穩定幣已從低調的數字代幣演變為現代支付基礎設施的重要部分

在過去的幾年中，加密貨幣行業經歷了一個艱難的問題，例如BitConnect的Ponzi計劃在2018年揭示

The cryptocurrency sector went through a rough patch in the last few years, with events such as BitConnect’s Ponzi scheme being revealed in 2018 and the collapse of Terra’s Luna and its UST stablecoin in May 2022. Moreover, the fall of FTX in November 2022 shook the entire cryptocurrency segment and eroded consumer trust. However, cryptocurrencies designed to operate outside of volatility were gaining momentum behind the scenes, even though they had a relatively slow start.

在過去的幾年中，加密貨幣行業經歷了一個艱難的局面，例如BitConnect的Ponzi計劃在2018年揭示，Terra的Luna及其UST Stablecoin在2022年5月崩潰了。此外，2022年11月的FTX倒塌了整個CryptoCurrency ofptocurrency semberency ofptocurrency cmberency ofvercrency ofverment of Coves and doved overed and doded oded oded od od od od od od oded oded oded oded oded oded oded oded oded oded oded ofded ofded ofd oded率。但是，旨在在波動率之外運行的加密貨幣在幕後勢頭越來越較慢。

Stablecoins are designed to combine the advantages of blockchain technology with the reliability of fiat currencies. They can be used as a medium of exchange, a store of value, or a trading asset.

Stablecoins旨在將區塊鏈技術的優勢與法定貨幣的可靠性相結合。它們可以用作交換媒介，價值存儲或交易資產。

The concept of stablecoins emerged in the early days of digital currencies as a response to the inherent volatility of assets such as Bitcoin. The initial goal was simple yet transformative: to create a digital token whose value remains stable by pegging it to a traditional fiat currency, typically USD. Early projects such as Tether pioneered this approach, offering users a digital asset that could serve as both a medium of exchange and a reliable store of value. In essence, by anchoring their value to an established monetary standard, stablecoins were designed to enable everyday transactions and mitigate the risk of rapid price fluctuations.

穩定幣的概念是在數字貨幣的早期出現的，是對比特幣等資產固有波動的反應。最初的目標是簡單而變革性的：創建一個數字代幣，其價值將其固定在傳統的菲亞特貨幣（通常是美元）中。諸如Tether之類的早期項目開創了這種方法，為用戶提供了一個數字資產，既可以用作交換媒介，又是可靠的價值存儲。從本質上講，通過將其價值錨定在既定的貨幣標准上，穩定的穩定者旨在實現日常交易並減輕價格快速波動的風險。

Over time, it became clear that the extreme volatility seen in traditional cryptocurrencies was a significant barrier to broader mainstream adoption. This realisation spurred innovation within the stablecoin space, leading to a more diverse range of models. Some stablecoins are fully backed by reserves held in regulated financial institutions, while others leverage sophisticated algorithms to maintain their peg.

隨著時間的流逝，很明顯，傳統的加密貨幣中看到的極端波動率是更廣泛的主流採用的重大障礙。這種實現刺激了Stablecoin空間內的創新，從而導致了更加多樣化的模型。一些穩定的穩定者得到了受管制金融機構中持有的儲備，而另一些則利用複雜的算法來維持其釘子。

Today, several factors are converging to support the relevance of stablecoins, including improved regulatory frameworks, such as the European Union’s MiCA.

如今，有幾個因素正在融合以支持穩定劑的相關性，包括改善的監管框架，例如歐盟的雲母。

Advancements in blockchain technology and tokenization infrastructure, as seen in collaborations between companies such as Fireblocks and Chainlink, are advancing the security and efficiency of stablecoin operations. Moreover, high-profile partnerships and acquisitions by major financial players (Stripe’s acquisition of Bridge and PayPal’s integration of PYUSD) signal a strong market endorsement of stablecoins as a viable financial instrument.

正如Fireblocks和Chainlink等公司之間的合作所示，區塊鏈技術和令牌基礎設施的進步正在提高Stablecoin運營的安全性和效率。此外，主要財務參與者（Stripe對Bridge和PayPal對Pyusd的整合）的備受矚目的合作夥伴關係和收購表明，StableCoins的強烈市場認可是可行的金融工具。

In the US, Europe, and beyond, companies have been asking for clear regulatory standards that would enable them to operate in compliance and create pathways for product evolution without fear of stepping out of line.

在美國，歐洲及其他地區，公司一直在要求明確的監管標準，這將使他們能夠合規並為產品發展創造途徑，而不必擔心會脫穎而出。

Even though it took time, regulators listened, as policy clarity has become an important factor in the growth and adoption of stablecoins. The European Union’s Markets in Crypto-Assets (MiCA) framework has provided much-needed oversight, ensuring that stablecoins meet stringent criteria for transparency, reserve backing, and consumer protection. This regulatory environment is prompting traditional financial institutions to innovate while remaining compliant.

即使花了時間，監管機構都傾聽了，因為政策的清晰度已成為穩定劑增長和採用的重要因素。歐盟在加密資產（MICA）框架中的市場提供了急需的監督，確保了穩定的穩定性符合透明度，儲備支持和消費者保護的嚴格標準。這種監管環境正在促使傳統的金融機構進行創新，同時保持合規性。

For example, Banking Circle’s launch of EURI, a bank-backed, MiCA-compliant stablecoin, exemplifies how regulation can be leveraged to build trust and promote widespread adoption.

例如，銀行Circle的成立是由銀行支持的，符合雲母的Stablecoin的Euri推出，這說明瞭如何利用監管來建立信任並促進廣泛採用的法規。

Similarly, Visa’s introduction of a platform that allows banks to issue their own stablecoins and tokenized deposits marks another step toward mainstream acceptance. This initiative, known as the Visa Tokenised Asset Platform (VTAP), aims to leverage existing payment networks while incorporating the advantages of blockchain technology. Such moves show that the regulatory environment is not a barrier but rather a catalyst for innovation and improved consumer confidence.

同樣，Visa引入了一個平台，該平台允許銀行發行自己的穩定幣和令牌存款，這標誌著邁向主流接受的又一步。該計劃被稱為簽證令牌資產平台（VTAP），旨在利用現有的支付網絡，同時結合區塊鏈技術的優勢。這樣的舉動表明，監管環境不是障礙，而是創新和改善消費者信心的催化劑。

The geographic reach of stablecoins continues to grow, driven by integrations with local payment systems. I’d like to point out Circle’s expansion of USDC access in Brazil and Mexico as a prime example. By connecting USDC to local real-time payment systems such as PIX in Brazil and SPEI in Mexico, Circle managed to reduce the time and costs associated with cross-border transfers. This development aimed to speed up transaction processing and improve liquidity in regions that traditionally face high remittance fees and delays.

與本地支付系統的集成驅動的，穩定幣的地理範圍繼續增長。我想指出Circle擴展了USDC在巴西和墨西哥的訪問，這是一個很好的例子。通過將USDC連接到當地的實時支付系統，例如巴西的Pix和墨西哥的SPEI，Circle設法減少了與跨境轉移相關的時間和成本。這種發展旨在加快交易處理並改善傳統上面臨高匯款費和延誤的地區的流動性。

Furthermore, Revolut’s plans to launch its own stablecoin underscore a trend of embedding digital currencies within established financial apps. Such moves could potentially help users benefit from lower transaction fees, faster settlements, and improved overall financial efficiency.

此外，Revolut的計劃推出自己的Stablecoin計劃強調了將數字貨幣嵌入已建立的財務應用程序中的趨勢。這樣的舉動可能有可能幫助用戶從較低的交易費用，更快的定居點以及提高整體財務效率中受益。

The growing interest in stablecoins is reflected in a series of strategic moves by industry leaders. One particularly noteworthy event was Stripe’s acquisition of Bridge for USD 1.1 billion, which marked one of the largest deals in the cryptocurrency space. Such acquisitions signal a significant vote of confidence in the technology and its long-term potential, as companies look to streamline their payment operations through digital assets.

行業領導者的一系列戰略舉動反映了對Stablecoins的興趣日益增長的興趣。一個特別值得注意的事件是Stripe以11億美元的價格收購了橋樑，這標誌著加密貨幣領域中最大的交易之一。此類收購表示，隨著公司希望通過數字資產簡化其支付運營，對該技術及其長期潛力表示了重大信心投票。

At the same time, Ripple’s introduction of RLUSD, which is a stablecoin specifically designed for institutional use, demonstrates how established fintech firms are adapting to meet market demands. By targeting cross-border payments and tokenized asset trading, RLUSD is set to play an important part in supporting efficiency and transparency in global financial markets.

同時，Ripple的Rlusd介紹是專門為機構使用而設計的Stablecoin，它證明了建立的金融科技公司如何適應滿足市場需求。通過針對跨境支付和令牌化資產交易，RLUSD將在支持全球金融市場的效率和透明度中起重要作用。

PayPal has also made significant strides by executing its first B2B transaction with its proprietary stablecoin, PYUSD. This move reflects a trend of integrating

PayPal還通過其專有的Stablecoin Pyusd執行其第一次B2B交易，取得了重大進步。此舉反映了整合的趨勢