稳定币已从低调的数字代币演变为现代支付基础设施的重要部分

在过去的几年中，加密货币行业经历了一个艰难的问题，例如BitConnect的Ponzi计划在2018年揭示

The cryptocurrency sector went through a rough patch in the last few years, with events such as BitConnect’s Ponzi scheme being revealed in 2018 and the collapse of Terra’s Luna and its UST stablecoin in May 2022. Moreover, the fall of FTX in November 2022 shook the entire cryptocurrency segment and eroded consumer trust. However, cryptocurrencies designed to operate outside of volatility were gaining momentum behind the scenes, even though they had a relatively slow start.

在过去的几年中，加密货币行业经历了一个艰难的局面，例如BitConnect的Ponzi计划在2018年揭示，Terra的Luna及其UST Stablecoin在2022年5月崩溃了。此外，2022年11月的FTX倒塌了整个CryptoCurrency ofptocurrency semberency ofptocurrency cmberency ofvercrency ofverment of Coves and doved overed and doded oded oded od od od od od od oded oded oded oded oded oded oded oded oded oded oded ofded ofded ofd oded率。但是，旨在在波动率之外运行的加密货币在幕后势头越来越较慢。

Stablecoins are designed to combine the advantages of blockchain technology with the reliability of fiat currencies. They can be used as a medium of exchange, a store of value, or a trading asset.

Stablecoins旨在将区块链技术的优势与法定货币的可靠性相结合。它们可以用作交换媒介，价值存储或交易资产。

The concept of stablecoins emerged in the early days of digital currencies as a response to the inherent volatility of assets such as Bitcoin. The initial goal was simple yet transformative: to create a digital token whose value remains stable by pegging it to a traditional fiat currency, typically USD. Early projects such as Tether pioneered this approach, offering users a digital asset that could serve as both a medium of exchange and a reliable store of value. In essence, by anchoring their value to an established monetary standard, stablecoins were designed to enable everyday transactions and mitigate the risk of rapid price fluctuations.

稳定币的概念是在数字货币的早期出现的，是对比特币等资产固有波动的反应。最初的目标是简单而变革性的：创建一个数字代币，其价值将其固定在传统的菲亚特货币（通常是美元）中。诸如Tether之类的早期项目开创了这种方法，为用户提供了一个数字资产，既可以用作交换媒介，又是可靠的价值存储。从本质上讲，通过将其价值锚定在既定的货币标准上，稳定的稳定者旨在实现日常交易并减轻价格快速波动的风险。

Over time, it became clear that the extreme volatility seen in traditional cryptocurrencies was a significant barrier to broader mainstream adoption. This realisation spurred innovation within the stablecoin space, leading to a more diverse range of models. Some stablecoins are fully backed by reserves held in regulated financial institutions, while others leverage sophisticated algorithms to maintain their peg.

随着时间的流逝，很明显，传统的加密货币中看到的极端波动率是更广泛的主流采用的重大障碍。这种实现刺激了Stablecoin空间内的创新，从而导致了更加多样化的模型。一些稳定的稳定者得到了受管制金融机构中持有的储备，而另一些则利用复杂的算法来维持其钉子。

Today, several factors are converging to support the relevance of stablecoins, including improved regulatory frameworks, such as the European Union’s MiCA.

如今，有几个因素正在融合以支持稳定剂的相关性，包括改善的监管框架，例如欧盟的云母。

Advancements in blockchain technology and tokenization infrastructure, as seen in collaborations between companies such as Fireblocks and Chainlink, are advancing the security and efficiency of stablecoin operations. Moreover, high-profile partnerships and acquisitions by major financial players (Stripe’s acquisition of Bridge and PayPal’s integration of PYUSD) signal a strong market endorsement of stablecoins as a viable financial instrument.

正如Fireblocks和Chainlink等公司之间的合作所示，区块链技术和令牌基础设施的进步正在提高Stablecoin运营的安全性和效率。此外，主要财务参与者（Stripe对Bridge和PayPal对Pyusd的整合）的备受瞩目的合作伙伴关系和收购表明，StableCoins的强烈市场认可是可行的金融工具。

In the US, Europe, and beyond, companies have been asking for clear regulatory standards that would enable them to operate in compliance and create pathways for product evolution without fear of stepping out of line.

在美国，欧洲及其他地区，公司一直在要求明确的监管标准，这将使他们能够合规并为产品发展创造途径，而不必担心会脱颖而出。

Even though it took time, regulators listened, as policy clarity has become an important factor in the growth and adoption of stablecoins. The European Union’s Markets in Crypto-Assets (MiCA) framework has provided much-needed oversight, ensuring that stablecoins meet stringent criteria for transparency, reserve backing, and consumer protection. This regulatory environment is prompting traditional financial institutions to innovate while remaining compliant.

即使花了时间，监管机构都倾听了，因为政策的清晰度已成为稳定剂增长和采用的重要因素。欧盟在加密资产（MICA）框架中的市场提供了急需的监督，确保了稳定的稳定性符合透明度，储备支持和消费者保护的严格标准。这种监管环境正在促使传统的金融机构进行创新，同时保持合规性。

For example, Banking Circle’s launch of EURI, a bank-backed, MiCA-compliant stablecoin, exemplifies how regulation can be leveraged to build trust and promote widespread adoption.

例如，银行Circle的成立是由银行支持的，符合云母的Stablecoin的Euri推出，这说明了如何利用监管来建立信任并促进广泛采用的法规。

Similarly, Visa’s introduction of a platform that allows banks to issue their own stablecoins and tokenized deposits marks another step toward mainstream acceptance. This initiative, known as the Visa Tokenised Asset Platform (VTAP), aims to leverage existing payment networks while incorporating the advantages of blockchain technology. Such moves show that the regulatory environment is not a barrier but rather a catalyst for innovation and improved consumer confidence.

同样，Visa引入了一个平台，该平台允许银行发行自己的稳定币和令牌存款，这标志着迈向主流接受的又一步。该计划被称为签证令牌资产平台（VTAP），旨在利用现有的支付网络，同时结合区块链技术的优势。这样的举动表明，监管环境不是障碍，而是创新和改善消费者信心的催化剂。

The geographic reach of stablecoins continues to grow, driven by integrations with local payment systems. I’d like to point out Circle’s expansion of USDC access in Brazil and Mexico as a prime example. By connecting USDC to local real-time payment systems such as PIX in Brazil and SPEI in Mexico, Circle managed to reduce the time and costs associated with cross-border transfers. This development aimed to speed up transaction processing and improve liquidity in regions that traditionally face high remittance fees and delays.

与本地支付系统的集成驱动的，稳定币的地理范围继续增长。我想指出Circle扩展了USDC在巴西和墨西哥的访问，这是一个很好的例子。通过将USDC连接到当地的实时支付系统，例如巴西的Pix和墨西哥的SPEI，Circle设法减少了与跨境转移相关的时间和成本。这种发展旨在加快交易处理并改善传统上面临高汇款费和延误的地区的流动性。

Furthermore, Revolut’s plans to launch its own stablecoin underscore a trend of embedding digital currencies within established financial apps. Such moves could potentially help users benefit from lower transaction fees, faster settlements, and improved overall financial efficiency.

此外，Revolut的计划推出自己的Stablecoin计划强调了将数字货币嵌入已建立的财务应用程序中的趋势。这样的举动可能有可能帮助用户从较低的交易费用，更快的定居点以及提高整体财务效率中受益。

The growing interest in stablecoins is reflected in a series of strategic moves by industry leaders. One particularly noteworthy event was Stripe’s acquisition of Bridge for USD 1.1 billion, which marked one of the largest deals in the cryptocurrency space. Such acquisitions signal a significant vote of confidence in the technology and its long-term potential, as companies look to streamline their payment operations through digital assets.

行业领导者的一系列战略举动反映了对Stablecoins的兴趣日益增长的兴趣。一个特别值得注意的事件是Stripe以11亿美元的价格收购了桥梁，这标志着加密货币领域中最大的交易之一。此类收购表示，随着公司希望通过数字资产简化其支付运营，对该技术及其长期潜力表示了重大信心投票。

At the same time, Ripple’s introduction of RLUSD, which is a stablecoin specifically designed for institutional use, demonstrates how established fintech firms are adapting to meet market demands. By targeting cross-border payments and tokenized asset trading, RLUSD is set to play an important part in supporting efficiency and transparency in global financial markets.

同时，Ripple的Rlusd介绍是专门为机构使用而设计的Stablecoin，它证明了建立的金融科技公司如何适应满足市场需求。通过针对跨境支付和令牌化资产交易，RLUSD将在支持全球金融市场的效率和透明度中起重要作用。

PayPal has also made significant strides by executing its first B2B transaction with its proprietary stablecoin, PYUSD. This move reflects a trend of integrating

PayPal还通过其专有的Stablecoin Pyusd执行其第一次B2B交易，取得了重大进步。此举反映了整合的趋势