Stablecoins的演变：从利基到主流采用

全球金融体系正处于深刻的变革之中。传统的支付网络正面临新兴替代方案的全面挑战 -

Author: Alice

作者：爱丽丝

The global financial system is in the midst of a profound wave of change. Traditional payment networks are facing all-round challenges from emerging alternatives - stablecoins due to outdated infrastructure, lengthy settlement cycles and high fees. These digital assets are rapidly revolutionizing the mode of cross-modular value flow, the paradigm of corporate transactions and the way individuals obtain financial services.

全球金融体系正处于深刻的变革之中。传统的支付网络正面临新兴替代方案的全方位挑战 - 由于过时的基础设施，冗长的定居周期和高费。这些数字资产迅速彻底改变了跨模块价值流，公司交易的范式以及个人获得金融服务的方式。

In the past few years, stablecoins have continued to develop and have become an important underlying architecture for global payments. Large fintech companies, payment processors, and sovereign entities are gradually integrating stablecoins into consumer-facing applications and corporate funding flows. At the same time, a series of emerging financial tools, from payment gateways to deposit and withdrawal channels to programmable income products, have greatly improved the convenience of using stablecoins.

在过去的几年中，Stablecoins继续发展，并成为全球付款的重要基础建筑。大型金融科技公司，付款处理器和主权实体正在逐步将Stablecoins整合到面向消费者的应用程序和公司资金流中。同时，一系列新兴的财务工具，从支付网关到存款和提款渠道到可编程收入产品，都大大改善了使用稳定的便利性。

This report deeply analyzes the stablecoin ecosystem from both a technical and commercial perspective. It studies the key players that shape this field, the core infrastructure that supports stablecoin transactions, and the dynamic needs that drive its application. In addition, it explores how stablecoins can give rise to new financial application scenarios and the challenges they face in the process of being widely integrated into the global economy.

该报告从技术和商业角度深入分析了Stablecoin生态系统。它研究了塑造该领域的关键参与者，支持稳定交易的核心基础架构以及推动其应用程序的动态需求。此外，它探讨了稳定币如何引起新的财务应用方案以及他们在广泛融入全球经济的过程中所面临的挑战。

1. Why choose stablecoin payment?

1。为什么选择Stablecoin付款？

To explore the impact of stablecoins, it is first necessary to examine traditional payment solutions. These traditional systems include cash, checks, debit cards, credit cards, international wire transfers (SWIFT), automated clearing houses (ACH), and peer-to-peer payments. Although they have become part of everyday life, the infrastructure for many payment channels, such as ACH and SWIFT, has existed since the 1970s. Although groundbreaking at the time, most of these global payment infrastructures are now outdated and highly fragmented. In general, these payment methods are plagued by high fees, high friction, long processing times, the inability to achieve 24/7 settlement, and complex back-end procedures. In addition, they are often bundled (for a fee) with unnecessary additional services such as identity verification, lending, compliance, fraud protection, and bank integration.

为了探索稳定币的影响，首先需要检查传统的支付解决方案。这些传统系统包括现金，支票，借记卡，信用卡，国际电汇（SWIFT），自动化清算房（ACH）和点对点付款。尽管它们已经成为日常生活的一部分，但自1970年代以来，许多支付渠道的基础设施就已经存在。尽管当时开创性的，但这些全球支付基础设施中的大多数现在已经过时并且高度分散。通常，这些付款方式受到高费用，高摩擦，较长的处理时间，无法实现24/7解决方案以及复杂的后端程序的困扰。此外，他们经常（收费）与不必要的其他服务（例如身份验证，贷款，合规，欺诈保护和银行集成）捆绑在一起。

Stablecoin payments are effectively solving these pain points. Compared with traditional payment methods, using blockchain for payment settlement greatly simplifies the payment process, reduces intermediate links, and achieves real-time visibility of capital flow, which not only shortens settlement time but also reduces costs.

稳定的付款正在有效地解决这些疼痛点。与传统的付款方式相比，使用区块链进行付款结算大大简化了付款过程，减少了中间链接并实现了资本流的实时可见性，这不仅缩短了结算时间，而且还会降低成本。

The main advantages of stablecoin payments can be summarized as follows:

Stablecoin付款的主要优势可以总结如下：

2. Stablecoin Payment Industry Landscape

2. Stablecoin支付行业格局

The stablecoin payment industry can be divided into four technology stack levels:

Stablecoin支付行业可以分为四个技术堆栈级别：

1) Layer 1: Application Layer

1）第1层：应用程序层

The application layer is mainly composed of various payment service providers (PSPs), which integrate multiple independent deposit and withdrawal payment institutions into a unified aggregation platform. These platforms provide users with convenient stable currency access, provide tools for developers developing at the application layer, and provide credit card services for Web3 users.

应用层主要由各种支付服务提供商（PSP）组成，该提供商将多个独立的存款和提款机构集成到统一的聚合平台中。这些平台为用户提供方便的稳定货币访问，为在应用程序层开发的开发人员提供工具，并为Web3用户提供信用卡服务。

a. Payment Gateway

一个。付款网关

A payment gateway is a service that facilitates transactions between buyers and sellers by securely processing payments.

付款网关是一项通过安全处理付款来促进买卖双方之间交易的服务。

Notable companies innovating in this area include:

在这一领域创新的著名公司包括：

The field of payment gateway providers can be clearly divided into two categories (there is some overlap)

付款网关提供商领域可以清楚地分为两类（有一些重叠）

1) Payment gateways for developers; 2) Payment gateways for consumers. Most payment gateway providers tend to focus more on one of these categories, thereby shaping their core products, user experience, and target market.

1）开发人员的支付网关； 2）消费者的支付网关。大多数支付网关提供商倾向于更多地关注其中一个类别，从而塑造其核心产品，用户体验和目标市场。

Payment gateways for developers are designed to serve enterprises, fintech companies, and businesses that need to embed stablecoin infrastructure into their workflows. They typically provide application programming interfaces (APIs), software development kits (SDKs), and developer tools to integrate into existing payment systems to enable features such as automatic payments, stablecoin wallets, virtual accounts, and real-time settlements. Some emerging projects that focus on providing such developer tools include:

开发人员的支付网关旨在为需要将Stablecoin基础架构嵌入工作流程的企业，金融科技公司和企业提供服务。他们通常提供应用程序编程接口（API），软件开发套件（SDK）和开发人员工具，以集成到现有的付款系统中，以启用诸如自动付款，Stablecoin钱包，虚拟帐户和实时结算之类的功能。一些专注于提供此类开发人员工具的新兴项目包括：

Consumer-facing payment gateways are user-focused, providing a simple, easy-to-use interface for stablecoin payments, remittances, and financial services. They typically include mobile wallets, multi-currency support, fiat on/off ramps, and seamless cross-border transactions. Some notable projects focused on providing this simple payment experience to users include:

面向消费者的支付网关以用户为中心，为Stablecoin付款，汇款和金融服务提供了简单，易于使用的接口。它们通常包括移动钱包，多货币支持，命令开/关坡道以及无缝的跨境交易。一些著名的项目致力于向用户提供这种简单的付款经验包括：

b. U card

b。 U卡

Crypto cards are payment cards that allow users to spend cryptocurrencies or stablecoins at traditional merchants. These cards are usually integrated with traditional credit card networks (such as Visa or Mastercard) to enable seamless transactions by automatically converting cryptocurrency assets into fiat currency at the point of sale.

加密卡是付款卡，允许用户在传统商人上花费加密货币或稳定币。这些卡通常与传统信用卡网络（例如签证或万事达卡）集成在一起，以在销售点自动将加密货币转换为法定货币，从而实现无缝交易。

Projects include:

项目包括：

There are many cryptocurrency card providers, which mainly differ in the service areas and supported currencies, and usually provide low-fee services to end users to increase their enthusiasm for using cryptocurrency cards.

有许多加密货币卡提供商，主要在服务领域和支持的货币上有所不同，通常为最终用户提供低收入服务，以增加他们使用加密货币卡的热情。

2) Second Layer: Payment Processors

2）第二层：付款处理器

As a key layer of the stablecoin technology stack, payment processors are the backbone of payment channels, mainly covering two categories: 1. Deposit and withdrawal service providers 2. Stablecoin issuance service providers. They act as a key middle layer in the payment life cycle, connecting Web3 payments with traditional financial systems

作为Stablecoin技术堆栈的关键层，支付处理器是付款渠道的骨干，主要涵盖两个类别：1。存款和提款服务提供商2。Stablecoin发行服务提供商。它们是付款生命周期中的关键中层，将Web3付款与传统金融系统联系起来