法典，USDC和Stablecoins：一個新時代？

探索法典的興起及其對USDC Stablecoin生態系統的潛在影響。 Codex是Stablecoins的未來嗎？

The stablecoin world is buzzing, and Codex is making waves. Let's dive into the latest developments around Codex, USDC, and the future of stablecoins.

Stablecoin世界正在嗡嗡作響，而法典正在浪潮。讓我們深入了解Codex，USDC和Stablecoins的未來的最新發展。

Codex: The New Kid on the Block(chain)

法典：街區上的新孩子（鏈）

Codex, a public chain focused on stablecoins, recently launched native USDC minting, becoming the youngest chain to do so. Backed by a $15.8 million seed round led by Dragonfly Capital (with Coinbase and Circle participating), Codex aims to solve the infrastructural issues that plague stablecoin development.

Codex是一家專注於Stablecoins的公共連鎖店，最近推出了本地USDC鑄幣廠，成為最年輕的連鎖店。在由Dragonfly Capital（Coinbase and Circle參加）領導的1580萬美元種子回合的支持下，Codex的目標是解決困擾Stablecoin Development的基礎設施問題。

Why Circle is Paying Attention

為什麼要注意

Traditional blockchain infrastructure often clashes with the uniformity needed for an ideal currency. Issuers currently face tedious and redundant tasks like obtaining licenses, opening bank accounts, and building deposit/withdrawal channels. Codex wants to solve these headaches at the chain level. They are diving deep into fiat currency exchange services and cutting-edge blockchain research to achieve T+0 wholesale foreign exchange and atomic withdrawal channels.

傳統的區塊鏈基礎設施通常與理想貨幣所需的統一性衝突。發行人目前面臨繁瑣而多餘的任務，例如獲得許可證，開設銀行帳戶以及建築存款/提款渠道。 Codex希望在鏈級上解決這些頭痛。他們深入研究法定貨幣兌換服務和尖端的區塊鏈研究，以實現T+0批發外彙和原子提取渠道。

Codex's Game Plan

法典的遊戲計劃

Codex aims to provide an on-chain trading platform for institutional clients, offering instant settlement and exchange services between fiat currencies and stablecoins at wholesale prices. Imagine a world where compliance checks happen during transactions, not after, preventing those dreaded account freezes. That's what Codex is shooting for with their atomic withdrawal channel, slated for Q4 2025. Also on the horizon is risk-free fiat currency redemption, addressing the unreliability and inefficiency often found in emerging markets.

Codex的目的是為機構客戶提供一個鏈交易平台，以批發價格提供法定貨幣和穩定貨幣之間的即時和解和交換服務。想像一個世界，即在交易期間而不是之後發生合規性檢查，以防止那些可怕的帳戶凍結。這就是Codex通過其原子撤回渠道拍攝的，該渠道定於第四季度2025。也是無風險的法定貨幣贖回，解決了新興市場中經常發現的不可靠性和效率低下的問題。

A Word of Caution: Circle's Wild Ride

注意：Circle的瘋狂騎行

While Codex is generating excitement, it's worth noting the recent volatility surrounding Circle (CRCL), the issuer of USDC. After a meteoric rise following its public offering, Circle's stock took a tumble, triggered by analyst downgrades and concerns about valuation and increased competition. The GENIUS Act, while positive for regulatory clarity, could also open the door for more stablecoin issuers, challenging Circle's dominance. Analysts are also pointing to Circle's reliance on interest income and distribution partnerships, which could create margin pressure.

雖然法典正在引起興奮，但值得注意的是，USDC的發行人最近圍繞Circle（CRCL）的波動率。在公開募股之後，迅速升高後，Circle的股票跌倒了，分析師降級以及對估值和競爭增加的擔憂引發。 《天才法案》雖然對監管的清晰度有利，但也可能為更多的穩定發行人打開大門，這挑戰了Circle的主導地位。分析師還指出，Circle對利息收入和分配合作夥伴關係的依賴，這可能會造成保證金壓力。

The Bigger Picture: Stablecoins are Hot

更大的情況：穩定幣很熱

Despite Circle's stock fluctuations, the overall interest in stablecoins remains high. Plasma, a Bitcoin sidechain compatible with the Ethereum Virtual Machine (EVM), recently raised a whopping $500 million in a token sale, demonstrating the strong investor appetite for blockchain infrastructure optimized for stablecoin transactions. This interest highlights the demand for scalable and cost-effective solutions for stablecoins.

儘管Circle的庫存波動的波動，但對穩定菌的總體興趣仍然很高。等離子是與以太坊虛擬機（EVM）兼容的比特幣Sidechain，最近在代幣銷售中籌集了高達5億美元的$ 5億美元，這表明了針對Stablecoin交易優化的區塊鏈基礎設施的強烈投資者胃口。這種興趣凸顯了對穩定幣對可擴展性和成本效益的解決方案的需求。

The Future is...Stable?

未來是...穩定嗎？

Codex is addressing real pain points in the stablecoin ecosystem, but faces competition from other stablecoins. Only time will tell if Codex can deliver on its promises and truly become the future of stablecoins. But one thing's for sure: the stablecoin space is about to get a whole lot more interesting.

Codex正在解決Stablecoin生態系統中的真實疼痛點，但面臨其他Stablecoins的競爭。只有時間才能證明法典是否可以兌現其承諾，並真正成為Stablecoins的未來。但是可以肯定的是：Stablecoin空間即將變得更加有趣。

So, buckle up, folks! The wild west of crypto is still being paved, and Codex is one of the companies trying to lay down some solid, stable ground.

所以，搭扣，伙計們！加密貨幣的野外西部仍在鋪路，而法典是試圖奠定穩固，穩定的基礎的公司之一。