年被譽為亞洲最安全銀行，這將為 USDG 的儲備管理帶來巨大的可信度。

Economic Model Innovation

經濟模式創新

One of the most revolutionary aspects of the Global Dollar Network is its economic model. In contrast to the traditional approach where stablecoin issuers retain all reserve-generated income, USDG will implement a unique profit-sharing structure that distributes these benefits among network participants.

全球美元網路最具革命性的方面之一是其經濟模式。與穩定幣發行人保留所有儲備產生的收入的傳統方法相反，USDG 將實施獨特的利潤分享結構，在網路參與者之間分配這些利益。

This approach is designed to incentivize adoption and create a more sustainable ecosystem.

這種方法旨在激勵採用並創建一個更永續的生態系統。

"Stablecoins are replatforming the financial system," noted Charles Cascarilla, Paxos CEO and Co-Founder. "Global Dollar Network will return virtually all rewards to participants and is open for anyone to join."

Paxos 執行長兼聯合創始人 Charles Cascarilla 表示：“穩定幣正在重塑金融體系的平台。” “全球美元網絡將幾乎所有獎勵返還給參與者，並向任何人開放加入。”

The network will operate through an invite-only phase for qualifying participants, but its architecture allows for future expansion to include additional custodians, exchanges, payment providers, merchants, and financial institutions.

該網路將透過僅限合格參與者的邀請階段進行運營，但其架構允許未來擴展，以包括更多託管人、交易所、支付提供者、商家和金融機構。

This scalable approach suggests a long-term vision for growing the ecosystem while maintaining operational integrity.

這種可擴展的方法表明了在保持營運完整性的同時發展生態系統的長期願景。