貝萊德，穩定幣和機構基礎設施：紐約的觀點

分析貝萊德在穩定市場中的戰略舉動及其對機構基礎設施的影響。

BlackRock's strategic embrace of stablecoins and institutional infrastructure is reshaping finance. As of mid-2025, the stablecoin sector has exploded to $250 billion, with projections hitting $2 trillion by 2028. Let's dive into how BlackRock is leading this charge.

貝萊德（BlackRock）對穩定幣和機構基礎設施的戰略擁抱正在重塑財務。截至2025年中期，Stablecoin行業已經爆炸到2500億美元，預計到2028年達到2萬億美元。讓我們深入了解貝萊克的領導方式。

BlackRock's Dual-Engine Strategy: Tokenization and Regulatory Influence

貝萊德的雙引擎策略：令牌化和監管影響

BlackRock isn't just dipping its toes; it's diving headfirst into the stablecoin market with a two-pronged approach. First, it's building the infrastructure. Second, it's leveraging its regulatory clout to shape the rules. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), launched in March 2024, is a $2.9 billion tokenized fund investing in U.S. Treasuries and cash. It's a big deal, serving as collateral for stablecoins like frxUSD and being accepted on major exchanges.

貝萊德不僅浸入腳趾；它首先以兩管齊下的方法跳入Stablecoin市場。首先，它正在建設基礎設施。其次，它利用其監管影響力來塑造規則。 2024年3月啟動的BlackRock USD機構數字流動性基金（BUIDL）是29億美元的代幣基金投資於美國國債和現金。這是一件大事，是Frxusd這樣的穩定幣的抵押品，並在大型交流中被接受。

Tokenizing its $150 billion Treasury Trust Fund via BNY Mellon further cements BlackRock's role as a bridge between traditional finance and blockchain. This move, driven by CEO Larry Fink's vision, enables near-instant clearing and fractional ownership.

通過BNY Mellon，將其1500億美元的美國國庫信託基金（BNY MELLON）帶到了貝克洛克（Blackrock）作為傳統金融與區塊鏈之間的橋樑的作用。這一舉動是由首席執行官拉里·芬克（Larry Fink）的願景驅動的，可以實現近乎即時的清算和部分所有權。

Regulatory Tailwinds and Market Domination

監管方風和市場統治

BlackRock's influence goes beyond product design. The firm is actively shaping the regulatory environment to align with its business model. The U.S. GENIUS Act, mandating stablecoins to be fully backed by cash and safe assets, is tailor-made for BlackRock's BUIDL. This not only legitimizes stablecoins but also positions BlackRock, with its reserve management expertise, to dominate the sector.

貝萊德的影響力超出了產品設計。該公司正在積極塑造監管環境，以與其業務模型保持一致。 《美國天才法案》（美國天才法案）要求穩定的人得到現金和安全資產的全部支持，是為貝萊德（BlackRock）的Buidl量身定制的。這不僅使Stablecoins合法化，而且還可以將BlackRock定位為其儲備管理專業知識，以主導該行業。

The partnership with Circle, issuer of USDC, is another strategic masterstroke. BlackRock manages the government money market fund backing 90% of USDC's reserves and holds a 10% stake in Circle's IPO. This dual role—custodian and investor—allows BlackRock to profit from USDC's growth and the broader acceptance of stablecoin-backed products.

USDC的發行人Circle的合作夥伴關係是另一種戰略掌握。 BlackRock管理政府貨幣市場基金，支持USDC的90％的儲備金，並持有Circle IPO的10％股份。這種雙重角色（custodian and Investor）使貝萊德（BlackRock）從USDC的增長和更廣泛接受Stablecoin支持的產品中獲利。

Institutional Partnerships and DeFi Integration

機構合作夥伴關係和Fefi集成

BlackRock's collaborations with DeFi protocols like Frax Finance and major exchanges highlight its ability to integrate decentralized and institutional ecosystems. The frxUSD stablecoin, backed by BUIDL, offers seamless fiat on/off-ramping, crucial for mainstream adoption. These partnerships expand BlackRock's market share and validate its infrastructure.

BlackRock與Frax Finance和Major交流等FEFI協議的合作突出了其整合分散和機構生態系統的能力。由Buidl支持的Frxusd Stablecoin提供/外升級的無縫法，對於主流採用至關重要。這些夥伴關係擴大了貝萊德的市場份額並驗證其基礎設施。

Meanwhile, the tokenized Treasury Trust Fund signals that tokenization of traditional assets is no longer a pipe dream. With JPMorgan and State Street following suit, BlackRock's early-mover advantage is significant.

同時，令牌化的財政信託基金信號表明，傳統資產的令牌不再是一個夢想。隨著摩根大通和州立街的效仿，貝萊德的早期推動力優勢很大。

Nigeria's Regulatory Nod to Stablecoins

尼日利亞的監管點頭

In a parallel development, Nigeria's Securities and Exchange Commission (SEC) is embracing stablecoin innovation under the Investment and Securities Act 2025 (ISA 2025). This makes Nigeria the first African nation to formalize a framework for stablecoins, balancing market growth with investor protection. This move highlights the global momentum behind stablecoin adoption.

在平行的發展中，尼日利亞的證券交易委員會（SEC）正在根據《 2025年投資和證券法》（ISA 2025）採用Stablecoin創新。這使得尼日利亞成為第一個為穩定幣框架形式化的非洲國家，將市場增長與投資者的保護平衡。這一舉動突出了穩定採用的全球動力。

Market Projections and Investment Implications

市場預測和投資影響

The stablecoin market's projected growth to $2 trillion by 2028 isn't just about technology; it's about regulatory confidence. BlackRock's role is multifaceted:

到2028年，Stablecoin市場預計增長到2萬億美元，不僅僅是技術。這是關於監管信心。貝萊德的角色是多方面的：

1. Collateral Provider: BUIDL becomes a standard for regulated collateral.
2. Regulatory Advocate: Shaping rules that favor institutional-grade infrastructure.
3. Equity Investor: Profiting from Circle's market leadership.

For investors, BlackRock's stablecoin ventures are central to its long-term strategy. The firm's ability to navigate regulatory complexity and scale institutional solutions makes it a rare hybrid: a traditional asset manager with a blockchain-first mindset.

對於投資者而言，貝萊德的Stablecoin Ventures是其長期戰略的核心。該公司駕駛法規複雜性和規模機構解決方案的能力使其成為罕見的混合動力：具有區塊鏈優先思維方式的傳統資產經理。

A Former BlackRock Exec's Bold Move

前貝萊克高管的大膽舉動

Joseph Chalom, who spearheaded BlackRock's Bitcoin and Ethereum ETFs, has become co-CEO of SharpLink Gaming, now an Ethereum treasury entity. This move underscores a shift from passive crypto investment to active protocol development. SharpLink, holding a massive 360,807 ETH, aims to leverage its stake through staking and yield optimization. Chalom's expertise is expected to accelerate Ethereum's integration into traditional finance.

率領貝萊德（Blackrock）的比特幣和以太坊ETF的約瑟夫·查洛姆（Joseph Chalom）已成為Sharplink Gaming的聯合首席執行官，現在是一個以太坊財政部實體。這一舉動強調了從被動加密投資轉變為主動協議開發。 Sharplink持有大量的360,807 ETH，旨在通過股權和收益優化來利用其股份。預計Chalom的專業知識將加速以太坊融入傳統金融。

Final Thoughts

最後的想法

BlackRock's dominance in the stablecoin space is a testament to its foresight. As the market matures, its infrastructure and partnerships will likely drive exponential growth. For investors, this represents a compelling opportunity to bet on an institution actively shaping the digital asset revolution.

貝萊德在Stablecoin空間中的主導地位證明了其遠見。隨著市場的成熟，其基礎設施和合作夥伴關係可能會推動指數增長。對於投資者而言，這是一個令人信服的機會，可以積極塑造數字資產革命的機構。

So, what does this all mean? BlackRock is playing chess while everyone else is playing checkers. They're not just adapting to the future of finance; they're building it. And that, my friends, is something to watch.

那麼，這全是什麼意思？貝萊德在其他所有人都在打跳棋時下棋。他們不僅適應財務的未來；他們正在建造它。我的朋友們，那是值得關注的東西。