RLUSD：不仅仅是另一种稳定币

与 USDC 或 USDT 等传统稳定币不同，RLUSD 受到美国金融机构的全面监管、银行支持和托管。

A recent tweet by Adam Cochran, Managing Partner at Cinneamhain Ventures, has brought attention to Ripple’s newly launched stablecoin, RLUSD, highlighting its potential to transform the crypto and financial ecosystems.

Cinneamhain Ventures 执行合伙人 Adam Cochran 最近发布的一条推文引起了人们对 Ripple 新推出的稳定币 RLUSD 的关注，强调了其改变加密货币和金融生态系统的潜力。

Cochran, who has been a vocal critic of Ripple in the past, has now reevaluated his stance, crediting RLUSD with being Ripple’s most significant move in years. In a video accompanying his tweet, Cochran provides a detailed analysis of RLUSD’s potential to revolutionize DeFi, Forex markets, and institutional banking.

过去一直直言不讳地批评 Ripple 的 Cochran 现在重新评估了自己的立场，认为 RLUSD 是 Ripple 多年来最重大的举措。在推文附带的视频中，Cochran 详细分析了 RLUSD 彻底改变 DeFi、外汇市场和机构银行业务的潜力。

Unlike conventional stablecoins such as USDC or USDT, RLUSD is fully regulated, bank-backed, and custodied by U.S. financial institutions. It adheres to strict compliance measures, including oversight from the New York Department of Financial Services (NYDFS).

与 USDC 或 USDT 等传统稳定币不同，RLUSD 受到美国金融机构的全面监管、银行支持和托管。它遵守严格的合规措施，包括纽约金融服务部 (NYDFS) 的监督。

Ripple has also secured critical regulatory approvals, such as the Virtual Asset Service Provider (VASP) license, and aims to ensure RLUSD’s compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

Ripple 还获得了重要的监管批准，例如虚拟资产服务提供商 (VASP) 许可证，旨在确保 RLUSD 遵守欧盟加密资产市场 (MiCA) 法规。

This level of compliance distinguishes RLUSD from many existing stablecoins, aligning it with institutional needs and making it a robust tool for enterprises, banks, and financial entities. Additionally, RLUSD will be issued on Ripple’s native blockchain and Ethereum, bridging traditional financial institutions with decentralized finance (DeFi) ecosystems.

这种合规性水平使 RLUSD 有别于许多现有的稳定币，使其符合机构需求，并使其成为企业、银行和金融实体的强大工具。此外，RLUSD 将在 Ripple 的原生区块链和以太坊上发行，将传统金融机构与去中心化金融（DeFi）生态系统联系起来。

While Ripple has introduced features like Automated Market Makers (AMMs) and token issuance formats on the XRP Ledger (XRPL), their adoption has been limited despite efforts to expand the ledger’s utility.

尽管 Ripple 在 XRP 账本 (XRPL) 上引入了自动做市商 (AMM) 和代币发行格式等功能，但尽管努力扩大账本的实用性，但它们的采用仍受到限制。

However, RLUSD addresses a key gap by enabling the pricing of assets in U.S. dollars within Ripple’s ecosystem. With RLUSD, institutional participants can now price Real-World Assets (RWAs), Forex trades, and other financial instruments directly in USD, enhancing the appeal of Ripple’s native AMM functionalities.

然而，RLUSD 通过在 Ripple 生态系统内以美元对资产定价来解决一个关键差距。借助 RLUSD，机构参与者现在可以直接以美元对现实世界资产 (RWA)、外汇交易和其他金融工具进行定价，从而增强了 Ripple 原生 AMM 功能的吸引力。

Moreover, RLUSD opens pathways for Ripple to incentivize XRP liquidity through USD-XRP trading pairs. By bringing liquidity on-chain, Ripple can capture yield opportunities currently benefiting centralized exchanges. This strategic shift could bolster XRP’s ecosystem by redistributing value to the network and its participants.

此外，RLUSD 为 Ripple 通过 USD-XRP 交易对激励 XRP 流动性开辟了途径。通过将流动性引入链上，Ripple 可以抓住目前有利于中心化交易所的收益机会。这一战略转变可以通过向网络及其参与者重新分配价值来增强 XRP 的生态系统。

Cochran emphasizes that RLUSD’s greatest potential lies in its appeal to institutional markets, particularly Forex settlement and debt issuance. The Forex market handles trillions of dollars in daily transactions, often through outdated and fragmented banking systems. Ripple’s ability to offer a compliant, yield-bearing, USD-backed stablecoin could streamline these processes and position Ripple as a leading alternative settlement network.

Cochran 强调，RLUSD 的最大潜力在于其对机构市场的吸引力，特别是外汇结算和债务发行。外汇市场每天处理数万亿美元的交易，通常通过过时且分散的银行系统进行。 Ripple 提供合规、有收益、以美元支持的稳定币的能力可以简化这些流程，并将 Ripple 定位为领先的替代结算网络。

RLUSD’s integration with programmability upgrades—such as Hooks and a forthcoming Ethereum Virtual Machine (EVM) sidechain—further solidifies its utility. These enhancements will enable DeFi applications, creating opportunities for more sophisticated financial products on Ripple’s blockchain.

RLUSD 与可编程性升级的集成（例如 Hooks 和即将推出的以太坊虚拟机 (EVM) 侧链）进一步巩固了其实用性。这些增强功能将使 DeFi 应用成为可能，为 Ripple 区块链上更复杂的金融产品创造机会。

Cochran also highlights the growing stablecoin market, currently dominated by Tether (USDT) and USD Coin (USDC). With over $140 billion in circulation, stablecoins generate substantial yields for their issuers.

Cochran 还强调了不断增长的稳定币市场，目前由 Tether (USDT) 和 USD Coin (USDC) 主导。稳定币的流通量超过 1400 亿美元，为其发行者带来了可观的收益。

RLUSD’s entry into this market, particularly in the EU where Tether lacks regulatory approval, could position Ripple as a major player. If Ripple captures a significant share of this market, it stands to generate billions in annual yield revenue, which could be reinvested into its ecosystem.

RLUSD 进入该市场，特别是在 Tether 缺乏监管批准的欧盟市场，可能会使 Ripple 成为主要参与者。如果 Ripple 占领了这个市场的重要份额，它每年将产生数十亿美元的收益收入，这些收入可以重新投资到其生态系统中。

RLUSD represents a pivotal step in Ripple’s long-term vision of bridging traditional finance and blockchain technology. By addressing regulatory concerns, enhancing ecosystem programmability, and tapping into institutional markets, Ripple strategically positions itself to capture value across multiple financial sectors.

RLUSD 代表了 Ripple 连接传统金融和区块链技术的长期愿景的关键一步。通过解决监管问题、增强生态系统的可编程性以及进军机构市场，Ripple 进行了战略定位，以获取跨多个金融领域的价值。

Cochran concludes that while Ripple’s early ambitions of competing with SWIFT remain challenging, RLUSD’s potential to unlock trillions in value from Forex settlement, debt instruments, and RWAs could make previously speculative price predictions for XRP more realistic.

Cochran 的结论是，虽然 Ripple 与 SWIFT 竞争的早期雄心仍然充满挑战，但 RLUSD 从外汇结算、债务工具和 RWA 中释放数万亿美元价值的潜力可能会使之前对 XRP 的投机价格预测更加现实。