Stablecoins的作用正在扩展到加密市场，并引起传统金融机构的关注

Stablecoins的作用正在扩展到加密市场之外，并引起传统金融机构的关注。同时，来自欧洲和美国的新法规

The role of stablecoins is expanding beyond the crypto market and attracting attention from traditional financial institutions, especially with new regulations from Europe and the US that could make stablecoins more useful in the real world. However, these regulations also pose challenges for stablecoin issuers like Tether and Circle.

Stablecoins的作用正在扩展到加密市场之外，并引起了传统金融机构的关注，尤其是欧洲和美国的新法规，这些法规可能会使Stablecoins在现实世界中更有用。但是，这些法规也对Tether和Circle等Stablecoin发行人构成了挑战。

Currently, Tether’s USDT and Circle’s USDC dominate the stablecoin market capitalization, but many experts believe this could change in the future. A recent PitchBook report highlighted that the top 10 stablecoins have a total market capitalization of about $220 billion, up from less than $120 billion two years ago. Tether alone accounts for nearly 65% of this total, while USDC holds another 25%.

目前，Tether的USDT和Circle的USDC主导了Stablecoin市值，但许多专家认为这将来可能会发生变化。最近的一份推销报告强调，前十名稳定的稳定股的总市值约为22.2亿美元，高于两年前不到1200亿美元。仅系绳占该总数的近65％，而USDC则占了25％。

The report also noted that fiat-backed stablecoins are the most common, making up around 95% of the total supply. But this high concentration carries risks, according to PitchBook Senior Analyst Robert Le.

该报告还指出，最常见的是菲亚特支持的稳定蛋白，约占总供应量的95％。但是，根据PitchBook高级分析师Robert Le的说法，这种高集中的风险。

“Another major risk is centralization, in which a single entity such as Tether or Circle controls the minting and burning of tokens, raising concerns about decision-making and conflict of interest. An issuer might halt redemptions or freeze funds under regulator pressure, hurting legitimate holders,” Le explained.

“另一个主要风险是集中化，其中一个单一的实体（例如，系绳或圆圈）控制着令牌的铸造和燃烧，引起了人们对决策和利益冲突的关注。发行人可能会在监管机构压力下停止赎回或冻结资金，从而损害合法持有人。” Le解释说。

Legal risks are also becoming more apparent as US regulators draft specific rules for stablecoins. Several bills, including FIT21, GENIUS, and STABLE, are being discussed. The US is expected to introduce stablecoin-specific legislation next year, legalizing stablecoins but imposing stricter requirements on issuers, such as higher reserve standards, mandatory audits, and increased transparency.

随着美国监管机构起草特定规则，法律风险也变得越来越明显。正在讨论包括Fit21，Genius和Stable在内的几项法案。预计明年美国将引入特定于Stablecoin的立法，使STABLECOIN合法化，但对发行人（例如更高的储备标准，强制性审计和提高透明度）施加更严格的要求。

In contrast, the EU’s MiCA regulations require stablecoins to meet banking-like standards, which Tether has chosen to avoid by exiting the European market.

相比之下，欧盟的云母法规要求稳定的木币符合类似银行业的标准，而Tether选择通过退出欧洲市场来避免这种标准。

As traditional financial institutions enter the market, they might prefer cooperating with issuers like Circle, which complies with US regulations and has partnerships with traditional institutions.

随着传统金融机构进入市场，他们可能更喜欢与诸如Circle这样的发行人合作，该公司符合美国法规，并与传统机构建立合作伙伴关系。

A report from Ark Invest revealed that in 2024, the total annual transaction volume of stablecoins reached $15.6 trillion—equal to 119% of Visa’s volume and 200% of Mastercard’s. Despite this, the number of stablecoin transactions remains relatively low at 110 million per month, only 0.41% of Visa’s and 0.72% of Mastercard’s.

ARK Invest的一份报告显示，2024年，Stablecoins的年度交易量达到15.6万亿美元，相当于Visa量的119％，占Mastercard的200％。尽管如此，稳定币交易的数量仍然相对较低，为每月1.1亿，仅占签证的0.41％，占万事达卡的0.72％。

This suggests that the average stablecoin transaction value is significantly higher than those of Visa and Mastercard.

这表明平均稳定交易值显着高于Visa和MasterCard。

Moreover, major banks like BBVA and Standard Chartered are considering launching their own stablecoins. PayPal has already introduced PYUSD, while Visa is developing the Visa Tokenized Asset Platform (VTAP) to help banks issue stablecoins. Notably, Bank of America (BoA) recently pledged to launch a stablecoin if new US regulations permit.

此外，BBVA和标准包机等主要银行正在考虑推出自己的Stablecoins。 PayPal已经引入了Pyusd，而Visa正在开发Visa令牌资产平台（VTAP），以帮助银行发行Stablecoins。值得注意的是，如果新法规允许，美国银行（BOA）最近承诺发起Stablecoin。

In addition, investment giants such as BlackRock, Franklin Templeton, and Fidelity are offering tokenized money market funds. These funds function similarly to stablecoins and could directly compete with USDC and USDT.

此外，贝莱德（Blackrock），富兰克林·邓普顿（Franklin Templeton）和富达（Fidelity）等投资巨头还提供令牌化的货币市场基金。这些资金的运作与Stablecoins相似，并且可以直接与USDC和USDT竞争。

“We further expect that every major financial platform or fintech app will seek to launch its own stablecoin, hoping to lock users into seamless payment ecosystems. However, we believe only a handful of trusted issuers—those with regulatory greenlights, recognized brands, and proven technological reliability—will ultimately capture the majority of market share.”

“我们进一步期望每个主要的金融平台或金融科技应用程序都将寻求启动自己的Stablecoin，希望将用户锁定到无缝的支付生态系统中。但是，我们认为只有少数值得信赖的发行人（带有监管绿灯，公认的品牌和可靠的技术可靠性）最终将最终抓住大部分市场份额。”