距离货币的未来还有几年，它的味道就像信任和包容

金钱是资源的巨大推动者和解放者。在每个数据和数字都将被跟踪的世界中，我们需要确保支付轨道安全、透明且适合宏观和微观。

The digital and globalized economy has brought about significant changes in the past thirty years. One of the most notable is the ability to access and consume content generated by users worldwide, thanks to the internet. This has led to the democratization and decentralization of information.

过去三十年来，数字化和全球化经济带来了重大变化。其中最值得注意的一项是通过互联网访问和消费全球用户生成的内容的能力。这导致了信息的民主化和去中心化。

However, one piece was still missing: money. Companies like PayPal integrated payment into the whole internet movement, giving it an additional purpose: commerce. Websites quickly transformed from mere vitrines into profit and data centers. Trading could now be done 24/7, and the world was introduced to digital money and a global marketplace that became increasingly open and liquid. Total Marketing needs full liquidity of data and money flows. Are we there yet?

然而，仍然缺少一件：钱。像 PayPal 这样的公司将支付整合到整个互联网运动中，赋予它一个额外的目的：商业。网站迅速从单纯的橱窗转变为利润和数据中心。现在交易可以 24/7 进行，世界开始接触数字货币，全球市场变得越来越开放和流动。全面营销需要数据和资金流的充分流动性。我们到了吗？

In 2023, PayPal launched its first stable coin, pegged to the US dollar (called PYUSD), and in 2024, the coin was added to Solana, another blockchain, in addition to Ethereum. The coin is available to the US market, and the move has brought over 300 million wallets on chain and reached more than $1 billion market capitalization within three weeks of launch. While in the old days, you would need a bank account to use PayPal (which is, to buy and sell anything online,) a blockchain-based currency opens up new entry points into the global economy. PYUSD, indeed, is exchangeable with other crypto currencies and functions exactly like one.

2023 年，PayPal 推出了第一个与美元挂钩的稳定币（称为 PYUSD），2024 年，该币被添加到除以太坊之外的另一个区块链 Solana 中。该币已在美国市场上市，推出后三周内，链上钱包已超过 3 亿个，市值超过 10 亿美元。在过去，您需要一个银行账户才能使用 PayPal（即在线买卖任何东西），而基于区块链的货币则为全球经济开辟了新的切入点。事实上，PYUSD 可以与其他加密货币进行兑换，并且功能与其他加密货币完全相同。

The addition of Solana, which has been designed for high throughput and security, allows PayPal to compete, for example, with the Visa network, head to head. Is the financial sector ripe for disruption? Are we going to witness some kind of Star Wars, where financial giants must defend their kingdoms and fight for brand new territories, unveiled by exponential technologies?

Solana 的加入专为高吞吐量和安全性而设计，使 PayPal 能够与 Visa 网络等进行正面竞争。金融业颠覆的时机是否已经成熟？我们是否会见证某种星球大战，金融巨头必须保卫自己的王国，为指数级技术揭开的全新领土而战？

This is why we speak to Tom Rieder, serial entrepreneur and Managing Director at Tokengate, a platform that allows tokenization services, for example for real world assets (RWA,) or financial instruments. Tokengate is a major player in the Zug district and the whole blockchain global scene.

这就是为什么我们采访了 Tokengate 的连续创业者兼董事总经理 Tom Rieder，Tokengate 是一个允许代币化服务的平台，例如现实世界资产 (RWA) 或金融工具。 Tokengate 是楚格地区乃至整个区块链全球场景的主要参与者。

“Especially for cross-border transactions, there are a lot of middle men, filters and frictions. Technologies like blockchain make financial transactions frictionless. The potential and the tech capabilities have been built and are there. We have, however, the old banking and financial system, which still works and wants to keep their interests and fees intact. A financial revolution will not happen immediately,” says Rieder.

“尤其是跨境交易，存在大量中间商、过滤器和摩擦。区块链等技术使金融交易变得毫无摩擦。潜力和技术能力已经建立并存在。然而，我们拥有旧的银行和金融体系，它仍然有效，并且希望保持其利息和费用不变。金融革命不会立即发生，”里德说。

“The financial sector, by definition, is a labyrinth of regulations, and they differ at a market and nation level. Regulation is fundamental. We need strong anti-money-laundering laws, and we must eradicate large-scale criminality, which thrives in new and unregulated channels. The main point, however, of the whole decentralized finance movement (DeFi) is inclusion. We need to take care of those who are unbanked today, and have no chance to participate in the global economy, as the traditional system (Web2) cannot afford to let them in. All we are saying is to lower hurdles and costs, granted we need trust and safety, but we need everyone to join, which is not the case today,” highlights Rieder.

“从定义上来说，金融部门是一个监管的迷宫，而且它们在市场和国家层面上有所不同。监管是根本。我们需要强有力的反洗钱法，我们必须消除在新的、不受监管的渠道中猖獗的大规模犯罪行为。然而，整个去中心化金融运动（DeFi）的要点是包容性。我们需要照顾那些今天没有银行账户、没有机会参与全球经济的人，因为传统系统（Web2）无法让他们进入。我们所说的只是降低障碍和成本，前提是我们需要信任和安全，但我们需要每个人都加入，但今天的情况并非如此，”Rieder 强调说。

In the case of PYUSD, a stablecoin could be a good bridge between the traditional and the new finance worlds. It will drive adoption of digital assets thanks to its lower volatility, especially if tied to the likes of the US dollar. But, at the same time, it has all the advantages of crypto: safety, transparency, access, interoperability with top chains and tokens, perfect for micro-transactions and programmability, making trading almost like a commodity, therefore open to whoever has an internet connection. Are PayPal and the new digital financial players going to kill established banks?

就 PYUSD 而言，稳定币可以成为传统金融世界和新金融世界之间的良好桥梁。由于其较低的波动性，它将推动数字资产的采用，尤其是与美元等货币挂钩时。但与此同时，它具有加密货币的所有优点：安全性、透明度、访问性、与顶级链和代币的互操作性，非常适合微交易和可编程性，使交易几乎像商品一样，因此向任何拥有互联网的人开放联系。 PayPal 和新的数字金融参与者会杀死老牌银行吗？

“Commercial banks were born as local consultants, at the service of the community and fully trusting of their clients. They do have a pivotal role in our society, which is their trust and the proximity, thanks to their retail outlets. New banks have a very compelling edge, of course, but they need to gain the trust of fans and institutions. In the end, trust remains the only currency, so to speak, that any financial institution has to achieve, protect and nurture. There is room for innovative financial platforms in the future, especially for use cases where users are willing to be in control and need no help. These services will become commodities. But, things like wealth management, tax advisory, inheritance, investments will continue to need assistance, and most likely that human touch that we all need with managing our assets and shaping our future,” remarks Rieder.

“商业银行作为本地顾问而诞生，为社区服务并充分信任客户。他们确实在我们的社会中发挥着关键作用，这得益于他们的零售店的信任和接近。当然，新银行拥有非常引人注目的优势，但它们需要获得粉丝和机构的信任。可以说，最终，信任仍然是任何金融机构必须实现、保护和培育的唯一货币。未来创新金融平台还有空间，特别是对于用户愿意掌控且不需要帮助的用例。这些服务将成为商品。但是，财富管理、税务咨询、继承、投资等方面将继续需要帮助，而且最有可能的是我们在管理资产和塑造未来时都需要的人情味。”Rieder 评论道。

Basic finance, which is also what the periphery of the world needs most urgently, will be outsourced to machines, with zero fees and rents. Traditional banks will adjust and focus on value added services. New banks will need to pass the stress tests of regulators to eat at the adults’ table. Technology will serve an economy that needs higher liquidity of data points and money flows. Same question as before: are we there

基础金融，也是世界外围国家最迫切需要的，将外包给机器，零费用和零租金。传统银行将调整并专注于增值服务。新银行需要通过监管机构的压力测试才能在成年人的餐桌上吃饭。技术将为需要更高数据点和资金流流动性的经济服务。和之前一样的问题：我们在吗？