Paxos，Circle，Ripple許可證：駕駛Stablecoin監管的不斷變化的沙子

Stablecoin市場正在加熱。 Paxos，Circle和Ripple都在不斷發展的監管景觀中爭奪國家信託憲章。

The world of stablecoins is buzzing with activity as Paxos, Circle, and Ripple navigate the complex landscape of regulatory approvals and market competition. Recent developments highlight the intensifying race to secure national trust charters and solidify their positions in the burgeoning digital finance ecosystem.

隨著Paxos，Circle和Ripple的活動，Stablecoins的世界正在嗡嗡作響，在監管機構批准和市場競爭的複雜景觀中瀏覽。最近的事態發展凸顯了確保國家信任憲章並鞏固其在新興的數字金融生態系統中的立場的加劇種族。

The Quest for National Trust Charters

尋求國家信託憲章

Paxos, known for issuing PYUSD for PayPal, has recently applied for a national bank trust charter with the Office of the Comptroller of the Currency (OCC). This move mirrors similar applications from competitors like Circle and Ripple, signaling a strategic push to gain regulatory legitimacy and expand their influence. Ripple, the issuer of RLUSD, also has its sights set on a federal license to bolster its payment and stablecoin services.

Paxos以發行PayPal的Pyusd而聞名，最近已在貨幣審計體辦公室（OCC）申請了國家銀行信託憲章。此舉反映了來自Circle和Ripple等競爭對手的類似應用，這標誌著戰略性的推動力，以獲得監管合法性並擴大其影響力。 RLUSD的發行人Ripple還將目光投向了聯邦許可證，以增強其付款和Stablecoin服務。

John Deaton, a prominent figure in the crypto community, has criticized the American Bankers Association (ABA) for attempting to block Ripple and Circle from obtaining these charters. Deaton argues that such opposition stifles innovation and maintains the traditional financial system's grip on the market. The ABA, however, contends that these companies don't meet the federal fiduciary requirements for trust charters, sparking a debate about the future of finance and the role of digital assets within it.

加密社區中著名人物約翰·迪頓（John Deaton）批評美國銀行家協會（ABA）試圖阻止波紋和圈子獲得這些憲章。迪頓認為，這種反對派扼殺了創新並維持傳統金融體係對市場的控制。但是，ABA認為這些公司不符合聯邦信託憲章的信託要求，引發了有關財務未來和數字資產在其中的作用的辯論。

Regulatory Hurdles and Compliance Challenges

監管障礙和合規性挑戰

Paxos' journey hasn't been without its bumps. In the past, the New York Department of Financial Services (NYDFS) fined Paxos $48.5 million for compliance violations related to its partnership with Binance and its BUSD stablecoin. These violations included failures in anti-money laundering and Know Your Customer (KYC) procedures. While Paxos has since addressed these issues, the incident underscores the critical importance of robust compliance frameworks in the stablecoin industry.

Paxos的旅程並非沒有顛簸。過去，紐約金融服務部（NYDFS）因違反其與Binance及其Busd Stablecoin的合作關係而罰款4850萬美元。這些違規行為包括反洗錢的失敗，並了解您的客戶（KYC）程序。儘管Paxos此後已經解決了這些問題，但該事件突顯了Stablecoin行業強大合規框架的至關重要性。

Despite these challenges, the SEC withdrew its Wells notice to Paxos in 2024. The company voluntarily ceased BUSD issuance following the regulatory pressure.

儘管面臨這些挑戰，但SEC在2024年撤回了對Paxos的通知。該公司在監管壓力下自願停止了BUSD發行。

The Bigger Picture: Stablecoins and the Future of Finance

更大的前景：穩定幣和金融的未來

The stablecoin market is experiencing exponential growth, with projections estimating a capitalization of $2 trillion by 2028. As institutions increasingly adopt stablecoins for payments, trading, and DeFi applications, their influence on global finance is undeniable. Companies like Tether and Circle hold significant amounts of U.S. Treasuries, positioning them as major players in the global financial arena.

Stablecoin市場正在經歷指數增長，預計到2028年估計了2萬億美元的資本化。隨著機構越來越多地採用穩定的用於付款，交易和Defi應用程序，其對全球財務的影響是不可否認的。像Tether和Circle這樣的公司擁有大量的美國國債，將其定位為全球金融領域的主要參與者。

However, regulatory scrutiny remains a key concern. Governments and financial institutions are wary of the systemic risks and financial stability implications of stablecoins. Ensuring compliance and transparency will be crucial for the continued growth and acceptance of stablecoins in the mainstream financial system.

但是，監管審查仍然是一個關鍵問題。政府和金融機構對Stablecoins的系統性風險和財務穩定含義保持警惕。確保合規性和透明度對於主流金融體系中穩定的持續增長和接受至關重要。

Personal Perspective

個人觀點

It's clear that stablecoins are not just a passing fad; they're poised to reshape the financial landscape. The competition among Paxos, Circle, and Ripple to secure regulatory approvals and expand their market presence is a testament to the transformative potential of these digital assets. While regulatory hurdles and compliance challenges are inevitable, the long-term outlook for stablecoins remains bright, especially as they continue to drive innovation and efficiency in the global financial system.

很明顯，穩定的不僅僅是過時的時尚。他們準備重塑金融景觀。 Paxos，Circle和Ripple之間以確保監管批准並擴大其市場業務的競爭證明了這些數字資產的變革潛力。儘管監管障礙和合規性挑戰是不可避免的，但穩定幣的長期前景仍然光明，尤其是當它們繼續推動全球金融體系的創新和效率時。

So, buckle up, folks! The stablecoin saga is just getting started, and it promises to be a wild ride filled with twists, turns, and maybe even a few regulatory surprises along the way.

所以，搭扣，伙計們！ Stablecoin Saga剛剛起步，它有望成為一個充滿曲折，轉彎甚至一些監管驚喜的狂野騎行。