Stablecoins：特洛伊木马潜入传统金融？

比特币一直在弯曲，政府的点头和Stablecoins正在结交新朋友。

Bitcoin has been making headlines, the government is making notes, and stablecoins are making new friends.

比特币一直在成为头条新闻，政府正在做笔记，Stablecoins正在结交新朋友。

Pegged to the US dollar or other assets, stablecoins have evolved rapidly from a niche crypto experiment to a $221 billion plus market capitalization (of the top 10 stablecoins) and financial firms are taking notice. Fintechs and financial institutions are moving to position themselves in this growing market.

与美元或其他资产挂钩，Stablecoins已从利基的加密实验迅速发展为2210亿美元的市值（在前十名Stablecoins中），金融公司正在引起人们的注意。金融科技和金融机构正在移动将自己定位在这个不断增长的市场中。

But how can stablecoins impact the future of money, and what challenges lie ahead?

但是，稳定剂如何影响货币的未来？未来的挑战呢？

Financial firms' growing bet on stablecoins

金融公司对稳定币的赌注日益赌注

Stablecoins now represent a fundamental shift in how money moves. Their real-world use cases range from international remittances to corporate treasury management, enabling faster and cheaper transactions than traditional banking systems. Stripe has recently called them the “room-temperature superconductors for financial services,” a fancy way of saying they make payments shockingly efficient without melting down the system.

现在，稳定币代表了货币移动的基本转变。与传统的银行系统相比，他们的实际用例从国际汇款到公司财政部管理范围更快，更便宜。 Stripe最近称它们为“金融服务的室温超导体”，这是一种奇特的方式，说他们令人震惊的付款效率而不融化了系统。

Their rise has been fueled by inefficiencies in the traditional banking sector and sticky inflation. Cross-border payments, for instance, remain slow and expensive due to intermediaries and outdated infrastructure.

传统银行业和粘性通货膨胀率低的效率低下，它们的增长助长了。例如，由于中介机构和过时的基础设施，跨境支付保持缓慢而昂贵。

Stablecoins are also increasingly being used as a hedge against currency instability in emerging markets.

在新兴市场的货币不稳定的对冲也越来越多地用作对冲。

Despite their potential, stablecoins exist in a regulatory gray area — a place where innovation can either thrive or be buried under paperwork.

尽管具有潜力，但仍存在稳定的灰色区域，该地区可以在一个可以繁衍生息或埋葬在文书工作之下的地方。

Stablecoin regulation remains a patchwork of evolving policies. US lawmakers are now focusing on creating clearer, more comprehensive legislation. Proposals like the GENIUS Act and the Clarity for Payment Stablecoins Act are looking to define a legal structure for issuing and using stablecoins.

Stablecoin调节仍然是不断发展的政策的拼凑而成。美国立法者现在致力于制定更清晰，更全面的立法。诸如《天才法》和《付款稳定法》之类的提案正在寻求定义发行和使用稳定的法律结构。

Meanwhile, financial institutions that have already introduced their own stablecoins — or fintechs facilitating stablecoin transactions — operate within specific legal frameworks:

同时，已经引入了自己的Stablecoins的金融机构（或促进Stablecoin交易的金融科技）在特定的法律框架内运营：

More FIs are making moves: Bank of America CEO Brian Moynihan shared this month that his bank is prepared to enter the stablecoin business — once US lawmakers permit regulatory approval.

更多的FIS正在采取行动：美国银行首席执行官Brian Moynihan本月分享说，他的银行准备进入Stablecoin业务 - 一旦美国立法者允许监管机构批准。

This cautious approach reflects broader concerns within traditional finance about compliance, risk management, and integration into existing financial systems. Banks face strict capital requirements and regulatory scrutiny, making their entry into the stablecoin market more complex. So, banks want in, but only when they won’t get a legal migraine for it.

这种谨慎的方法反映了传统财务上关于合规性，风险管理和整合到现有金融系统中的广泛关注。银行面临严格的资本要求和监管审查，使他们进入Stablecoin市场更加复杂。因此，银行想要进来，但只有当他们不为此而偏头痛时。

If banks receive a green light, stablecoins could compete with money market funds, transforming payments and liquidity management. But if regulations become too tight, the momentum could shift to friendlier jurisdictions, leaving US banks behind.

如果银行收到绿灯，Stablecoins可以与货币市场资金竞争，改变付款和流动性管理。但是，如果法规变得太紧，这种势头可能会转移到更友好的司法管辖区，而将美国银行抛在后面。

How FIs and fintechs differ in their approach to stablecoins

FIS和Fintechs的stabalecoins方法有何不同

Graphic credit: Tearsheet

图形信用：撕裂表

Fintechs — and now banks — are moving more deeply into stablecoins, but their playbooks differ based on their respective strengths and constraints.

金融科技（现在的银行）正在更深入地进入Stablecoins，但他们的剧本根据各自的优势和约束而​​有所不同。