鍊鍊令牌完全由T-Bills和現金儲備支持，Stablecoins出現了，作為對比特幣等資產波動的答案

輸入：鏈上代幣完全由T-Bills和現金儲備支持，Stablecoins出現了，作為對比特幣等資產波動的答案

On-chain tokens fully backed by T-bills and cash reserves, stablecoins emerged as an answer to the volatility of assets like Bitcoin, giving investors an opportunity to escape price instability without cashing out altogether.

鍊鍊令牌得到了t-bills和現金儲備的全部支持，Stablecoins出現了，這是對比特幣等資產波動的答案，這使投資者有機會避免價格不穩定，而無需完全兌現。

Over the last decade, it’s fair to say ‘crypto dollars’ have become a much-needed bridge between the worlds of TradFi and Web3, as well as an efficient way of locking in profits amid the continual flux and flow of the crypto market.

在過去的十年中，可以說“加密美元”已成為Tradfi和Web3世界之間急需的橋樑，並且在加密市場的持續通量和流動中，有效地鎖定利潤的有效方式。

Which is why it wasn’t exactly surprising when, last month, the market cap of stablecoins hit an all-time high of $238 billion following 19 months of consecutive gains. Indeed, the market grew by 2.12% in April alone. As reported by CoinDesk Data, non-USD fiat stablecoins were one of the biggest winners, rising 30% to a $533 million market cap.

這就是為什麼在上個月連續19個月後，穩定幣的市值達到了2380億美元的歷史最高點時，這並不奇怪。確實，僅在4月，市場就會增長2.12％。據Coindesk數據報導，非USD Fiat Stablecoins是最大的贏家之一，上升了30％，達到5.33億美元的市值。

$238 billion is a huge figure, to be sure. But it’s still a fraction of the overall crypto market capitalization of $3.2 trillion. Now, the US Treasury is estimating that stablecoins could reach $2 trillion within the next three years, driving demand for short-term treasuries.

可以肯定的是，2380億美元是一個巨大的數字。但這仍然是加密貨幣市值3.2萬億美元的一小部分。現在，美國財政部估計，穩定幣在未來三年內可以達到2萬億美元，這推動了對短期財政部的需求。

Why stablecoins?

為什麼要stablecoins？

The utility of stablecoins is easy to appreciate given the hegemony of the US dollar, which is the fiat asset to which most stables are pegged. One of the best use-cases for crypto dollars is for cross-border payments, where both sender and receiver enjoy rapid settlement, low fees, and 24/7 availability.

鑑於美元的霸權，穩定幣的實用性很容易欣賞，這是大多數馬s的菲亞特資產。加密貨幣的最佳用例之一是用於跨境支付，發件人和接收者都可以快速解決，低費用和24/7的可用性。

Some days, stablecoins settle more value than PayPal and Western Union. During the first quarter of this year, the total volume of transactions involving stables also exceeded the total of payments facilitated by Visa. We are not talking about a niche offshoot of the crypto world here.

有時候，斯塔布雷金斯（Stablecoins）的價值比貝寶（Paypal）和西部聯盟（Paypal）和西聯匯款（Paypal）和西聯匯款（Paypal）更高。在今年的第一季度，涉及Stable的交易總量也超過了Visa促進的付款總額。我們不是在談論這裡的加密世界的利基分支。

The use of stablecoins in a TradFi context has certainly accelerated their growth. Recently, Mastercard teamed up with OKX and Nuvei to expand stablecoin payment capabilities, aiming to make it easier for consumers to spend them and merchants to receive them. Dutch bank ING, meanwhile, is developing its own stablecoin project in tandem with a few other unnamed banks.

在Tradfi環境中使用Stablecoins肯定會加速其增長。最近，萬事達卡與OKX和Nuvei合作，擴大了Stablecoin的付款能力，旨在使消費者更容易將它們花費和商人接收。同時，荷蘭銀行正在與其他一些不願透露姓名的銀行共同開發自己的Stablecoin項目。

Against this backdrop, is it any wonder the Treasury’s recent 18-page report into stablecoins suggests it will be a $2 trillion market cap by 2028? The document cites growing institutional interest, improving regulatory frameworks, and a diversity of on-chain use cases as key drivers.

在這種背景下，這是否奇怪，財政部最近對Stablecoins的18頁報告表明，到2028年，這將是2萬億美元的市值？該文件引用了日益增長的機構興趣，改善了監管框架，以及各種鏈上用例的多樣性作為關鍵驅動因素。

USD isn’t the only show in town

美元不是鎮上唯一的演出

Although most stablecoins remain pegged to the US dollar, concerns about dollar dependence have been voiced by some. Boris Bohrer-Bilowitzki, for one: the CEO of Layer-1 blockchain Concordium has stressed the need for multi-currency diversification, warning that excessive dollar dependence could destabilize the entire crypto market.

儘管大多數穩定幣仍然與美元掛鉤，但某些人對美元依賴的擔憂已經表達了。 Boris Bohrer-Bilowi​​tzki，其中一個：第1層區塊鏈Concordium的首席執行官強調需要多貨幣多元化，警告說，過度的美元依賴可能會破壞整個加密貨幣市場的穩定。

An enterprise-focused platform, Concordium has carved out a niche in stablecoin issuance with its built-in trust and compliance. Powered by zero-knowledge proof (ZKP) technology, it boasts a unique identity layer that ensures verified yet private user interactions. Uniquely, it also lets institutions issue stablecoins natively at the protocol level without smart contracts – reducing risks seen on networks like Ethereum.

Concordium是一個以企業為中心的平台，它以內置的信任和合規性劃定了Stablecoin發行的利基市場。它由零知識證明（ZKP）技術提供支持，擁有一個唯一的身份層，可確保經過驗證但私人用戶的交互。獨特的是，它還可以使機構在沒有智能合約的情況下在協議級別發行穩定幣，從而降低了在以太坊等網絡上看到的風險。

Those stablecoins aren’t all USD-pegged either; Concordium handles issuance for projects whose stablecoins are backed by fiat currencies like British pound sterling and the UAE Dirham. What’s more, the permissionless chain supports advanced PayFi features like time releases and secure ID-based geofencing for cross-border transactions.

那些穩定的人也不是全部。 Concordium處理簽發的項目，其穩定的貨幣由英鎊斯特林和阿聯酋迪拉姆等法定貨幣提供支持。更重要的是，無許可的鏈條支持高級Payfi功能，例如時間發布和安全基於ID的地理申請，用於跨境交易。

The approach of this regulator-friendly platform reflects a growing trend toward safer, more compliant fintech solutions. In Europe, a clear regulatory picture has helped in this regard: the EU’s Markets in Crypto Assets Regulation (MiCA) governs digital currencies in the bloc, and the breakaway UK government has just released draft legislation for regulating crypto assets within its own borders.

這個監管機構友好型平台的方法反映了朝著更安全，更合規的金融科技解決方案的增長趨勢。在歐洲，在這方面有明確的監管情況有所幫助：歐盟的加密資產法規（MICA）的市場管理集團數字貨幣，而英國脫離的英國政府剛剛發布了法律草案，以規範其自己邊界內的加密資產。

Little by little, we are seeing closer integration of TradFi and Web3, at least where regulation is concerned. The number of global financial institutions holding stablecoins as assets under management (AUM) is also on the rise.

至少在監管方面，我們逐漸看到了Tradfi和Web3的更緊密整合。持有Stablecoins作為管理資產（AUM）的全球金融機構的數量也在增加。

As adoption and legislation continue to evolve, stablecoins – whether pegged to the greenback, fiat, gold or some other dependable commodity – will surely command a progressively bigger piece of the overall crypto market, straddling the worlds of TradFi and DeFi with aplomb.

隨著收養和立法的繼續發展，Stablecoins（無論是固定在綠背，菲亞特，黃金還是其他可靠的商品）上，肯定會逐漸佔據整體加密市場的逐漸更大的部分，跨越Tradfi和Defi的世界。