稳定经济的兴起

全球金融体系正在发生深刻的变化。传统的支付网络正面临着新兴替代方案（稳定的基础设施，冗长的定居周期和高成本）面临的全面挑战。

Author: Alice

作者：爱丽丝

The global financial system is undergoing profound changes. As traditional payment networks face comprehensive challenges—outdated infrastructure, lengthy settlement cycles, and high costs—emerging alternatives are rapidly innovating the modes of cross-border value flow, the paradigms of corporate transactions, and the ways individuals access financial services. These changes are converging around a new class of digital assets: stablecoins.

全球金融体系正在发生深刻的变化。随着传统的支付网络面临着全面的挑战，即已建立的基础设施，冗长的和解周期和高昂的成本 - 替代方案正在迅速创新跨境价值流的模式，公司交易的范式以及个人访问金融服务的方式。这些变化正在围绕一类新的数字资产：Stablecoins融合。

In recent years, stablecoins have continued to develop and have become an important underlying infrastructure for global payments. Major fintech companies, payment processors, and sovereign entities are gradually integrating stablecoins into consumer-facing applications and corporate cash flows. Meanwhile, a series of emerging financial tools, from payment gateways to deposit and withdrawal channels to programmable yield products, have greatly enhanced the convenience of using stablecoins.

近年来，Stablecoins继续发展，并已成为全球支付的重要基础设施。主要的金融科技公司，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现金流中。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产量产品，都大大提高了使用Stablecoins的便利性。

This report deeply analyzes the stablecoin ecosystem from both technical and business perspectives. It studies the key players shaping this field, the core infrastructure supporting stablecoin transactions, and the dynamic demand driving their applications. Additionally, it explores how stablecoins are giving rise to new financial application scenarios and the challenges they face in being widely integrated into the global economic process.

该报告从技术和业务角度深入分析了Stablecoin生态系统。它研究了塑造这一领域的主要参与者，支持稳定交易的核心基础架构以及推动其应用的动态需求。此外，它探讨了稳定币是如何带来新的财务应用方案以及他们在全球经济过程中所面临的挑战所面临的挑战。

I. Why Choose Stablecoin Payments?

I.为什么选择Stablecoin付款？

To explore the impact of stablecoins, we first need to examine traditional payment solutions. These traditional systems include cash, checks, debit cards, credit cards, international wire transfers (SWIFT), Automated Clearing House (ACH), and peer-to-peer payments. Although they have become part of daily life, many payment channels, such as ACH and SWIFT, were invented in the 1970s. While they were groundbreaking at the time, most of these global payment infrastructures are now outdated and highly fragmented.

为了探索Stablecoins的影响，我们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，国际电线传输（SWIFT），自动化销售公司（ACH）和点对点付款。尽管它们已经成为日常生活的一部分，但1970年代发明了许多付款渠道，例如ACH和Swift。尽管当时它们是开创性的，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。

Overall, these payment methods are plagued by high fees, high friction, long processing times, inability to achieve round-the-clock settlement, and complex backend processes. Additionally, they often bundle unnecessary extra services such as identity verification, lending, compliance, fraud protection, and bank integration.

总体而言，这些付款方式受到高费用，高摩擦，较长的处理时间，无法实现全天候和解的困扰以及复杂的后端流程。此外，他们通常会捆绑不必要的额外服务，例如身份验证，贷款，合规，欺诈保护和银行集成。

Enter stablecoins. Compared to traditional payment methods, using blockchain for payment settlement simplifies the process, reduces intermediaries, achieves real-time visibility of fund flows, shortens settlement times, and lowers costs.

输入stablecoins。与传统的付款方式相比，使用区块链进行付款结算简化了过程，减少了中介机构，实现了基金流量的实时可见性，缩短了和解时间和降低成本。

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：

| Category | Traditional Payment Methods

|类别|传统的付款方式