萬事達卡押注穩定幣及其如何改變金錢的移動方式

在今天的鰭片中，我們解釋了為什麼萬事達卡押注穩定幣以及它如何改變金錢的發展方式。

If we were to picture crypto and traditional finance in the same room, we’d probably imagine two neighbours who awkwardly avoid eye contact. One is all about rules, audits and centralised control while the other one is about decentralisation, anonymity and big price swings.

如果我們想在同一房間裡想像加密貨幣和傳統金融，我們可能會想像兩個鄰居尷尬地避免眼神交流。一個是關於規則，審計和集中控制的全部，而另一個是關於權力下放，匿名和大價波動的。

But that’s changing. Because now Mastercard has decided to open its doors to stablecoins. Yes, the same Mastercard sitting quietly on your debit or credit cards and handling over 170 billion card transactions a year.

但這正在改變。因為現在萬事達卡已決定打開穩定的門。是的，同一萬事達卡靜靜地坐在您的借記卡或信用卡上，每年處理超過1700億張卡的交易。

It’s partnered with some big crypto companies — OKX, MetaMask, Binance, Crypto.com. These are nothing but cryptocurrency wallets and exchanges used by millions. And through Mastercard’s new partnerships, users of these platforms will be able to spend stablecoins at any of the 150 million merchants that accept Mastercard globally. Merchants don’t have to convert those coins to dollars or rupees. They can choose to settle directly in stablecoins.

它與一些大型加密公司合作 - OKX，MetAmask，Binance，Crypto.com。這些不過是數百萬使用的加密貨幣錢包和交換。通過萬事達卡的新合作夥伴關係，這些平台的用戶將能夠在接受全球萬事達卡的1.5億商人中的任何一個。商人不必將這些硬幣轉換為美元或盧比。他們可以選擇直接定居在穩定中。

And for someone new to this and nervous about sending money to a scary crypto address like 0x9A81cD12d6Ff... (the way crypto fund transfers work), Mastercard came up with a simpler solution called Crypto Credential. You know, like @monish.eth or @suman.matic. Much easier.

對於這個新手，對將錢匯給諸如0x9A81CD12D6FF的可怕加密地址...（加密基金轉移工作的方式）之類的可怕加密地址感到緊張，萬事達卡提出了一個更簡單的解決方案，稱為Crypto Credential。您知道，例如 @monish.eth或 @suman.matic。容易得多。

And just like that, a deeply traditional payments company has now decided to go full on stablecoins.

就這樣，一家深厚的傳統付款公司現在決定全力以赴。

Which begs the question… Why now?

哪個提出了問題……為什麼現在？

Let’s take it from the top.

讓我們從頂部拿走它。

First, let’s talk about stablecoins. These are digital tokens pegged to a real-world currency — typically the US dollar. The deal is simple: 1 stablecoin = 1 dollar. You give the issuer a dollar, they give you a stablecoin token. This could be anything from Tether (USDT), Circle (USDC), Ethena (USDE), etc. And when you return the token, they give you the dollar back.

首先，讓我們談談穩定幣。這些是數字代幣固定在現實世界中的貨幣 - 通常是美元。這筆交易很簡單：1個穩定= 1美元。您給發行人一美元，他們給您一個穩定的令牌。這可能是Tether（USDT），Circle（USDC），Ethena（USDE）等。當您返回令牌時，它們會給您美元。

So unlike Bitcoin, which can swing 10% in an hour, stablecoins are... stable. One coin equals one dollar. Always. And that makes them perfect for things like sending money, paying bills or settling trades. An easy way to understand them is to imagine a token that behaves like crypto (borderless, anonymous, decentralised, fast), but feels like cash.

因此，與比特幣可以在一個小時內擺動10％的比特幣不同，Stablecoins是...穩定的。一枚硬幣等於一美元。總是。這使它們非常適合匯款，支付賬單或結算交易。理解它們的一種簡單方法是想像一個像加密（無邊框，匿名，分散，快速）這樣的表現出的令牌，但感覺就像現金。

And they’re catching on fast. Total stablecoin supply has grown from 2 billion in 2019 to over 200 billion in 2025. In 2024, the total transfer volume of stablecoins reached over $27 trillion. That’s more than Visa and Mastercard combined!

他們正在快速趕上。 Stablecoin供應總額已從2019年的20億增加到2025年的超過2000億。 2024年，穩定的總轉移量達到了27萬億美元以上。這不僅僅是簽證和萬事達卡的總和！

And it’s not just utility that’s driving this boom. It’s also the money behind the money.

不僅僅是實用程序，也在推動這一繁榮。這也是錢背後的錢。

See, when you buy a stablecoin, the issuer doesn’t stash your dollar under a mattress. They usually invest it in US Treasuries — safe government bonds that currently yield around 4%. So when a company like Circle (which runs the USDC stablecoin) is sitting on tens of billions of dollars in customer funds, that interest adds up fast. In fact, Circle made $1.6 billion last year. Just by parking customer funds in Treasuries. And today, stablecoin issuers like Circle and Tether are among the top 20 holders of US government debt.

看，當您購買穩定的股份時，發行人不會將您的美元藏在床墊下。他們通常將其投資於美國國債 - 目前產生約4％的安全政府債券。因此，當像Circle（經營USDC Stablecoin）這樣的公司坐在數百億美元的客戶資金上時，這種興趣會很快。實際上，去年圈子賺了16億美元。僅通過停車客戶資金。如今，像Circle和Tether這樣的Stablecoin發行人已成為美國政府債務的前20名持有人之一。

And if all that wasn’t enough, the rules are catching up too.

而且，如果一切還不夠，規則也會趕上。

Governments are bringing stablecoins under formal supervision. The US is working on legislation that would require issuers to be fully licensed, regularly audited and maintain 100% cash-equivalent reserves. Thailand’s SEC has even approved USDC and USDT for trading on local exchanges.

政府正在正式監督下將穩定的人帶來。美國正在製定要求發行人獲得充分許可，定期審核並維護100％現金等效儲量的立法。泰國的SEC甚至批准了USDC和USDT進行當地交易的交易。

So there’s utility, regulation, momentum and a whole lot of money.

因此，有公用事業，法規，動力和大量的錢。

That’s the reason why Mastercard doesn’t want to miss this bus.

這就是萬事達卡不想錯過這輛公共汽車的原因。

And it’s not alone. PayPal jumped in last year with its own stablecoin — PYUSD, and baked it into Venmo, PayPal checkout, and so on. But PayPal’s model is a bit of a walled garden. Everything happens within its own ecosystem.

這並不孤單。去年，貝寶（Paypal）與自己的穩定蛋白（Pyusd）一起跳入，並將其烘烤到Venmo，Paypal Checkout等。但是貝寶的模型有點像圍牆的花園。一切都發生在其自己的生態系統中。

Mastercard, on the other hand, is playing the role of the connector. It doesn’t want to issue a coin. It just wants to let you spend whatever stablecoin you already hold (like USDC, USDT, PYUSD) wherever you want.

另一方面，萬事達卡正在扮演連接器的角色。它不想發行硬幣。它只想讓您在任何需要的地方花費您已經持有的任何穩定的（例如USDC，USDT，PYUSD）。

And that seems like a clever move. Because you see, at its core, Mastercard is a payments facilitator. And stablecoins offer faster, cheaper, borderless payments — the kind that legacy systems just can’t match. If it doesn’t embrace this shift, it risks becoming irrelevant, especially with its competitor Visa working on its own stablecoin platform.

這似乎是一個聰明的舉動。因為您看到萬事達卡是付款的主持人。 Stablecoins提供更快，更便宜，無邊界的付款，這是傳統系統無法匹配的那種。如果它不包含這種轉變，它可能會變得無關緊要，尤其是與競爭對手簽證在自己的Stablecoin平台上工作。

So yeah, it changes how money moves.

是的，它改變了金錢的移動。

Then, this stablecoin shift also changes Mastercard’s fundamental architecture.

然後，這種穩定的轉變也改變了萬事達卡的基本架構。

For decades, Mastercard has run on a closed payments network. You swipe your

幾十年來，萬事達卡一直在封閉的付款網絡上運行。你滑動你的