Stablecoins：加密社区的未来是分歧的

稳定剂无处不在。富裕的企业和风险投资人将它们视为挣扎于过时的支付系统的公司的银弹。

Stablecoins are quickly becoming the new normal in the world of finance. But what does the future hold for these digital assets? Some experts are optimistic, predicting that stablecoins will continue to grow in popularity and use. Others are more cautious, expressing concerns about regulatory hurdles and the potential for stablecoins to disrupt the financial system.

稳定币正迅速成为金融界的新常态。但是这些数字资产的未来有什么影响？一些专家很乐观，预测Stablecoins将继续在受欢迎程度和使用中增长。其他人则更加谨慎，对监管障碍的担忧以及稳定币破坏金融体系的潜力。

One thing is for sure: stablecoins are here to stay. In Q1 2024, market activity hit record highs with $5.5 trillion in transactions. Of this total, stablecoins accounted for an impressive 70% of the indirect flows from Brazil’s local exchanges to global exchanges.

可以肯定的是：Stablecoins在这里留下来。在2024年第1季度，市场活动以5.5万亿美元的交易创下历史新高。在这个总数中，Stablecoins占了从巴西本地交流到全球交流的间接流量的70％。

This growth is being driven by a number of factors, including the increasing demand for digital assets, the high levels of inflation in some countries, and the regulatory clarity that is emerging in some jurisdictions.

这种增长是由许多因素驱动的，包括对数字资产的需求不断增长，某些国家的高水平通胀以及某些司法管辖区的监管清晰度。

For example, Nubank, the largest Brazilian digital bank in Latin America, is offering a fixed 4% annual return to users who hold USD Coin (USDC), a stablecoin issued by Circle. The bank says it started offering yields on stablecoins because “more than 50% of new Nubank Crypto users chose USDC as their first digital asset.”

例如，拉丁美洲最大的巴西数字银行Nubank向持有USD Coin（USDC）的用户提供固定的年度回报，这是Circle发行的Stablecoin。该银行表示，它开始在Stablecoins上提供收益率，因为“超过50％的新Nubank Crypto用户选择USDC作为他们的第一个数字资产。”

Wealthy businesses and venture capital firms are also betting on stablecoins, expecting them to change how small businesses handle payments.

富裕的企业和风险投资公司也在押注StableCoins，期望他们改变小型企业处理付款方式。

“I think stablecoins will go beyond just trading and enable things like 24/7 instant settlements, which banks can’t do because they close on holidays,” said Haseeb Qureshi, managing partner at Dragonfly Capital.

Dragonfly Capital的执行合伙人Haseeb Qureshi说：“我认为Stablecoins将不仅仅是交易，还可以启用24/7即时定居点之类的东西，而银行在假期内关闭，这将不仅如此。”

Citi Wealth strategists also see big potential in stablecoins, saying they “could end up reinforcing the U.S. dollar’s dominance.”

花旗财富战略家还看到了稳定币的巨大潜力，称他们“最终可能会增强美元的统治地位”。

But not everyone is optimistic about the future of stablecoins. Some regulators are concerned about the risks posed by stablecoins, especially if they are not properly regulated.

但是，并不是每个人都对稳定币的未来感到乐观。一些监管机构担心Stablecoins构成的风险，尤其是在没有适当监管的情况下。

For example, Marc Boiron, CEO of Polygon Labs, emphasizes that the growth of stablecoins is not just about market size.

例如，Polygon Labs首席执行官Marc Boiron强调，Stablecoins的增长不仅仅是市场规模。

“What’s compelling is how the fundamentals are aligning,” Boiron told crypto.news in a commentary. He pointed out that regulatory frameworks like Markets in Crypto-Assets in Europe are also providing clarity, helping traditional financial institutions enter the stablecoin space.

Boiron在评论中告诉Crypto.news：“令人信服的是基本面如何保持一致。”他指出，欧洲加密资产市场等监管框架也在提供清晰度，帮助传统的金融机构进入Stablecoin空间。

“Regulatory clarity is acting as a catalyst rather than a barrier. With frameworks like MiCA providing clear guidelines, traditional financial institutions and fintech companies can now approach stablecoins with greater confidence.”

“监管清晰度是催化剂，而不是障碍。通过诸如MICA这样的框架提供明确的指导方针，传统的金融机构和金融科技公司现在可以更加自信地接近Stablecoins。”

However, Paolo Ardoino, CEO of Tether — the largest stablecoin issuer by market cap — argues that MiCA regulations are far-fetched, to say the least. He says that requiring stablecoin issuers to keep at least 60% of their reserves in cash deposits could create serious risks for banks.

但是，Tether的首席执行官Paolo Ardoino是市值最大的Stablecoin发行人 - 至少可以说，云母法规是牵强的。他说，要求Stablecoin发行人将至少60％的现金储备保留在现金存款中，这可能会对银行造成严重的风险。

Ardoino compared the regulations to the incident with Circle’s USDC in 2023 when billions of dollars of USDC reserves were stuck in the collapsed Silicon Valley Bank, which failed after a bank run.

Ardoino在2023年将这一法规与Circle的USDC进行了比较，当时数十亿美元的USDC储备被困在倒塌的硅谷银行，该银行在银行运行后失败了。

“I don’t want to endanger those 300 million people holding USDT because I have to keep the 60% in uninsured cash deposits in a European bank,” he said.

他说：“我不想危害3亿美元的持有美元的人，因为我必须将60％的未保险现金存款保留在欧洲银行中。”

Analysts at French blockchain firm Kaiko point out that European regulations don’t affect all stablecoin issuers equally.

法国区块链公司Kaiko的分析师指出，欧洲法规并没有平等影响所有Stablecoin发行人。

So far, they say only one company has benefited from the stricter rules — Circle, whose Euro-pegged stablecoin EURC and USDC have seen the biggest jump in daily trading volumes since MiCA took effect.

到目前为止，他们说，只有一家公司从更严格的规则中受益-Circle，Circle的欧洲稳定欧元和USDC的日常交易量最大，自MICA生效以来，日常交易量最大。

It might still be early to draw conclusions. But one thing is clear — big money is searching for a way to make the “one trillion dollar opportunity” happen. Californian venture capital firm Pantera Also notes that these assets now account for over 50% of blockchain transactions, up from just 3% in 2020.

得出结论可能还早。但是一件事很清楚 - 大笔资金正在寻找一种使“一万亿美元机会”发生的方法。加州风险投资公司Pantera还指出，这些资产现在占区块链交易的50％以上，高于2020年的3％。

What’s unclear is how or where that breakthrough will come, especially with regulations already putting pressure on even the biggest stablecoin firms.

不清楚的是如何或何处取得突破，尤其是对于即使是最大的Stablecoin公司也施加压力的法规。