比特幣漲至 10 萬美元以上引起金融界關注，穩定幣受到關注

Visa、PayPal 和 Stripe 等主流金融機構越來越多地投資穩定幣計畫——旨在維持穩定價值的加密貨幣代幣

As Bitcoin (BTC) price action stole the show in 2024 with its remarkable rise above $100,000, another segment of the crypto landscape is quietly gaining steam.

隨著比特幣 (BTC) 的價格走勢在 2024 年引人注目，突破 10 萬美元，加密貨幣領域的另一個領域正在悄悄崛起。

Mainstream financial players like Visa, PayPal and Stripe are ramping up their involvement in stablecoins — a type of cryptocurrency token designed to maintain a stable value, usually pegged to the US dollar or other traditional currencies.

Visa、PayPal 和 Stripe 等主流金融機構正在加大對穩定幣的參與力度，穩定幣是一種旨在保持穩定價值的加密貨幣代幣，通常與美元或其他傳統貨幣掛鉤。

Global Demand for Stablecoins Surges

全球對穩定幣的需求激增

This burgeoning sub-sector of digital assets has proven to be quite lucrative. Issuers of stablecoins can now deploy the reserves backing these tokens in short-term US Treasuries, which are offering attractive yields.

事實證明，這個新興的數位資產子行業利潤豐厚。穩定幣的發行人現在可以將支持這些代幣的儲備部署在短期美國國債中，這些國債的收益率頗具吸引力。

While Bitcoin and other crypto in the industry are known for their volatility, stablecoins are being adopted worldwide for transactions, providing a thread of stability amid the chaos of the crypto markets.

雖然比特幣和業內其他加密貨幣以其波動性而聞名，但穩定幣正在全球範圍內被採用進行交易，在加密貨幣市場的混亂中提供了穩定的線索。

Rob Hadick, a general partner at Dragonfly, a digital-asset venture firm, highlighted the increasing demand for stablecoins from major companies in underserved payment sectors.

數位資產創投公司 Dragonfly 的普通合夥人 Rob Hadick 強調，支付領域服務不足的大公司對穩定幣的需求不斷增長。

“We’ve seen demand increase substantially from some of the largest companies in the world that service global contractor and employee payouts, trade finance and remittance,” he explained.

「我們看到世界上一些最大的公司的需求大幅增加，這些公司為全球承包商和員工付款、貿易融資和匯款提供服務，」他解釋道。

According to Bloomberg, the stablecoin market is set for more competition as its total market capitalization surged to about $205 billion.

根據彭博社報道，隨著穩定幣總市值飆升至約 2,050 億美元，穩定幣市場的競爭將更加激烈。

Tether Holdings Ltd.’s USDT remains the top dog with a market cap of around $140 billion, but challenges might be brewing as regulatory frameworks evolve.

Tether Holdings Ltd. 的 USDT 仍然位居榜首，市值約為 1400 億美元，但隨著監管框架的發展，挑戰可能正在醞釀中。

The European Union’s Markets in Crypto Assets (MiCA) regulations stipulate that any stablecoins listed on centralized exchanges (CEXs) must be issued by an entity that holds an e-money license.

歐盟加密資產市場 (MiCA) 法規規定，在中心化交易所 (CEX) 上列出的任何穩定幣都必須由持有電子貨幣許可證的實體發行。

Circle Internet Financial Ltd., Tether’s main competitor, secured this permit in July, while Tether has not yet applied, potentially putting its future on the exchanges at risk.

Tether 的主要競爭對手 Circle Internet Financial Ltd. 在 7 月獲得了該許可證，而 Tether 尚未申請，這可能使其在交易所的未來面臨風險。

Companies Aim for New Revenue Streams Amid Market Volatility

公司在市場波動中尋求新的收入來源

In the US, several companies are making their move in the stablecoin space. Visa has launched its Tokenized Asset Platform, which allows banks to issue stablecoins.

在美國，多家公司正穩定幣領域進軍。 Visa 推出了代幣化資產平台，讓銀行發行穩定幣。

Financial technology company Revolut is exploring the possibility of launching its own stablecoin, and Stripe has acquired the fintech platform Bridge, which specializes in stablecoin transactions.

金融科技公司Revolut正在探索推出自己的穩定幣的可能性，Stripe已經收購了專門從事穩定幣交易的金融科技平台Bridge。

“Issuing stablecoins is a great business model right now.” remarked Augustus Ilag, investment partner at CMT Digital. Many companies are seeing the success of Circle and Tether and considering launching their own stablecoins to diversify their offerings and generate a new revenue stream.

“發行穩定幣目前是一個很好的商業模式。” CMT Digital 投資合夥人 Augustus Ilag 說。許多公司看到了 Circle 和 Tether 的成功，並考慮推出自己的穩定幣，以實現產品多元化並創造新的收入來源。

According to Johann Kerbrat, crypto general manager at Robinhood, the company is working with Paxos to create an open network for stablecoin use, highlighting the great value that stablecoins can bring to their platform.

Robinhood 加密貨幣總經理 Johann Kerbrat 表示，該公司正在與 Paxos 合作創建一個供穩定幣使用的開放網絡，這凸顯了穩定幣可以為其平台帶來的巨大價值。

However, the rise of stablecoins also comes with risks. The catastrophic failure of TerraUSD in 2022, an algorithmic stablecoin that was designed to maintain its fixed value through its parallel currency Luna, serves as a cautionary tale.

然而，穩定幣的崛起也伴隨著風險。 TerraUSD 是一種演算法穩定幣，旨在透過其平行貨幣 Luna 來維持其固定價值，它在 2022 年的災難性失敗是一個警示。

The collapse of TerraUSD triggered a broader sell-off in the crypto market, wiping out $200 billion in total market value and leading to the bankruptcy of several digital assets companies.

TerraUSD 的崩盤引發了加密市場更廣泛的拋售，總市值蒸發了 2000 億美元，並導致多家數位資產公司破產。

Despite the pressing need, efforts to establish a comprehensive regulatory framework for stablecoins in the US have stalled, while the EU’s MiCA regulations are setting the stage for clearer guidelines and increased adoption among Europe-based companies.

儘管需求迫切，但美國建立穩定幣綜合監管框架的努力卻陷入停滯，而歐盟的 MiCA 法規正在為更清晰的指導方針和歐洲公司更多採用奠定基礎。

“Fintechs in Europe are struggling with the stringent banking-like regulations. Stablecoins avoid many of those issues, which also make the process automated,” noted Tarun Chitra, general partner at Robot Ventures.

「歐洲的金融科技公司正在努力應對嚴格的銀行業監管規定。穩定幣避免了許多此類問題，這也使流程自動化，」Robot Ventures 普通合夥人 Tarun Chitra 指出。