穩定幣成為全球基金經理人解決美國 T+1 外匯問題的可能方案

穩定幣可以緩解非美國基金經理人在滿足 5 月推出的美國證券較短結算週期方面面臨的挑戰。由於分散式帳本的使用，穩定幣（旨在保持穩定價值的數位資產）的使用允許在交易當天進行即時交付與付款（T0）。穩定幣的發行量一直在增加，今年第一季其供應量增加了 14% 以上，凸顯了其實用性的不斷增長。穩定幣可以比傳統的法幣方式更快地轉移資金，從而實現外幣（FX）與購買股票所需的美元同步結算。

Stablecoins Emerge as a Potential Solution to T+1 FX Challenges for Global Fund Managers

穩定幣成為全球基金經理人應對 T+1 外匯挑戰的潛在解決方案

Introduction

介紹

The impending implementation of a shorter settlement cycle (T+1) for US securities in May 2024 has raised concerns among fund managers outside the US, particularly those in Asia Pacific. The challenges stem from the difficulty of completing foreign exchange (FX) trades in time to meet the revised settlement timeframe. However, stablecoins, a form of digital asset designed to maintain a stable value, are offering a glimmer of hope as a potential solution to these FX challenges.

即將於 2024 年 5 月實施的美國證券較短結算週期 (T+1) 引起了美國以外基金經理的擔憂，尤其是亞太地區的基金經理。挑戰源於及時完成外匯 (FX) 交易以滿足修改後的結算時間範圍的困難。然而，穩定幣作為一種旨在保持穩定價值的數位資產形式，作為解決這些外匯挑戰的潛在解決方案帶來了一線希望。

T+1 FX Conundrum

T+1 外匯難題

The standard settlement cycle for most US broker-dealer transactions in securities will soon be reduced from two business days after a trade (T+2) to T+1, effective May 28, 2024, in the US and May 27, 2024, in Canada. This shorter timeframe poses a significant challenge for asset managers outside the US, as it limits the time available to complete FX trades necessary for purchasing and selling US stocks.

大多數美國經紀自營商證券交易的標準結算週期很快將從交易後兩個工作日(T+2) 縮短至T+1，美國自2024 年5 月28 日起生效，美國自2024 年5加拿大27 日起生效。較短的時間框架對美國以外的資產管理公司構成了重大挑戰，因為它限制了完成買賣美國股票所需的外匯交易的時間。

Stablecoins Offer a Timely Solution

穩定幣提供了及時的解決方案

Stablecoins, digital assets designed to maintain a constant or "stable" value by holding reserve assets, such as US dollars, at a fixed rate, offer a unique advantage in the context of the T+1 settlement cycle. Unlike fiat currency, which is held on a central record by a bank, stablecoins do not require the involvement of banks and can be issued by technology companies or crypto-native firms.

穩定幣是一種數位資產，旨在透過以固定利率持有美元等儲備資產來維持恆定或「穩定」的價值，在T+1結算週期的背景下具有獨特的優勢。與銀行保存在中央記錄中的法定貨幣不同，穩定幣不需要銀行的參與，並且可以由科技公司或加密原生公司發行。

The supply of stablecoins has experienced a surge in recent months, with a 14% increase in the first quarter of this year, according to the Q2 2024 Guide to Crypto Markets report from Coinbase Institutional and Glassnode. This growth underscores the increasing acceptance and utility of stablecoins.

根據 Coinbase 機構和 Glassnode 發布的《2024 年第二季加密貨幣市場指南》報告，近幾個月來穩定幣的供應量激增，今年第一季成長了 14%。這種成長凸顯了穩定幣的接受度和實用性不斷提高。

Zodia Markets and Fireblocks Collaboration

Zodia Markets 和 Fireblocks 合作

Zodia Markets, an institutional crypto trading platform backed by Standard Chartered and OSL Group, has partnered with Fireblocks, a provider of infrastructure for digital asset operations, to facilitate the use of stablecoins for cross-border payments and FX transactions. This collaboration aims to enable clients to transfer funds more quickly and efficiently than traditional fiat methods.

Zodia Markets 是由渣打銀行和 OSL Group 支援的機構加密貨幣交易平台，已與數位資產營運基礎設施供應商 Fireblocks 合作，以促進穩定幣在跨境支付和外匯交易中的使用。此次合作旨在使客戶能夠比傳統的法定方法更快、更有效率地轉移資金。

Benefits of Stablecoins for FX

穩定幣對外匯的好處

The use of stablecoins for FX transactions offers several advantages, including:

使用穩定幣進行外匯交易具有多種優勢，包括：

• Synchronicity: Stablecoins operate on blockchain platforms that are available 24/7, allowing for synchronous settlement of eastern hemisphere stablecoins with the US dollars required for purchasing equities, regardless of regional payment cut-offs.
• Reduced Counterparty Risk: By utilizing stablecoins, FX hedges can be executed in non-US time zones, eliminating the risk associated with FX settlement occurring after the payment cut-off times of eastern banks.
• Cost Savings: Stablecoins can facilitate cross-border payments and FX transactions at a lower cost compared to traditional fiat methods, as evidenced by the example of an African oil importer who saved significantly by using stablecoins for payments to suppliers in the Middle East.

Regulatory Considerations

同步性：穩定幣在24/7 可用的區塊鏈平台上運行，允許東半球穩定幣與購買股票所需的美元同步結算，無論地區支付截止時間如何。對沖可以在非美國時區執行，消除了東方銀行付款截止時間後發生的外匯結算風險。進口商透過使用穩定幣向中東供應商付款，節省了大量資金。

While stablecoin regulation is still evolving in many jurisdictions, a key metric for assessing the reliability of stablecoins is the nature and amount of their reserve assets. Zodia Markets emphasizes the importance of selecting stablecoins with robust reserve asset frameworks and transparent issuance practices.

儘管穩定幣監管在許多司法管轄區仍在不斷發展，但評估穩定幣可靠性的關鍵指標是其儲備資產的性質和數量。 Zodia Markets 強調選擇具有穩健儲備資產框架和透明發行實踐的穩定幣的重要性。

Zodia Markets' Growth Strategy

Zodia Markets 的成長策略

Zodia Markets' growth strategy revolves around expanding its product offerings, including the addition of digital bonds, other securities, and derivatives. The firm also aims to deepen its integration with existing currencies and expand into new markets, particularly in the Asia Pacific region.

Zodia Markets 的成長策略圍繞著擴大其產品範圍，包括增加數位債券、其他證券和衍生性商品。該公司還旨在深化與現有貨幣的一體化，並拓展新市場，特別是亞太地區。

Conclusion

結論

Stablecoins have emerged as a potential solution to the FX challenges posed by the T+1 settlement cycle for US securities. Their ability to facilitate synchronous settlement, reduce counterparty risk, and lower transaction costs makes them an attractive option for fund managers outside the US. As stablecoin regulation continues to evolve and the technology matures, their role in the financial ecosystem is expected to grow, paving the way for greater efficiency and accessibility in cross-border payments and FX transactions.

穩定幣已成為因應美國證券 T+1 結算週期帶來的外匯挑戰的潛在解決方案。它們促進同步結算、降低交易對手風險和降低交易成本的能力使其成為美國以外基金經理人的有吸引力的選擇。隨著穩定幣監管的不斷發展和技術的成熟，穩定幣在金融生態系統中的作用預計將不斷增強，為提高跨境支付和外匯交易的效率和可及性鋪平道路。

Additional Insights from Industry Experts

其他行業專家的見解

"Stablecoins are in some respects similar to Eurodollars as they are U.S. dollar-based liabilities with origins outside the regulated banking system." - Timothy Massad, former chairman of CFTC and former Assistant Secretary at US Treasury

“穩定幣在某些方面與歐洲美元相似，因為它們是基於美元的負債，起源於受監管的銀行體系之外。” - 提摩西‧馬薩德 (Timothy Massad)，美國商品期貨交易委員會 (CFTC) 前主席、美國財政部前助理部長

"The real magic is when you have a stablecoin and digital security on the same rails on the blockchain." - Nick Philpott, co-founder and head of partnerships at Zodia Markets

“真正的魔力在於，當你在區塊鏈上的同一個軌道上擁有穩定幣和數位安全時。” - Zodia Markets 聯合創始人兼合作夥伴關係主管 Nick Philpott

"This migration of money and finance to the open internet has an air of inevitability, particularly in an age when more people have smartphones than bank accounts." - Nick Philpott, co-founder and head of partnerships at Zodia Markets

“貨幣和金融向開放互聯網的遷移似乎是不可避免的，特別是在擁有智慧型手機的人多於擁有銀行帳戶的時代。” - Zodia Markets 聯合創始人兼合作夥伴關係主管 Nick Philpott