稳定币剧本：从数十亿美元转向数万亿美元

年轻一代是数字原住民，稳定币是他们的天然货币。随着人工智能和物联网的推动

Stablecoins, a critical component of the crypto ecosystem, have seen remarkable growth in recent years. Their ability to maintain a stable exchange rate against fiat currencies or other assets has made them a preferred medium for various use cases. This article provides a comprehensive overview of the stablecoin landscape, highlighting key opportunities and challenges in three distinct worlds: crypto-native, fully banked, and unbanked.

稳定币是加密生态系统的重要组成部分，近年来取得了显着的增长。它们相对法定货币或其他资产保持稳定汇率的能力使其成为各种用例的首选媒介。本文对稳定币格局进行了全面概述，重点介绍了三个不同世界中的关键机遇和挑战：加密货币原生、完全银行化和非银行化。

In the crypto-native world, stablecoins serve as the gateway to decentralized finance (DeFi) applications. They play a crucial role in enabling a wide range of activities, including trading, lending, derivatives, and yield optimization strategies. Stablecoins competing in this space primarily focus on providing liquidity incentives and integrating with popular DeFi protocols.

在加密原生世界中，稳定币充当去中心化金融（DeFi）应用程序的门户。它们在促进各种活动（包括交易、借贷、衍生品和收益优化策略）方面发挥着至关重要的作用。在这个领域竞争的稳定币主要侧重于提供流动性激励并与流行的 DeFi 协议集成。

Within the fully banked world, stablecoins offer the potential to enhance financial efficiency at scale. They are used extensively for B2B, P2P, and B2C payments, aiming to improve the speed, cost, and accessibility of transactions. Stablecoins in this domain prioritize regulatory compliance, licensing, and collaboration with banks, card networks, payment service providers, and merchants to achieve widespread adoption.

在银行体系完备的世界中，稳定币具有大规模提高财务效率的潜力。它们广泛用于 B2B、P2P 和 B2C 支付，旨在提高交易的速度、成本和可访问性。该领域的稳定币优先考虑监管合规性、许可以及与银行、卡网络、支付服务提供商和商家的合作，以实现广泛采用。

In the unbanked world, stablecoins provide a glimmer of hope for financial inclusion by enabling access to the dollar. They are used for a variety of purposes, including savings, payments, foreign exchange, and yield generation. Stablecoins in this context are particularly well-suited for grassroots marketing campaigns to drive awareness and adoption.

在没有银行账户的世界中，稳定币通过提供美元来为金融包容性带来一线希望。它们用于多种目的，包括储蓄、支付、外汇和产生收益。在这种情况下，稳定币特别适合草根营销活动，以提高认知度和采用率。

Despite the vast opportunities presented by stablecoins, several challenges remain. In the crypto-native world, the limited applicability of on-chain applications and the high costs associated with on-chain liquidity guidance pose significant obstacles. Stablecoins must also navigate the complex regulatory landscape and the competitive dynamics among various types of stablecoins, including fiat-backed, over-collateralized, and synthetic stablecoins.

尽管稳定币带来了巨大的机遇，但仍然存在一些挑战。在加密原生世界中，链上应用程序的适用性有限以及与链上流动性指导相关的高成本构成了重大障碍。稳定币还必须应对复杂的监管环境以及各类稳定币之间的竞争动态，包括法币支持、超额抵押和合成稳定币。

In the fully banked world, the high costs and technical barriers associated with integrating stablecoins into existing financial systems, as well as the limited interest from major banks in issuing stablecoins, present challenges. Additionally, the regulatory environment for interest-bearing stablecoins and the potential impact on monetary policy and financial stability must be carefully considered.

在完全银行化的世界中，将稳定币整合到现有金融体系中的高成本和技术障碍，以及主要银行发行稳定币的兴趣有限，都带来了挑战。此外，必须仔细考虑生息稳定币的监管环境以及对货币政策和金融稳定的潜在影响。

In the unbanked world, stablecoins face the challenge of reaching the unbanked population at scale, particularly in regions with limited internet access and financial literacy. Furthermore, the high premiums paid for stablecoins in emerging markets can lead to distortions in the local economy and the creation of black markets for stablecoins.

在无银行账户的世界中，稳定币面临着大规模覆盖无银行账户人群的挑战，特别是在互联网接入和金融知识有限的地区。此外，新兴市场为稳定币支付的高额溢价可能会导致当地经济扭曲以及稳定币黑市的产生。

Despite these challenges, the potential for stablecoins to revolutionize the financial world is undeniable. They offer a unique combination of benefits that can cater to the diverse needs of users across different worlds. As the regulatory landscape evolves and technological advancements continue to unfold, stablecoins are poised to play an increasingly pivotal role in shaping the future of finance.

尽管存在这些挑战，但稳定币彻底改变金融世界的潜力是不可否认的。它们提供独特的优势组合，可以满足不同世界用户的不同需求。随着监管环境的发展和技术的不断进步，稳定币将在塑造金融的未来方面发挥越来越关键的作用。