今天的顧問通訊的加密貨幣將從多倫多共識來找您。

隨著數字資產政策制定者，領導者和影響者聚集在一起談論比特幣，區塊鏈，法規，AI等，能源很高！

Today's Crypto for Advisor newsletter is coming to you from Consensus Toronto. The energy is high as digital asset policy makers, leaders and influencers gather to talk about bitcoin, blockchain, regulation, AI and so much more!

今天的顧問通訊的加密貨幣將從多倫多共識來找您。隨著數字資產政策制定者，領導者和影響者聚集在一起談論比特幣，區塊鏈，法規，AI等，能源很高！

Attending Consensus? Visit the CoinDesk booth, #2513. If you are interested in contributing to this newsletter, Kim Klemballa will be at the booth today, May 15, from 3-5 pm EST. You can also reply to this email directly.

達成共識？訪問Coindesk Booth，＃2513。如果您有興趣向該新聞通訊做出貢獻，Kim Klemballa將於5月15日美國東部時間下午3-5點在展位上。您也可以直接回复此電子郵件。

In today's Crypto for Advisors, Harvey Li from Tokenization Insights looks at stablecoins, where they came from and their growth.

在當今的顧問加密貨幣中，來自代幣化見解的Harvey Li著眼於他們來自的Stablecoins和他們的成長。

Then, Trevor Koverko from Sapien answers questions about the status of stablecoin regulations and adoption and new regulations in Europe in Ask an Expert.

然後，來自Sapien的Trevor Koverko回答了有關歐洲歐洲的Stablecoin法規，採用和新法規的狀況的問題。

Thank you to our sponsor of this week's newsletter, Grayscale. For financial advisors near Chicago, Grayscale is hosting an exclusive event, Crypto Connect, on Thursday, May 22. Learn more.

感謝我們對本週新聞通訊Grayscale的讚助商。對於芝加哥附近的財務顧問，Grayscale將於5月22日（星期四）舉辦一項獨家活動，即Crypto Connect。了解更多信息。

– Sarah Morton

- 莎拉·莫頓（Sarah Morton）

Stablecoins - Past, Present and Future

Stablecoins-過去，現在和未來

When major financial institutions—from Citi and Standard Chartered to Brevan Howard, McKinsey and BCG—rally around a once-niche innovation, it’s a good idea to take note, especially when the innovation is stablecoins, a tokenized representation of money in the on-chain world.

當大型金融機構（從花旗和憲章租給布雷文·霍華德，麥肯錫和BCG）圍繞曾經是個偏見的創新而努力時，最好注意的是，這是一個好主意，尤其是當創新是stablecoins，這是穩定的貨幣代表。

What email was to the internet, stablecoin is to blockchain—instant and cost-effective value transfer at a global scale running 24/7. Stablecoin is blockchain’s first killer use case.

互聯網上的電子郵件是，Stablecoin是要進行區塊鏈 - 以24/7的全球範圍內的全球價值轉移。 Stablecoin是區塊鏈的第一個殺手用例。

A Brief History

簡短的歷史

First introduced by Tether in 2015 and hailed as the first stablecoin, USDT offered early crypto users a way to hold and transfer a stable, dollar-denominated value on-chain. Until then, their only alternative was bitcoin.

USDT首先是由Tether於2015年推出，並被稱為第一個Stablecoin，為早期的加密用戶提供了一種持有和轉移穩定的美元計價的價值的方式。在此之前，他們唯一的選擇是比特幣。

Tether’s dollar-backed stablecoin made its debut on Bitfinex before rapidly spreading to major exchanges like Binance and OKX. It quickly became the default trading pair across the digital asset ecosystem.

Tether的美元支持的Stablecoin在Bitfinex上首次亮相，然後迅速傳播到Binance和OKX等重大交易所。它很快成為數字資產生態系統中默認交易對。

As adoption grew, so did its utility. No longer just a trading instrument, stablecoin emerged as the primary cash-equivalent for trading, cash management and payments.

隨著收養的增長，其效用也是如此。不再僅僅是一種交易工具，Stablecoin成為交易，現金管理和付款的主要現金當量。

Below is the trajectory of stablecoin’s market size since inception, a reflection of its evolution from a crypto niche to a core pillar of digital finance.

以下是自成立以來Stablecoin市場規模的軌跡，反映了其從加密萊基市場發展到數字金融核心支柱的發展。

Usage at Scale

大規模使用

The reason stablecoins have been a hot topic in finance is their rapid adoption and growth. According to Visa, stablecoin on-chain transaction volume exceeded $5.5 trillion in 2024. By comparison, Visa’s volume was $13.2 trillion while Mastercard transacted $9.7 trillion during the same period.

穩定的原因是金融上的熱門話題是它們的迅速採用和增長。根據Visa的數據，Stablecoin在2024年的鏈交易量超過5.5萬億美元。相比之下，Visa的量為13.2萬億美元，而MasterCard在同一時期內交易9.7萬億美元。

Why such proliferation? Because stable dollar-denominated cash is the lifeline for the entire digital assets ecosystem. Here are 3 major use cases for stablecoin.

為什麼這樣的擴散？因為穩定的美元計價現金是整個數字資產生態系統的生命線。這是3個用於穩定的主要用例。

Major Use Cases

主要用例

1. Digital Assets Trading

1。數字資產交易

Given its origins, it’s no surprise that trading was stablecoin’s first major use case. What began as a niche tool for value preservation in 2015 is now the beating heart of digital asset trading. Today, stablecoins underpin over $30 trillion in annual trading volume across centralized exchanges, powering the vast majority of spot and derivatives activity.

鑑於其起源，交易是Stablecoin的第一個主要用例也就不足為奇了。最初從2015年作為維護價值保存的利基工具現在是數字資產交易的跳動之心。如今，Stablecoins支撐了超過300萬億美元的集中式交流的年度交易量，為絕大多數現貨和衍生品活動提供了動力。

But stablecoin’s impact doesn’t end with centralized exchanges—It is also the liquidity backbone of decentralized finance (DeFi). Onchain traders need the same reliable cash equivalent for moving in and out of positions. A glance at leading decentralized platforms, such as Uniswap, PancakeSwap and Hyperliquid, shows that top trading pairs are consistently denominated by stablecoins.

但是Stablecoin的影響並沒有以集中交流結束，這也是分散財務（DEFI）的流動性骨幹。 Onchain交易者需要相同的可靠現金等價物來進出位置。一眼看領先的分散平台，例如uniswap，pancakeswap和超流油，表明頂級交易對始終被stablecoins劃分。

Monthly decentralized exchange volumes routinely hit $100-200 billion, according to The Block, further cementing stablecoin’s role as the foundational layer of the modern digital assets market.

根據該街區的數據，每月分散的交換量通常達到100-200億美元，這進一步鞏固了Stablecoin作為現代數字資產市場的基礎層的作用。

2. Real World Assets

2。現實世界資產

Real-world assets (RWAs) are tokenized versions of traditional instruments such as bonds and equities. Once a fringe idea, RWAs are now among the fastest-growing asset classes in crypto.

現實世界中的資產（RWAS）是傳統工具的標記版，例如債券和股票。曾經是一個附帶的想法，RWAS現在是加密貨幣中增長最快的資產類別之一。

Leading this wave is the tokenized U.S. Treasury market, now boasting over $6 billion AUM. Launched in early 2023, these on-chain Treasuries opened the door for crypto-native capital to access the low-risk, short-duration US T-Bills yield.

領先的這一浪潮是代幣化的美國財政市場，現在擁有超過60億美元的AUM。這些鏈上的國庫於2023年初推出，為加密本地資本打開了大門，以獲取低風險，短期的美國T-Bills收益率。

The adoption saw a staggering 6,000% growth according to RWA.xyz: from just $100 million in early 2023 to over $6 billion AUM today.

根據RWA.XYZ的數據，採用的增長驚人了6,000％：從2023年初的1億美元到今天超過60億美元的AUM。

Asset management heavyweights such as BlackRock, Franklin Templeton and Fidelity (pending SEC approval) are all creating on-chain treasury products for digital capital markets.

資產管理重量級人物，例如貝萊德，富蘭克林·鄧普頓（Franklin Templeton）和富達（Farklin Templeton）和富達（Farde）（即將批准），都為數字資本市場創造了鏈債券產品。

Unlike traditional Treasuries, these digital versions offer 24/7 instant mint/redemptions, and seamless composability with other DeFi yield opportunities. Investors can subscribe and redeem around the

與傳統的國庫不同，這些數字版本提供24/7即時的薄荷/贖回，以及與其他Defi屈服機會的無縫合成性。投資者可以訂閱和兌換