穩定幣劇本：從數十億美元轉向數萬億美元

年輕一代是數位原住民，穩定幣是他們的天然貨幣。隨著人工智慧和物聯網的推動

Stablecoins, a critical component of the crypto ecosystem, have seen remarkable growth in recent years. Their ability to maintain a stable exchange rate against fiat currencies or other assets has made them a preferred medium for various use cases. This article provides a comprehensive overview of the stablecoin landscape, highlighting key opportunities and challenges in three distinct worlds: crypto-native, fully banked, and unbanked.

穩定幣是加密生態系統的重要組成部分，近年來取得了顯著的成長。它們相對法定貨幣或其他資產保持穩定匯率的能力使其成為各種用例的首選媒介。本文對穩定幣格局進行了全面概述，重點介紹了三個不同世界中的關鍵機會和挑戰：加密貨幣原生、完全銀行化和非銀行化。

In the crypto-native world, stablecoins serve as the gateway to decentralized finance (DeFi) applications. They play a crucial role in enabling a wide range of activities, including trading, lending, derivatives, and yield optimization strategies. Stablecoins competing in this space primarily focus on providing liquidity incentives and integrating with popular DeFi protocols.

在加密原生世界中，穩定幣充當去中心化金融（DeFi）應用程式的門戶。它們在促進各種活動（包括交易、借貸、衍生性商品和收益優化策略）方面發揮著至關重要的作用。在這個領域競爭的穩定幣主要專注於提供流動性激勵並與流行的 DeFi 協議整合。

Within the fully banked world, stablecoins offer the potential to enhance financial efficiency at scale. They are used extensively for B2B, P2P, and B2C payments, aiming to improve the speed, cost, and accessibility of transactions. Stablecoins in this domain prioritize regulatory compliance, licensing, and collaboration with banks, card networks, payment service providers, and merchants to achieve widespread adoption.

在銀行體系完整的世界中，穩定幣具有大規模提高財務效率的潛力。它們廣泛用於 B2B、P2P 和 B2C 支付，旨在提高交易的速度、成本和可近性。該領域的穩定幣優先考慮監管合規性、許可以及與銀行、卡片網路、支付服務提供者和商家的合作，以實現廣泛採用。

In the unbanked world, stablecoins provide a glimmer of hope for financial inclusion by enabling access to the dollar. They are used for a variety of purposes, including savings, payments, foreign exchange, and yield generation. Stablecoins in this context are particularly well-suited for grassroots marketing campaigns to drive awareness and adoption.

在沒有銀行帳戶的世界中，穩定幣透過提供美元來為金融包容性帶來一線希望。它們用於多種目的，包括儲蓄、支付、外匯和產生收益。在這種情況下，穩定幣特別適合草根行銷活動，以提高認知度和採用率。

Despite the vast opportunities presented by stablecoins, several challenges remain. In the crypto-native world, the limited applicability of on-chain applications and the high costs associated with on-chain liquidity guidance pose significant obstacles. Stablecoins must also navigate the complex regulatory landscape and the competitive dynamics among various types of stablecoins, including fiat-backed, over-collateralized, and synthetic stablecoins.

儘管穩定幣帶來了巨大的機遇，但仍存在一些挑戰。在加密原生世界中，鏈上應用程式的適用性有限以及與鏈上流動性指導相關的高成本構成了重大障礙。穩定幣還必須應對複雜的監管環境以及各類穩定幣之間的競爭動態，包括法幣支援、超額抵押和合成穩定幣。

In the fully banked world, the high costs and technical barriers associated with integrating stablecoins into existing financial systems, as well as the limited interest from major banks in issuing stablecoins, present challenges. Additionally, the regulatory environment for interest-bearing stablecoins and the potential impact on monetary policy and financial stability must be carefully considered.

在完全銀行化的世界中，將穩定幣整合到現有金融體系中的高成本和技術障礙，以及主要銀行發行穩定幣的興趣有限，都帶來了挑戰。此外，必須仔細考慮生息穩定幣的監管環境以及對貨幣政策和金融穩定的潛在影響。

In the unbanked world, stablecoins face the challenge of reaching the unbanked population at scale, particularly in regions with limited internet access and financial literacy. Furthermore, the high premiums paid for stablecoins in emerging markets can lead to distortions in the local economy and the creation of black markets for stablecoins.

在無銀行帳戶的世界中，穩定幣面臨大規模覆蓋無銀行帳戶人群的挑戰，特別是在網路存取和金融知識有限的地區。此外，新興市場為穩定幣支付的高溢價可能會導致當地經濟扭曲以及穩定幣黑市的產生。

Despite these challenges, the potential for stablecoins to revolutionize the financial world is undeniable. They offer a unique combination of benefits that can cater to the diverse needs of users across different worlds. As the regulatory landscape evolves and technological advancements continue to unfold, stablecoins are poised to play an increasingly pivotal role in shaping the future of finance.

儘管有這些挑戰，但穩定幣徹底改變金融世界的潛力是不可否認的。它們提供獨特的優勢組合，可以滿足不同世界使用者的不同需求。隨著監管環境的發展和技術的不斷進步，穩定幣將在塑造金融的未來方面發揮越來越關鍵的作用。