稳定币成为全球基金经理解决美国 T+1 外汇问题的可能方案

稳定币可以缓解非美国基金经理在满足 5 月份推出的美国证券较短结算周期方面面临的挑战。由于分布式账本的使用，稳定币（旨在保持稳定价值的数字资产）的使用允许在交易当天进行即时交付与付款（T0）。稳定币的发行量一直在增加，今年第一季度其供应量增长了 14% 以上，凸显了其实用性的不断增长。稳定币可以比传统的法币方式更快地转移资金，从而实现外币（FX）与购买股票所需的美元同步结算。

Stablecoins Emerge as a Potential Solution to T+1 FX Challenges for Global Fund Managers

稳定币成为全球基金经理应对 T+1 外汇挑战的潜在解决方案

Introduction

介绍

The impending implementation of a shorter settlement cycle (T+1) for US securities in May 2024 has raised concerns among fund managers outside the US, particularly those in Asia Pacific. The challenges stem from the difficulty of completing foreign exchange (FX) trades in time to meet the revised settlement timeframe. However, stablecoins, a form of digital asset designed to maintain a stable value, are offering a glimmer of hope as a potential solution to these FX challenges.

即将于 2024 年 5 月实施的美国证券较短结算周期 (T+1) 引起了美国以外基金经理的担忧，尤其是亚太地区的基金经理。挑战源于及时完成外汇 (FX) 交易以满足修改后的结算时间范围的困难。然而，稳定币作为一种旨在保持稳定价值的数字资产形式，作为解决这些外汇挑战的潜在解决方案带来了一线希望。

T+1 FX Conundrum

T+1 外汇难题

The standard settlement cycle for most US broker-dealer transactions in securities will soon be reduced from two business days after a trade (T+2) to T+1, effective May 28, 2024, in the US and May 27, 2024, in Canada. This shorter timeframe poses a significant challenge for asset managers outside the US, as it limits the time available to complete FX trades necessary for purchasing and selling US stocks.

大多数美国经纪自营商证券交易的标准结算周期很快将从交易后两个工作日 (T+2) 缩短至 T+1，美国自 2024 年 5 月 28 日起生效，美国自 2024 年 5 月 27 日起生效。加拿大。较短的时间框架对美国以外的资产管理公司构成了重大挑战，因为它限制了完成买卖美国股票所需的外汇交易的时间。

Stablecoins Offer a Timely Solution

稳定币提供了及时的解决方案

Stablecoins, digital assets designed to maintain a constant or "stable" value by holding reserve assets, such as US dollars, at a fixed rate, offer a unique advantage in the context of the T+1 settlement cycle. Unlike fiat currency, which is held on a central record by a bank, stablecoins do not require the involvement of banks and can be issued by technology companies or crypto-native firms.

稳定币是一种数字资产，旨在通过以固定利率持有美元等储备资产来维持恒定或“稳定”的价值，在T+1结算周期的背景下具有独特的优势。与由银行保存在中央记录中的法定货币不同，稳定币不需要银行的参与，并且可以由科技公司或加密原生公司发行。

The supply of stablecoins has experienced a surge in recent months, with a 14% increase in the first quarter of this year, according to the Q2 2024 Guide to Crypto Markets report from Coinbase Institutional and Glassnode. This growth underscores the increasing acceptance and utility of stablecoins.

根据 Coinbase 机构和 Glassnode 发布的《2024 年第二季度加密货币市场指南》报告，近几个月来稳定币的供应量激增，今年第一季度增长了 14%。这种增长凸显了稳定币的接受度和实用性不断提高。

Zodia Markets and Fireblocks Collaboration

Zodia Markets 和 Fireblocks 合作

Zodia Markets, an institutional crypto trading platform backed by Standard Chartered and OSL Group, has partnered with Fireblocks, a provider of infrastructure for digital asset operations, to facilitate the use of stablecoins for cross-border payments and FX transactions. This collaboration aims to enable clients to transfer funds more quickly and efficiently than traditional fiat methods.

Zodia Markets 是由渣打银行和 OSL Group 支持的机构加密货币交易平台，已与数字资产运营基础设施提供商 Fireblocks 合作，以促进稳定币在跨境支付和外汇交易中的使用。此次合作旨在使客户能够比传统的法定方法更快、更高效地转移资金。

Benefits of Stablecoins for FX

稳定币对外汇的好处

The use of stablecoins for FX transactions offers several advantages, including:

使用稳定币进行外汇交易具有多种优势，包括：

• Synchronicity: Stablecoins operate on blockchain platforms that are available 24/7, allowing for synchronous settlement of eastern hemisphere stablecoins with the US dollars required for purchasing equities, regardless of regional payment cut-offs.
• Reduced Counterparty Risk: By utilizing stablecoins, FX hedges can be executed in non-US time zones, eliminating the risk associated with FX settlement occurring after the payment cut-off times of eastern banks.
• Cost Savings: Stablecoins can facilitate cross-border payments and FX transactions at a lower cost compared to traditional fiat methods, as evidenced by the example of an African oil importer who saved significantly by using stablecoins for payments to suppliers in the Middle East.

Regulatory Considerations

同步性：稳定币在 24/7 可用的区块链平台上运行，允许东半球稳定币与购买股票所需的美元同步结算，无论地区支付截止时间如何。 降低交易对手风险：通过利用稳定币，外汇对冲可以在非美国时区执行，消除了东方银行付款截止时间后发生的外汇结算风险。 节省成本：与传统法币方式相比，稳定币可以以更低的成本促进跨境支付和外汇交易一家非洲石油进口商通过使用稳定币向中东供应商付款，节省了大量资金。监管考虑因素

While stablecoin regulation is still evolving in many jurisdictions, a key metric for assessing the reliability of stablecoins is the nature and amount of their reserve assets. Zodia Markets emphasizes the importance of selecting stablecoins with robust reserve asset frameworks and transparent issuance practices.

尽管稳定币监管在许多司法管辖区仍在不断发展，但评估稳定币可靠性的一个关键指标是其储备资产的性质和数量。 Zodia Markets 强调选择具有稳健储备资产框架和透明发行实践的稳定币的重要性。

Zodia Markets' Growth Strategy

Zodia Markets 的增长战略

Zodia Markets' growth strategy revolves around expanding its product offerings, including the addition of digital bonds, other securities, and derivatives. The firm also aims to deepen its integration with existing currencies and expand into new markets, particularly in the Asia Pacific region.

Zodia Markets 的增长战略围绕扩大其产品范围，包括增加数字债券、其他证券和衍生品。该公司还旨在深化与现有货币的一体化，并拓展新市场，特别是亚太地区。

Conclusion

结论

Stablecoins have emerged as a potential solution to the FX challenges posed by the T+1 settlement cycle for US securities. Their ability to facilitate synchronous settlement, reduce counterparty risk, and lower transaction costs makes them an attractive option for fund managers outside the US. As stablecoin regulation continues to evolve and the technology matures, their role in the financial ecosystem is expected to grow, paving the way for greater efficiency and accessibility in cross-border payments and FX transactions.

稳定币已成为应对美国证券 T+1 结算周期带来的外汇挑战的潜在解决方案。它们促进同步结算、降低交易对手风险和降低交易成本的能力使其成为美国以外基金经理的有吸引力的选择。随着稳定币监管的不断发展和技术的成熟，稳定币在金融生态系统中的作用预计将不断增强，为提高跨境支付和外汇交易的效率和可及性铺平道路。

Additional Insights from Industry Experts

行业专家的其他见解

"Stablecoins are in some respects similar to Eurodollars as they are U.S. dollar-based liabilities with origins outside the regulated banking system." - Timothy Massad, former chairman of CFTC and former Assistant Secretary at US Treasury

“稳定币在某些方面与欧洲美元相似，因为它们是基于美元的负债，起源于受监管的银行体系之外。” - 蒂莫西·马萨德 (Timothy Massad)，美国商品期货交易委员会 (CFTC) 前主席、美国财政部前助理部长

"The real magic is when you have a stablecoin and digital security on the same rails on the blockchain." - Nick Philpott, co-founder and head of partnerships at Zodia Markets

“真正的魔力在于，当你在区块链上的同一个轨道上拥有稳定币和数字安全时。” - Zodia Markets 联合创始人兼合作伙伴关系主管 Nick Philpott

"This migration of money and finance to the open internet has an air of inevitability, particularly in an age when more people have smartphones than bank accounts." - Nick Philpott, co-founder and head of partnerships at Zodia Markets

“货币和金融向开放互联网的迁移似乎是不可避免的，特别是在拥有智能手机的人多于拥有银行账户的时代。” - Zodia Markets 联合创始人兼合作伙伴关系主管 Nick Philpott