Stablecoins：加密社區的未來是分歧的

穩定劑無處不在。富裕的企業和風險投資人將它們視為掙扎於過時的支付系統的公司的銀彈。

Stablecoins are quickly becoming the new normal in the world of finance. But what does the future hold for these digital assets? Some experts are optimistic, predicting that stablecoins will continue to grow in popularity and use. Others are more cautious, expressing concerns about regulatory hurdles and the potential for stablecoins to disrupt the financial system.

穩定幣正迅速成為金融界的新常態。但是這些數字資產的未來有什麼影響？一些專家很樂觀，預測Stablecoins將繼續在受歡迎程度和使用中增長。其他人則更加謹慎，對監管障礙的擔憂以及穩定幣破壞金融體系的潛力。

One thing is for sure: stablecoins are here to stay. In Q1 2024, market activity hit record highs with $5.5 trillion in transactions. Of this total, stablecoins accounted for an impressive 70% of the indirect flows from Brazil’s local exchanges to global exchanges.

可以肯定的是：Stablecoins在這裡留下來。在2024年第1季度，市場活動以5.5萬億美元的交易創下歷史新高。在這個總數中，Stablecoins佔了從巴西本地交流到全球交流的間接流量的70％。

This growth is being driven by a number of factors, including the increasing demand for digital assets, the high levels of inflation in some countries, and the regulatory clarity that is emerging in some jurisdictions.

這種增長是由許多因素驅動的，包括對數字資產的需求不斷增長，某些國家的高水平通脹以及某些司法管轄區的監管清晰度。

For example, Nubank, the largest Brazilian digital bank in Latin America, is offering a fixed 4% annual return to users who hold USD Coin (USDC), a stablecoin issued by Circle. The bank says it started offering yields on stablecoins because “more than 50% of new Nubank Crypto users chose USDC as their first digital asset.”

例如，拉丁美洲最大的巴西數字銀行Nubank向持有USD Coin（USDC）的用戶提供固定的年度回報，這是Circle發行的Stablecoin。該銀行表示，它開始在Stablecoins上提供收益率，因為“超過50％的新Nubank Crypto用戶選擇USDC作為他們的第一個數字資產。”

Wealthy businesses and venture capital firms are also betting on stablecoins, expecting them to change how small businesses handle payments.

富裕的企業和風險投資公司也在押注StableCoins，期望他們改變小型企業處理付款方式。

“I think stablecoins will go beyond just trading and enable things like 24/7 instant settlements, which banks can’t do because they close on holidays,” said Haseeb Qureshi, managing partner at Dragonfly Capital.

Dragonfly Capital的執行合夥人Haseeb Qureshi說：“我認為Stablecoins將不僅僅是交易，還可以啟用24/7即時定居點之類的東西，而銀行在假期內關閉，這將不僅如此。”

Citi Wealth strategists also see big potential in stablecoins, saying they “could end up reinforcing the U.S. dollar’s dominance.”

花旗財富戰略家還看到了穩定幣的巨大潛力，稱他們“最終可能會增強美元的統治地位”。

But not everyone is optimistic about the future of stablecoins. Some regulators are concerned about the risks posed by stablecoins, especially if they are not properly regulated.

但是，並不是每個人都對穩定幣的未來感到樂觀。一些監管機構擔心Stablecoins構成的風險，尤其是在沒有適當監管的情況下。

For example, Marc Boiron, CEO of Polygon Labs, emphasizes that the growth of stablecoins is not just about market size.

例如，Polygon Labs首席執行官Marc Boiron強調，Stablecoins的增長不僅僅是市場規模。

“What’s compelling is how the fundamentals are aligning,” Boiron told crypto.news in a commentary. He pointed out that regulatory frameworks like Markets in Crypto-Assets in Europe are also providing clarity, helping traditional financial institutions enter the stablecoin space.

Boiron在評論中告訴Crypto.news：“令人信服的是基本面如何保持一致。”他指出，歐洲加密資產市場等監管框架也在提供清晰度，幫助傳統的金融機構進入Stablecoin空間。

“Regulatory clarity is acting as a catalyst rather than a barrier. With frameworks like MiCA providing clear guidelines, traditional financial institutions and fintech companies can now approach stablecoins with greater confidence.”

“監管清晰度是催化劑，而不是障礙。通過諸如MICA這樣的框架提供明確的指導方針，傳統的金融機構和金融科技公司現在可以更加自信地接近Stablecoins。”

However, Paolo Ardoino, CEO of Tether — the largest stablecoin issuer by market cap — argues that MiCA regulations are far-fetched, to say the least. He says that requiring stablecoin issuers to keep at least 60% of their reserves in cash deposits could create serious risks for banks.

但是，Tether的首席執行官Paolo Ardoino是市值最大的Stablecoin發行人 - 至少可以說，雲母法規是牽強的。他說，要求Stablecoin發行人將至少60％的現金儲備保留在現金存款中，這可能會對銀行造成嚴重的風險。

Ardoino compared the regulations to the incident with Circle’s USDC in 2023 when billions of dollars of USDC reserves were stuck in the collapsed Silicon Valley Bank, which failed after a bank run.

Ardoino在2023年將這一法規與Circle的USDC進行了比較，當時數十億美元的USDC儲備被困在倒塌的矽谷銀行，該銀行在銀行運行後失敗了。

“I don’t want to endanger those 300 million people holding USDT because I have to keep the 60% in uninsured cash deposits in a European bank,” he said.

他說：“我不想危害3億美元的持有美元的人，因為我必須將60％的未保險現金存款保留在歐洲銀行中。”

Analysts at French blockchain firm Kaiko point out that European regulations don’t affect all stablecoin issuers equally.

法國區塊鏈公司Kaiko的分析師指出，歐洲法規並沒有平等影響所有Stablecoin發行人。

So far, they say only one company has benefited from the stricter rules — Circle, whose Euro-pegged stablecoin EURC and USDC have seen the biggest jump in daily trading volumes since MiCA took effect.

到目前為止，他們說，只有一家公司從更嚴格的規則中受益-Circle，Circle的歐洲穩定歐元和USDC的日常交易量最大，自MICA生效以來，日常交易量最大。

It might still be early to draw conclusions. But one thing is clear — big money is searching for a way to make the “one trillion dollar opportunity” happen. Californian venture capital firm Pantera Also notes that these assets now account for over 50% of blockchain transactions, up from just 3% in 2020.

得出結論可能還早。但是一件事很清楚 - 大筆資金正在尋找一種使“一萬億美元機會”發生的方法。加州風險投資公司Pantera還指出，這些資產現在占區塊鏈交易的50％以上，高於2020年的3％。

What’s unclear is how or where that breakthrough will come, especially with regulations already putting pressure on even the biggest stablecoin firms.

不清楚的是如何或何處取得突破，尤其是對於即使是最大的Stablecoin公司也施加壓力的法規。