全世界政府正在努力削減穩定的人

這可能會促使某些用戶轉向所謂的“黑暗”或私人穩定。他們提供無可判斷性的轉移，但風險很高

Governments across the globe are clamping down on stablecoins. That might push some users to turn to so-called “dark” or private stablecoins. They offer uncensorable transfers but come with high risks and uncertain practical application.

全球各地的政府正在努力抓住穩定的股幣。這可能會促使某些用戶轉向所謂的“黑暗”或私人穩定。它們提供了無法拒絕的轉移，但具有高風險和不確定的實際應用。

Tighter Rules Might Spook Users Away

更嚴格的規則可能會嚇到用戶

Stablecoins from a country could soon have the same regulations as banks, says CryptoQuant CEO Ki Young Ju. Transfers could even automatically initiate tax collection via smart contracts.

CryptoQuant首席執行官Ki Young Ju說，來自一個國家的Stablecoin很快就會制定與銀行相同的法規。轉移甚至可以通過智能合約自動徵收稅收。

Wallets may even be frozen or need additional paperwork. That’s prompting some traders to seek alternatives. They seek tokens that can’t be traced or halted by governments.

錢包甚至可能被凍結或需要其他文書工作。這促使一些交易者尋求替代方案。他們尋求無法追踪或停止政府的令牌。

Dark stablecoins are likely to emerge in the future.#Bitcoin was created by the cypherpunk community to be censorship-resistant and belongs to no one, making it impossible to control.

深色穩定的人可能會在將來出現。 ＃比特幣是由Cypherpunk社區創建的，是對審查制度的耐藥性，並且不屬於任何人，因此無法控制。

Stablecoins, however, act as a bridge between the internet and the real world, so they need to be ruled by someone. In the future, each stablecoin from a country may have the same regulations as banks.

然而，穩定幣充當互聯網與現實世界之間的橋樑，因此需要由某人統治。將來，一個來自一個國家的每個穩定幣可能與銀行具有相同的法規。

— Ki Young Ju (@ki_young_ju) May 11, 2025

-Ki Young Ju（@ki_young_ju）2025年5月11日

Algorithmic stablecoins face risks. One concept is an algorithmic stablecoin that maintains its peg through code instead of holding dollars or gold. It might track the price of a regulated coin such as USDC via oracles from Chainlink.

算法穩定的穩定性面臨風險。一個概念是一種算法stablecoin，它通過代碼而不是持有美元或黃金來維持其釘子。它可能會跟踪受監管的硬幣的價格，例如來自Chainlink的Oracles等受訪者。

However, history shows these designs can fail. In 2022, the UST peg collapsed in a few hours. A market shock or an oracle failure might leave holders with tokens trading at a few cents. It’s difficult to regain trust once it’s lost.

但是，歷史顯示這些設計可能會失敗。 2022年，Ust釘在幾個小時後倒塌。市場衝擊或甲骨文故障可能會使持有人以幾美分的價格交易。一旦丟失，很難重新獲得信任。

Privacy Coins Already In Circulation

隱私硬幣已經流通

Privacy tech isn’t new to cryptocurrency. Cryptocurrencies like Zcash and Monero allow users to conceal transaction values and sender addresses. They’ve existed for years but are often subject to additional verification on exchanges.

隱私技術對加密貨幣並不陌生。諸如Zcash和Monero之類的加密貨幣允許用戶隱藏交易值和發件人地址。它們已經存在多年了，但經常對交流進行額外的驗證。

Newer initiatives like Zephyr Protocol, a fork of Monero, will perform stablecoin transactions on the blockchain in a manner invisible to the naked eye. PARScoin also aims to conceal identities and associations with previous transfers. Their success will hinge on discovering secure methods to exchange tokens for normal currency.

諸如Zephyr協議（Monero的叉子）之類的較新計劃將以肉眼看不見的方式在區塊鏈上執行Stablecoin交易。 Parsoin還旨在掩蓋與先前轉移的身份和關聯。他們的成功將取決於發現安全代幣以換成普通貨幣的方法。

Stablecoin Market Continues To Expand

Stablecoin市場繼續擴展

According to Citigroup reports, the market capitalization of US dollar-denominated stablecoins exceeded $230 billion in April, an over 50% increase from last year.

根據花旗集團的報告，以美元計價的穩定股的市值超過了23,300億美元，比去年增長了50％以上。

Tether and USDC account for about 90% of that amount. Total stablecoin volumes reached nearly $28 trillion in 2024, almost 8% more than Visa and Mastercard combined.

繫繩和USDC約佔該金額的90％。 2024年，穩定的穩定量達到了近28萬億美元，比Visa和Mastercard總和多了8％。

Privacy Vs. Compliance

隱私與遵守

Regulated stablecoins increasingly provide proof-of-reserves dashboards and transparent licensing under regimes such as the EU’s Markets in Crypto-Assets (MiCA) framework. Those are preferred by most businesses and institutions. They require a token they can insure, deposit, and audit.

受監管的穩定幣越來越多地提供居住的儀表板和透明許可，例如歐盟市場中的加密資產（MICA）框架。這些是大多數企業和機構都喜歡的。他們需要一個令牌，可以保證，存款和審核。

Dark stablecoins might carve out a niche for cross-border transactions where censorship is the primary concern. But broad adoption will be beyond reach without transparent means of legal compliance.

深色穩定的人可能會為審查制度是主要問題的跨境交易的利基市場。但是，如果沒有透明的法律合規手段，廣泛的採用將無法實現。

Ultimately, the stablecoin world stands at a crossroads. There will be users who pursue privacy no matter what. And there will be those who opt for coins that play by the rules.

最終，Stablecoin世界站在十字路口。無論如何，都會有一些用戶追求隱私。會有那些選擇按規則發揮作用的硬幣。

If algorithmic concepts can remain firm, or if privacy tokens will secure a foothold in the mainstream, that remains to be seen. But the tug-of-war between control and uncontrollable money has just begun.

如果算法概念可以保持牢固，或者隱私令牌將在主流中保持立足點，這還有待觀察。但是，控制和無法控制的錢之間的拔河剛剛開始。