Stablecoins的作用正在擴展到加密市場，並引起傳統金融機構的關注

Stablecoins的作用正在擴展到加密市場之外，並引起傳統金融機構的關注。同時，來自歐洲和美國的新法規

The role of stablecoins is expanding beyond the crypto market and attracting attention from traditional financial institutions, especially with new regulations from Europe and the US that could make stablecoins more useful in the real world. However, these regulations also pose challenges for stablecoin issuers like Tether and Circle.

Stablecoins的作用正在擴展到加密市場之外，並引起了傳統金融機構的關注，尤其是歐洲和美國的新法規，這些法規可能會使Stablecoins在現實世界中更有用。但是，這些法規也對Tether和Circle等Stablecoin發行人構成了挑戰。

Currently, Tether’s USDT and Circle’s USDC dominate the stablecoin market capitalization, but many experts believe this could change in the future. A recent PitchBook report highlighted that the top 10 stablecoins have a total market capitalization of about $220 billion, up from less than $120 billion two years ago. Tether alone accounts for nearly 65% of this total, while USDC holds another 25%.

目前，Tether的USDT和Circle的USDC主導了Stablecoin市值，但許多專家認為這將來可能會發生變化。最近的一份推銷報告強調，前十名穩定的穩定股的總市值約為22.2億美元，高於兩年前不到1200億美元。僅繫繩佔該總數的近65％，而USDC則佔了25％。

The report also noted that fiat-backed stablecoins are the most common, making up around 95% of the total supply. But this high concentration carries risks, according to PitchBook Senior Analyst Robert Le.

該報告還指出，最常見的是菲亞特支持的穩定蛋白，約佔總供應量的95％。但是，根據PitchBook高級分析師Robert Le的說法，這種高集中的風險。

“Another major risk is centralization, in which a single entity such as Tether or Circle controls the minting and burning of tokens, raising concerns about decision-making and conflict of interest. An issuer might halt redemptions or freeze funds under regulator pressure, hurting legitimate holders,” Le explained.

“另一個主要風險是集中化，其中一個單一的實體（例如，繫繩或圓圈）控制著令牌的鑄造和燃燒，引起了人們對決策和利益衝突的關注。發行人可能會在監管機構壓力下停止贖回或凍結資金，從而損害合法持有人。” Le解釋說。

Legal risks are also becoming more apparent as US regulators draft specific rules for stablecoins. Several bills, including FIT21, GENIUS, and STABLE, are being discussed. The US is expected to introduce stablecoin-specific legislation next year, legalizing stablecoins but imposing stricter requirements on issuers, such as higher reserve standards, mandatory audits, and increased transparency.

隨著美國監管機構起草特定規則，法律風險也變得越來越明顯。正在討論包括Fit21，Genius和Stable在內的幾項法案。預計明年美國將引入特定於Stablecoin的立法，使STABLECOIN合法化，但對發行人（例如更高的儲備標準，強制性審計和提高透明度）施加更嚴格的要求。

In contrast, the EU’s MiCA regulations require stablecoins to meet banking-like standards, which Tether has chosen to avoid by exiting the European market.

相比之下，歐盟的雲母法規要求穩定的木幣符合類似銀行業的標準，而Tether選擇通過退出歐洲市場來避免這種標準。

As traditional financial institutions enter the market, they might prefer cooperating with issuers like Circle, which complies with US regulations and has partnerships with traditional institutions.

隨著傳統金融機構進入市場，他們可能更喜歡與諸如Circle這樣的發行人合作，該公司符合美國法規，並與傳統機構建立合作夥伴關係。

A report from Ark Invest revealed that in 2024, the total annual transaction volume of stablecoins reached $15.6 trillion—equal to 119% of Visa’s volume and 200% of Mastercard’s. Despite this, the number of stablecoin transactions remains relatively low at 110 million per month, only 0.41% of Visa’s and 0.72% of Mastercard’s.

ARK Invest的一份報告顯示，2024年，Stablecoins的年度交易量達到15.6萬億美元，相當於Visa量的119％，佔Mastercard的200％。儘管如此，穩定幣交易的數量仍然相對較低，為每月1.1億，僅佔簽證的0.41％，佔萬事達卡的0.72％。

This suggests that the average stablecoin transaction value is significantly higher than those of Visa and Mastercard.

這表明平均穩定交易值顯著高於Visa和MasterCard。

Moreover, major banks like BBVA and Standard Chartered are considering launching their own stablecoins. PayPal has already introduced PYUSD, while Visa is developing the Visa Tokenized Asset Platform (VTAP) to help banks issue stablecoins. Notably, Bank of America (BoA) recently pledged to launch a stablecoin if new US regulations permit.

此外，BBVA和標準包機等主要銀行正在考慮推出自己的Stablecoins。 PayPal已經引入了Pyusd，而Visa正在開發Visa令牌資產平台（VTAP），以幫助銀行發行Stablecoins。值得注意的是，如果新法規允許，美國銀行（BOA）最近承諾發起Stablecoin。

In addition, investment giants such as BlackRock, Franklin Templeton, and Fidelity are offering tokenized money market funds. These funds function similarly to stablecoins and could directly compete with USDC and USDT.

此外，貝萊德（Blackrock），富蘭克林·鄧普頓（Franklin Templeton）和富達（Fidelity）等投資巨頭還提供令牌化的貨幣市場基金。這些資金的運作與Stablecoins相似，並且可以直接與USDC和USDT競爭。

“We further expect that every major financial platform or fintech app will seek to launch its own stablecoin, hoping to lock users into seamless payment ecosystems. However, we believe only a handful of trusted issuers—those with regulatory greenlights, recognized brands, and proven technological reliability—will ultimately capture the majority of market share.”

“我們進一步期望每個主要的金融平台或金融科技應用程序都將尋求啟動自己的Stablecoin，希望將用戶鎖定到無縫的支付生態系統中。但是，我們認為只有少數值得信賴的發行人（帶有監管綠燈，公認的品牌和可靠的技術可靠性）最終將最終抓住大部分市場份額。”