Stablecoins不再是加密裂市場，即紀念日，它們是為下一代全球支付提供動力的基礎設施層。

以下是Foresight Ventures聯合創始人Forest Bai的客座帖子和意見。

Stablecoins are no longer a crypto niche—today, they are the infrastructure layer powering the next generation of global payments.

Stablecoins不再是加密裂市場，即紀念日，它們是為下一代全球支付提供動力的基礎設施層。

Over the past year, the stablecoin market cap has doubled, soaring from under $150 billion to a record $232 billion, while transaction volumes tripled, now eclipsing even Visa’s sprawling network.

在過去的一年中，Stablecoin市值已經翻了一番，從1500億美元飆升至創紀錄的2320億美元，而交易量增加了兩倍，現在甚至黯然失色的簽證網絡。

Tether (USDT), USD Coin (USDC) and PayPal’s PYUSD continue to dominate transaction flows, but dozens of new stablecoins keep entering the market, each targeting specific regions, user segments or enterprise needs.

Tether（USDT），USD Coin（USDC）和PayPal的Pyusd繼續主導交易流，但是數十個新的Stablecoins不斷進入市場，每個目標都針對特定地區，用戶群體或企業需求。

Combined with explosive growth, these developments confirm stablecoins’ evolution: No longer a crypto niche but foundational payment infrastructure. Stablecoins now operate at the intersection of regulation, financial technology and real-world usage.

結合爆炸性的增長，這些發展證實了Stablecoins的進化：不再是加密萊基，而是基礎支付基礎設施。 Stablecoins現在在法規，金融技術和現實世界中使用的交集。

Impending U.S. Regulation Could Be a Historic Milestone

即將來臨的美國法規可能是一個歷史里程碑

Perhaps the most significant development is Washington’s newfound seriousness about stablecoin regulation. The bipartisan GENIUS Act in the Senate proposes what could become the first balanced federal framework for the sector.

也許最重要的發展是華盛頓對Stablecoin監管的新發現的嚴重性。參議院中的《兩黨天才法》提出了可能成為該部門的第一個平衡的聯邦框架。

It recognizes both bank and non-bank issuers, allows state-regulated entities to continue operations, and imposes requirements for full 1:1 backing and strict compliance with consumer protection laws. It’s designed to make stablecoins safer without killing innovation.

它認可銀行和非銀行發行人，允許國家監管的實體繼續運營，並對全部1：1支持並嚴格遵守消費者保護法的要求。它旨在使穩定幣更安全而不會殺死創新。

The STABLE Act, scheduled for House Financial Services Committee review on April 2, focuses on risk management and abuse prevention through strengthened anti-money laundering protocols and increased oversight. Together, these bills signal that the U.S. is done watching from the sidelines.

計劃於4月2日進行眾議院金融服務委員會審查的穩定法，重點是通過加強反洗錢協議和增加監督的風險管理和濫用。這些賬單一起表明美國正在從場外觀看。

Treasury Secretary Scott Bessent has publicly supported stablecoin development as a strategic priority. He sees stablecoins as a way to extend U.S. dollar dominance into the digital economy. With stablecoins, the U.S. can preserve global financial influence without requiring a complete overhaul of the existing monetary system.

財政部長斯科特·貝斯特（Scott Bessent）公開支持Stablecoin發展，這是戰略優先事項。他認為Stablecoins是將美元統治擴展到數字經濟的一種方式。使用Stablecoins，美國可以保留全球財務影響力，而無需對現有貨幣體系進行全面大修。

Enterprise Infrastructure Is Going On-chain

企業基礎設施正在鏈接

The latest report from Foresight Ventures demonstrates how stablecoins are already addressing long-standing gaps in traditional finance: While bank wires remain costly and slow for cross-border transactions, stablecoins settle instantly for mere cents. They operate globally, around the clock, without relying on outdated rails, like SWIFT or ACH.

Foresight Ventures的最新報告表明，Stablecoins如何已經解決了傳統金融中的長期差距：雖然銀行電線對於跨境交易的昂貴且緩慢，但Stablecoins立即以美分的價格定居。他們全天候在全球範圍內運作，而無需依靠過時的軌道，例如Swift或ACH。

Enterprise adoption is accelerating, as stablecoins offer faster liquidity, cheaper settlement and programmable payments.

企業採用正在加速，因為Stablecoins提供更快的流動性，更便宜的和解和可編程付款。

Stripe’s acquisition of Bridge underscores major payment providers’ growing commitment to stablecoins. Bridge enables businesses that want to plug into the blockchain economy to issue and orchestrate stablecoins. BVNK automates payment routing between fiat, crypto and local banking partners, making it easier for global companies to integrate stablecoins into their treasury stacks.

Stripe對Bridge的收購強調了主要的支付提供商對Stablecoins的越來越多的承諾。橋樑使想要插入區塊鏈經濟的企業能夠發行並編排穩定的企業。 BVNK自動化了FIAT，Crypto和本地銀行合作夥伴之間的付款路線，使全球公司更容易將StableCoins整合到其財政部堆棧中。

Yield-bearing stablecoins, like Mountain’s USDM or Ethena’s USDe, are giving digital dollars a new utility by offering better returns than most savings accounts, with fewer intermediaries. If these use cases prove sustainable, they could become increasingly attractive to both businesses and consumers.

諸如Mountain的USDM或Ethena的USDE之類的承重穩定的穩定幣通過提供比大多數儲蓄帳戶更好的回報，從而為數字美元提供了新的公用事業，而中介機構更少。如果這些用例被證明是可持續的，它們可能對企業和消費者都變得越來越有吸引力。

Consumer Payment Apps Are Adopting Stablecoins Fast

消費者付款應用程序快速採用穩定幣

Stablecoins are moving into apps people already use, with PayPal, Venmo, Nubank and Revolut embedding stablecoin functionality directly into their interfaces. It allows consumers to transact globally, send remittances and pay merchants without needing to know anything about blockchain.

Stablecoins正在進入人們已經使用的應用程序，其中Paypal，Venmo，Nubank和Revolut將穩定的功能直接嵌入到其界面中。它允許消費者在全球進行交易，發送匯款並支付商人，而無需了解區塊鏈。

Merchant adoption is keeping pace, with Stripe’s stablecoin acceptance and upcoming Apple Pay and Google Pay integrations removing final barriers to everyday use.

商人的採用是保持步伐，並以Stripe的穩定性接受以及即將到來的Apple Pay和Google薪酬集成消除了日常使用的最終障礙。

Platforms like Helio and Decaf let merchants settle in stablecoins through Shopify and other e-commerce channels. These tools are critical in emerging markets where credit card networks are inefficient or nonexistent. Freelancers and gig workers are increasingly using stablecoins to receive direct payments, without currency conversion losses or slow banking delays.

Helio和DeCaf等平台使商人通過Shopify和其他電子商務渠道定居在Stablecoins中。這些工具對於信用卡網絡效率低下或不存在的新興市場至關重要。自由職業者和演出工人越來越多地使用Stablecoins獲得直接付款，而沒有貨幣轉換損失或延遲的銀行延遲。

Behind the scenes, processors, like MoonPay, Ramp and Alchemy Pay, manage the complex compliance work, facilitating fiat conversions and KYC verification. This infrastructure is key to making stablecoin usage smooth and compliant at scale.

在幕後，月賽，坡道和煉金術付費等處理器，管理複雜的合規性工作，促進菲亞特轉換和KYC驗證。該基礎架構是使穩定使用平穩且規模合規的關鍵。

The Stablecoin-Native Economy Is Emerging

穩定的本地經濟正在新興

A new financial architecture is forming. In many regions, especially in Latin America and Southeast Asia, stablecoins already outperform local banking services: People hold stablecoins instead of local fiat in a bid to preserve value.

新的金融體系結構正在形成。在許多地區，尤其是在拉丁美洲和東南亞地區，Stablecoins已經勝過當地銀行服務：人們擁有穩定的股幣而不是本地法定，以保留價值。

For instance, between July 2023 and July 2024, 47% of transactions under $10,000 were conducted using stablecoins, reflecting their importance in everyday transactions and remittances.

例如，在2023年7月至2024年7月之間，使用Stablecoins進行了10,000美元以下交易中的47％，這反映了它們在日常交易和匯款中的重要性。

The high inflation and devaluation of local currencies mean that users are increasingly parking savings in stablecoins, while businesses are using them for real-time treasury operations and developers are building native stablecoin apps that skip banks altogether.

當地貨幣的高通貨膨脹和貶值意味著用戶越來越多地為Stablecoins節省了停車，而企業正在將其用於實時財政運營，而開發人員正在構建完全跳過銀行銀行的本地Stablecoin應用程序。

Solana and Tron collectively process $77 billion in stablecoin transactions by offering speeds and fees traditional finance can’t match. Upstarts, like Codex, even share sequencer fees with stablecoin issuers to build distribution incentives directly into the payment layer.

Solana和Tron通過提供傳統財務速度和費用而集體處理770億美元的Stablecoin交易是無法匹配的。 Upstart，例如Codex，甚至與Stablecoin發行人共享Semencer費用，以直接在支付層中構建分配激勵措施。

These chains are optimized for finality, cost and throughput—exactly what stablecoin finance demands.

這些連鎖店針對最終性，成本和吞吐量進行了優化，這是Stablecoin Finance的要求。

The revenue-sharing model used by issuers, such

發行人使用的收入共享模型，