比特币涨至 10 万美元以上引起金融界关注，稳定币受到关注

Visa、PayPal 和 Stripe 等主流金融机构越来越多地投资稳定币项目——旨在维持稳定价值的加密货币代币

As Bitcoin (BTC) price action stole the show in 2024 with its remarkable rise above $100,000, another segment of the crypto landscape is quietly gaining steam.

随着比特币 (BTC) 的价格走势在 2024 年引人注目，突破 10 万美元，加密货币领域的另一个领域正在悄然崛起。

Mainstream financial players like Visa, PayPal and Stripe are ramping up their involvement in stablecoins — a type of cryptocurrency token designed to maintain a stable value, usually pegged to the US dollar or other traditional currencies.

Visa、PayPal 和 Stripe 等主流金融机构正在加大对稳定币的参与力度，稳定币是一种旨在保持稳定价值的加密货币代币，通常与美元或其他传统货币挂钩。

Global Demand for Stablecoins Surges

全球对稳定币的需求激增

This burgeoning sub-sector of digital assets has proven to be quite lucrative. Issuers of stablecoins can now deploy the reserves backing these tokens in short-term US Treasuries, which are offering attractive yields.

事实证明，这个新兴的数字资产子行业利润丰厚。稳定币的发行人现在可以将支持这些代币的储备部署在短期美国国债中，这些国债的收益率颇具吸引力。

While Bitcoin and other crypto in the industry are known for their volatility, stablecoins are being adopted worldwide for transactions, providing a thread of stability amid the chaos of the crypto markets.

虽然比特币和业内其他加密货币以其波动性而闻名，但稳定币正在全球范围内被采用进行交易，在加密货币市场的混乱中提供了稳定的线索。

Rob Hadick, a general partner at Dragonfly, a digital-asset venture firm, highlighted the increasing demand for stablecoins from major companies in underserved payment sectors.

数字资产风险投资公司 Dragonfly 的普通合伙人 Rob Hadick 强调，支付领域服务不足的大公司对稳定币的需求不断增长。

“We’ve seen demand increase substantially from some of the largest companies in the world that service global contractor and employee payouts, trade finance and remittance,” he explained.

“我们看到世界上一些最大的公司的需求大幅增加，这些公司为全球承包商和员工付款、贸易融资和汇款提供服务，”他解释道。

According to Bloomberg, the stablecoin market is set for more competition as its total market capitalization surged to about $205 billion.

据彭博社报道，随着稳定币总市值飙升至约 2050 亿美元，稳定币市场的竞争将更加激烈。

Tether Holdings Ltd.’s USDT remains the top dog with a market cap of around $140 billion, but challenges might be brewing as regulatory frameworks evolve.

Tether Holdings Ltd. 的 USDT 仍然位居榜首，市值约为 1400 亿美元，但随着监管框架的发展，挑战可能正在酝酿之中。

The European Union’s Markets in Crypto Assets (MiCA) regulations stipulate that any stablecoins listed on centralized exchanges (CEXs) must be issued by an entity that holds an e-money license.

欧盟加密资产市场 (MiCA) 法规规定，在中心化交易所 (CEX) 上列出的任何稳定币都必须由持有电子货币许可证的实体发行。

Circle Internet Financial Ltd., Tether’s main competitor, secured this permit in July, while Tether has not yet applied, potentially putting its future on the exchanges at risk.

Tether 的主要竞争对手 Circle Internet Financial Ltd. 在 7 月份获得了该许可证，而 Tether 尚未申请，这可能使其在交易所的未来面临风险。

Companies Aim for New Revenue Streams Amid Market Volatility

公司在市场波动中寻求新的收入来源

In the US, several companies are making their move in the stablecoin space. Visa has launched its Tokenized Asset Platform, which allows banks to issue stablecoins.

在美国，多家公司正在稳定币领域进军。 Visa 推出了代币化资产平台，允许银行发行稳定币。

Financial technology company Revolut is exploring the possibility of launching its own stablecoin, and Stripe has acquired the fintech platform Bridge, which specializes in stablecoin transactions.

金融科技公司Revolut正在探索推出自己的稳定币的可能性，Stripe已经收购了专门从事稳定币交易的金融科技平台Bridge。

“Issuing stablecoins is a great business model right now.” remarked Augustus Ilag, investment partner at CMT Digital. Many companies are seeing the success of Circle and Tether and considering launching their own stablecoins to diversify their offerings and generate a new revenue stream.

“发行稳定币目前是一个很好的商业模式。” CMT Digital 投资合伙人 Augustus Ilag 说道。许多公司看到了 Circle 和 Tether 的成功，并考虑推出自己的稳定币，以实现产品多元化并创造新的收入来源。

According to Johann Kerbrat, crypto general manager at Robinhood, the company is working with Paxos to create an open network for stablecoin use, highlighting the great value that stablecoins can bring to their platform.

Robinhood 加密货币总经理 Johann Kerbrat 表示，该公司正在与 Paxos 合作创建一个供稳定币使用的开放网络，这凸显了稳定币可以为其平台带来的巨大价值。

However, the rise of stablecoins also comes with risks. The catastrophic failure of TerraUSD in 2022, an algorithmic stablecoin that was designed to maintain its fixed value through its parallel currency Luna, serves as a cautionary tale.

然而，稳定币的崛起也伴随着风险。 TerraUSD 是一种算法稳定币，旨在通过其平行货币 Luna 来维持其固定价值，它在 2022 年的灾难性失败是一个警示。

The collapse of TerraUSD triggered a broader sell-off in the crypto market, wiping out $200 billion in total market value and leading to the bankruptcy of several digital assets companies.

TerraUSD 的崩溃引发了加密市场更广泛的抛售，总市值蒸发了 2000 亿美元，并导致多家数字资产公司破产。

Despite the pressing need, efforts to establish a comprehensive regulatory framework for stablecoins in the US have stalled, while the EU’s MiCA regulations are setting the stage for clearer guidelines and increased adoption among Europe-based companies.

尽管需求迫切，但美国建立稳定币综合监管框架的努力却陷入停滞，而欧盟的 MiCA 法规正在为更清晰的指导方针和欧洲公司更多采用奠定基础。

“Fintechs in Europe are struggling with the stringent banking-like regulations. Stablecoins avoid many of those issues, which also make the process automated,” noted Tarun Chitra, general partner at Robot Ventures.

“欧洲的金融科技公司正在努力应对严格的银行业监管规定。稳定币避免了许多此类问题，这也使流程自动化，”Robot Ventures 普通合伙人塔伦·奇特拉 (Tarun Chitra) 指出。