稳定法的通过将基本上受益于主要受监管的参与者

稳定的透明度和对更好的分类帐经济（稳定）法案的透明度和问责制的通过，将大大受益于主要受监管的参与者

The passage of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act would benefit major regulated players in the US financial and crypto sectors, according to a Nansen report.

根据Nansen的一份报告，稳定的透明度和对更好的分类帐经济（Stable）法案的责任通过，将使美国金融和加密部门的主要受监管参与者受益。

The firm highlighted that the STABLE Act’s licensing and reserve requirements create a regulatory moat favoring established institutions already aligned with US compliance standards.

该公司强调，《稳定法案》的许可和储备要求创造了一种监管护城河，偏爱已经与美国合规标准保持一致的已建立机构。

Additionally, the report predicted that Coinbase (NASDAQ:COIN) could be among the biggest winners in crypto. As a major distributor of USDC and a partner of Circle, the exchange’s model already fits the regulatory vision for fiat-backed stablecoins.

此外，该报告预测Coinbase（NASDAQ：COIN）可能是加密货币中最大的赢家之一。作为USDC的主要分销商和Circle的合作伙伴，该交易所的模型已经适合菲亚特支持的Stablecoins的监管愿景。

Coinbase’s custody and exchange operations may also see expanded demand for compliant storage solutions and increased liquidity consolidation.

Coinbase的监护权和交换业务可能还会看到对合规存储解决方案的需求不断扩大，并增加了流动性合并。

The STABLE Act proposes establishing a comprehensive federal framework for payment stablecoins, restricting issuance to licensed entities, and requiring full backing with cash or short-term Treasury securities.

《稳定法》提议为付款稳定币建立全面的联邦框架，限制对许可实体的发行，并需要提供现金或短期国库券的全部支持。

Advantages for TradFi and crypto firms

Tradfi和加密公司的优势

Payment companies such as PayPal (NASDAQ:PYPL), which issued PYUSD in collaboration with Paxos, are positioned to leverage new regulatory clarity to expand stablecoin-enabled payment services across peer-to-peer transfers, e-commerce, and cross-border transactions.

与PYUSD合作发行的PayPal（NASDAQ：PYPL）等付款公司的定位是利用新的监管清晰度，以扩大跨同伴转移，电子商务和交叉交易的启用StableCoin的支付服务。

Visa (NYSE:V) and Mastercard (NYSE:MA), which previously piloted stablecoin settlement projects, could further integrate regulated stablecoins into B2B payments, treasury management, and real-time settlement layers.

先前试行的Stablecoin和解项目的Visa（NYSE：V）和MasterCard（NYSE：MA）可以进一步将受监管的Stablecoins进一步整合到B2B付款，财政部管理和实时和解层中。

Traditional custodians, including BNY Mellon (NYSE:BNY) and State Street (NYSE:STT), as well as infrastructure providers like Nasdaq (NASDAQ:NDAQ), are poised to benefit from the demand for custody and compliance services. BNY Mellon’s relationship with Circle, managing USDC reserves, is a model for this emerging service line.

包括BNY Mellon（NYSE：BNY）和State Street（NYSE：STT）以及纳斯达克（NASDAQ：NDAQ）等基础设施提供商在内的传统托管人，也有望从对监护和合规服务的需求中受益。 BNY Mellon与Circle（管理USDC储备金）的关系是该新兴服务线的模型。

Meanwhile, asset managers, like BlackRock (NYSE:BLK) and Charles Schwab (NYSE:CSCO), are also expected to benefit indirectly. As regulated stablecoin issuers park reserves in government money market funds, these firms may see increased inflows. BlackRock, which already manages USDC reserves, could expand its role in this area.

同时，贝莱德（NYSE：BLK）和查尔斯·施瓦布（Charles Schwab）（NYSE：CSCO）等资产经理也有望间接受益。随着受监管的Stablecoin发行人公园在政府货币市场基金中的储备，这些公司可能会看到流入增加。已经管理了USDC储备的BlackRock可以扩大其在这一领域的作用。

Global and DeFi implications

全球和defi的含义

The report notes that international firms such as Payoneer, MUFG, and Nomura will benefit from using compliant stablecoin infrastructure for cross-border US dollar-denominated transfers.

该报告指出，诸如Payoneer，MUFG和Nomura之类的国际公司将从使用合规的Stablecoin基础架构进行跨境美元计数的转让中受益。

In contrast, decentralized stablecoins such as DAI, crvUSD, and GHO, which do not meet the Act’s definition of payment stablecoins, will see a diminished role within US markets. These tokens will likely shift activity offshore, explore legal workarounds, or operate in a regulatory gray zone.

相比之下，不符合该法案对付款稳定的定义的Dai，Crvusd和Gho等分散的稳定者将在美国市场中的作用下降。这些令牌可能会在海外活动，探索法律解决方法或在监管灰色区域中运行。

The report expects lending protocols like Aave and Compound to adapt by prioritizing compliant stablecoins in their US offerings. At the same time, DEXs like Uniswap and Curve will need to geofence or de-emphasize pools tied to non-compliant assets.

该报告预计，诸如AAVE和COMPOUND之类的贷款协议可以通过优先考虑在美国产品中的合规性稳定剂来适应。同时，诸如UNISWAP和曲线之类的DEX将需要地理林或脱颖而出，以与不合规资产相关的池。

The STABLE Act also bans direct interest payments to stablecoin holders, restricting yield-bearing stablecoins like the Origin Dollar (OUSD) unless they register as securities with the SEC.

《稳定法》还将直接支付给稳定股持有人，除非在SEC中注册为证券，否则限制了诸如原始美元（OUSD）之类的承重稳定股。

As a result, the future stablecoin market may favor tokenized money market funds and compliant DeFi lending products.Mentioned in this article

结果，未来的Stablecoin市场可能有利于标记的货币市场资金和合规性贷款产品。