Robinhood 联手加密货币巨头对抗稳定币双头垄断

Robinhood 与主要加密货币公司合作推出全球美元网络，标志着零售交易平台数字化的显着扩展

Retail trading platform Robinhood has joined forces with major cryptocurrency firms Kraken, Paxos, and Galaxy Digital to launch the Global Dollar Network, a new initiative aimed at challenging the current stablecoin market duopoly held by Tether (USDT) and USD Coin (USDC).

零售交易平台 Robinhood 与主要加密货币公司 Kraken、Paxos 和 Galaxy Digital 联手推出 Global Dollar Network，这是一项新举措，旨在挑战当前由 Tether (USDT) 和 USD Coin (USDC) 占据的稳定币市场双头垄断地位。

The new network will introduce USDG, a regulated stablecoin fully issued by Paxos in Singapore with DBS Bank, Southeast Asia's largest bank, handling the reserve assets.

新网络将引入USDG，这是一种受监管的稳定币，由Paxos在新加坡完全发行，并与东南亚最大的银行星展银行合作，处理储备资产。

This marks Robinhood's most ambitious crypto-related venture since introducing cryptocurrency trading to its platform, and its involvement could significantly boost its competitive position in the digital payments space.

这标志着 Robinhood 自将加密货币交易引入其平台以来最雄心勃勃的加密相关企业，其参与可能会显着提升其在数字支付领域的竞争地位。

The company's pivot toward expanding its cryptocurrency offerings beyond simple trading services into more sophisticated financial products is also evident in this partnership.

该公司致力于将其加密货币产品从简单的交易服务扩展到更复杂的金融产品，这一点在此次合作中也显而易见。

Moreover, Robinhood's participation could help bring stablecoin technology to mainstream retail investors. With the platform boasting approximately 24 million users, they could potentially gain direct access to USDG, facilitating easier entry into the cryptocurrency ecosystem.

此外，Robinhood 的参与有助于将稳定币技术带给主流散户投资者。该平台拥有约 2400 万用户，他们有可能直接访问 USDG，从而更容易进入加密货币生态系统。

The launch of USDG comes at a crucial moment in the stablecoin market. Currently, USDT and USDC dominate the scene on Ethereum, accounting for over 80% of the market.

USDG的推出正值稳定币市场的关键时刻。目前，USDT和USDC在以太坊上占据主导地位，占据了80%以上的市场份额。

However, both stablecoins have faced scrutiny over their regulatory status and the level of transparency in their operations.

然而，这两种稳定币都因其监管状况和运营透明度而面临审查。

The Global Dollar Network aims to provide a more equitable and transparent option for both retail and institutional users by introducing a regulated alternative with broad institutional backing.

全球美元网络旨在通过引入具有广泛机构支持的受监管替代方案，为零售和机构用户提供更加公平和透明的选择。

Several innovative features distinguish USDG from existing market offerings. Operating initially on the Ethereum blockchain, it maintains a 1:1 peg with the US dollar through a combination of dollar deposits, short-duration US government securities, and cash equivalents.

USDG 有多项创新功能区别于现有市场产品。它最初在以太坊区块链上运营，通过美元存款、短期美国政府证券和现金等价物的组合，与美元保持 1:1 的挂钩。

However, what sets USDG apart is its regulatory-first approach. By establishing operations in Singapore under Paxos's leadership, the stablecoin is positioning itself to comply with the Monetary Authority of Singapore's forthcoming stablecoin framework.

然而，USDG 的独特之处在于其监管优先的方法。通过在 Paxos 的领导下在新加坡建立业务，稳定币将自身定位为遵守新加坡金融管理局即将推出的稳定币框架。

This strategic choice reflects a growing emphasis on regulatory compliance in the digital asset space.

这一战略选择反映了数字资产领域对监管合规性的日益重视。

"The lack of competition in the regulated stablecoin market has prevented the industry from reaching its full potential," explained Arjun Sethi, Kraken's Co-CEO. “USDG upends this dynamic with a more equitable model that will bring mainstream participants into the ecosystem and accelerate new stablecoin use cases.”

Kraken 联合首席执行官 Arjun Sethi 解释说：“受监管的稳定币市场缺乏竞争，导致该行业无法充分发挥潜力。” “USDG 通过更公平的模式颠覆了这种动态，将主流参与者带入生态系统并加速新的稳定币用例。”

The network's partner ecosystem is a carefully orchestrated collaboration among industry leaders:

该网络的合作伙伴生态系统是行业领导者之间精心策划的合作：

Kraken, the world's largest spot cryptocurrency exchange by volume, will integrate USDG into its trading platform, enabling its users to trade the stablecoin against a wide range of cryptocurrencies.

Kraken 是全球交易量最大的现货加密货币交易所，它将把 USDG 整合到其交易平台中，使其用户能够将稳定币与多种加密货币进行交易。

Paxos, a regulated blockchain infrastructure company and the issuer of USDG, will leverage its experience and capabilities in stablecoin operations and technology to ensure the smooth functioning and regulatory compliance of USDG.

Paxos是一家受监管的区块链基础设施公司，也是USDG的发行人，将利用其在稳定币运营和技术方面的经验和能力，确保USDG的顺利运作和监管合规。

Galaxy, a leading merchant banking firm focused on digital assets, will spearhead the institutional adoption of USDG, facilitating its integration into payment networks and expanding its utility in the traditional financial sector.

Galaxy 是一家专注于数字资产的领先商业银行公司，将带头推动 USDG 的机构采用，促进其融入支付网络并扩大其在传统金融领域的效用。

DBS Bank, as the primary banking partner, will add a layer of traditional financial security to the project. The bank's reputation as Asia's safest bank for 16 consecutive years will lend significant credibility to USDG's reserve management.

星展银行作为主要银行合作伙伴，将为该项目增加一层传统的金融安全保障。该银行连续 16 年被誉为亚洲最安全银行，这将为 USDG 的储备管理带来巨大的可信度。

Economic Model Innovation

经济模式创新

One of the most revolutionary aspects of the Global Dollar Network is its economic model. In contrast to the traditional approach where stablecoin issuers retain all reserve-generated income, USDG will implement a unique profit-sharing structure that distributes these benefits among network participants.

全球美元网络最具革命性的方面之一是其经济模式。与稳定币发行人保留所有储备产生的收入的传统方法相反，USDG 将实施独特的利润分享结构，在网络参与者之间分配这些利益。

This approach is designed to incentivize adoption and create a more sustainable ecosystem.

这种方法旨在激励采用并创建一个更可持续的生态系统。

"Stablecoins are replatforming the financial system," noted Charles Cascarilla, Paxos CEO and Co-Founder. "Global Dollar Network will return virtually all rewards to participants and is open for anyone to join."

Paxos 首席执行官兼联合创始人 Charles Cascarilla 表示：“稳定币正在重塑金融体系的平台。” “全球美元网络将几乎所有奖励返还给参与者，并向任何人开放加入。”

The network will operate through an invite-only phase for qualifying participants, but its architecture allows for future expansion to include additional custodians, exchanges, payment providers, merchants, and financial institutions.

该网络将通过仅限合格参与者的邀请阶段进行运营，但其架构允许未来扩展，以包括更多托管人、交易所、支付提供商、商家和金融机构。

This scalable approach suggests a long-term vision for growing the ecosystem while maintaining operational integrity.

这种可扩展的方法表明了在保持运营完整性的同时发展生态系统的长期愿景。