定義貨幣未來的競賽正在加快 - 據行業領導人稱，穩定的競賽正好在中心。

金錢的演變遠非理論。根據梅洛（Mello）的說法，跨支付網絡，保管人和金融服務提供商的行業參與者正在奠定基礎

The race to define the future of money is speeding up—and according to industry leaders, stablecoins are right at the center.

定義貨幣未來的競賽正在加快 - 據行業領導者稱，穩定的競賽正好在中心。

“It's clear that the most important item on our roadmap is understanding how quickly we can move, and it's obvious that the next three years are the fastest we will ever see in the development of digital assets,” said Sergio Mello, head of stablecoins at Anchorage Digital during Paxos’ Global Dollar Network event in New York City.

“很明顯，我們路線圖上最重要的項目是了解我們能夠迅速移動，而且很明顯，未來三年是我們在數字資產開發中最快看到的，” Paxos Digital在紐約市的全球美元網絡活動期間，在PAXOS Digital的Stablecoins負責人Sergio Mello說。

“2025 will have clarity here, 2026 will have clarity elsewhere, and 2027 is when it’s all going to happen.”

“ 2025年將在這裡清楚，2026年將在其他地方清晰，而2027年就會發生。”

Mello wasn’t speaking in hypotheticals. From his vantage point inside one of the first federally chartered crypto banks in the U.S., he sees stablecoins not as niche financial instruments but as a foundational upgrade to the global monetary system.

梅洛不是在假設中說的。從他在美國第一個聯邦特許的加密貨幣銀行之一內的有利位置，他認為Stablecoins並非是利基金融工具，而是對全球貨幣體系的基礎升級。

“Stablecoins are a better representation of fiat, a better way to transfer fiat, but it's really just money that you're moving,” he said. “We’re merging the transport layer and the value layer into the same instrument.”

他說：“穩定的人是菲亞特的更好代表，這是一種更好的轉移菲亞特的方式，但實際上您正在搬家。” “我們將傳輸層和價值層合併為同一儀器。”

This evolution of money is far from theoretical.

金錢的演變遠非理論。

According to Mello, industry players across payment networks, custodians, and financial service providers are laying the groundwork for what he called a “critical mass” of institutional adoption — something he predicted will hit within the next 12 to 24 months, especially in payments. “That’s where the money is going,” he said.

梅洛（Mello）表示，跨支付網絡，保管人和金融服務提供商的行業參與者為他所謂的“臨界質量”採用了基礎，他預測這將在未來12到24個月內發生，尤其是在付款中。他說：“那是錢的去向。”

From experiment to infrastructure

從實驗到基礎設施

Stablecoins were once seen as tools for crypto speculators or offshore arbitrageurs. However, according to Raj Dhamodharan, EVP at Mastercard, that perception is shifting fast.

穩定幣曾經被視為加密投機者或離岸套利者的工具。但是，根據萬事達卡的EVP Raj Dhamodharan的說法，這種看法正在快速轉移。

Stablecoins now function as the “money movement layer” across increasingly mainstream use cases, he said, adding that cross-border remittances, B2B payments, and even retail spending are already seeing traction.

他說，Stablecoins現在充當越來越多主流用例的“貨幣運動層”，並補充說，跨境匯款，B2B付款甚至零售支出已經在看到牽引力。

For example, Mastercard is enabling cards where users can choose which currency — fiat or stablecoin — they want to spend, while merchants can choose what they want to receive. “We’ve started doing that with cards. We’ve started doing that with remittances,” Dhamodharan said.

例如，萬事達卡正在啟用卡，用戶可以在其中選擇哪種貨幣 - 法定或穩定的貨幣 - 他們想花費，而商人可以選擇他們想要收到的東西。 “我們已經開始用卡片來做到這一點。我們已經開始通過匯款來做到這一點，”達莫達蘭說。

Ahmed Zifzaf of Worldpay echoed this, describing how their customers use stablecoins for real-time treasury management. “You can start to see how you accelerate all of these payment and financial flows,” he said, noting that Worldpay is focused on working with “battle-tested” blockchains like Solana to scale those efforts.

WorldPay的Ahmed Zifzaf呼應了這一點，描述了他們的客戶如何使用Stablecoins進行實時財政管理。他說：“您可以開始了解如何加速所有這些付款和財務流動。”他指出，WorldPay專注於與Solana這樣的“戰鬥測試”區塊鏈合作以擴展這些努力。

The bankers’ dilemma

銀行家的困境

Still, not every financial institution is rushing in.

儘管如此，並非每個金融機構都在湧入。

“What constraints do you have because you are a bank?” asked Luca Cosentino of Cross River. The barriers are real, he said — legacy tech stacks, compliance risk, and cultural resistance all slow the pace of innovation. But the split in strategy is becoming clear.

“因為您是銀行，您有什麼限制？”克羅斯河的盧卡·科斯蒂諾問。他說，障礙是真實的 - 傳統技術堆棧，合規風險和文化抵抗都放緩了創新的步伐。但是策略的分歧變得越來越清楚。

“Certain banks are not going to touch crypto [...] some others will focus on custody [...] some others are going to be focused on money movements,” he said. “But I have very little doubt that a huge portion of the banks [...] is going to go into crypto one way or another.”

他說：“某些銀行不會碰到加密貨幣[...]其他一些銀行會專注於監護權[...]其他一些人將專注於貨幣運動。” “但是我毫不懷疑，很大一部分銀行會以一種或另一種方式進入加密貨幣。”

Sunil Sachdev from Fiserv noted the same divide. “We had about 12 banks ready to go,” he said, describing how new rules under SAB 121 effectively froze many of those plans. “Then everything, in just one day, kind of closed shop.” But the interest hasn’t gone away, particularly among smaller banks.

Fiserv的Sunil Sachdev指出了同樣的鴻溝。他說：“我們已經準備好了約12家銀行。”他描述了SAB 121下的新規則如何有效地凍結了許多計劃。 “然後，一切，僅僅一天，有點關閉商店。”但是興趣並沒有消失，尤其是在較小的銀行中。

“The bigger guys seem to be cautious,” he said. “The smaller banks are much more aggressive because they're looking to use this as an opportunity to bring in low-cost deposits. They're looking at this as an opportunity to differentiate themselves.”

他說：“更大的人似乎謹慎。” “較小的銀行更具侵略性，因為他們希望將其用作招募低成本存款的機會。他們認為這是使自己區分的機會。”

He painted a vivid picture of how a small-town bank might evolve: three branches, deep community ties, and now a road map to become a “trusted node” in a global blockchain network, offering tokenized financial products not available elsewhere.

他生動地描繪了一個小鎮銀行如何發展：三個分支機構，深厚的社區聯繫，現在是在全球區塊鍊網絡中成為“值得信賴的節點”的路線圖，提供了其他地方無法提供的標記金融產品。

Better than Fiat

比法定更好

While many in the industry assume institutions will lead adoption, Kraken’s Mark Greenberg isn’t so sure. “Americans might be actually some of the last groups to adopt a global dollar,” he said. But outside the U.S., demand is strong.

儘管行業中的許多人都認為機構將領導採用，但克雷肯的馬克·格林伯格（Mark Greenberg）並不確定。他說：“美國人實際上可能是最後一些採用全球美元的團體。”但是在美國以外，需求很強勁。

“I do believe a global dollar is better than holding fiat, and we're going to see it,” he said, adding that this is more important in countries where inflation erodes value and yield is scarce.

他說：“我確實相信全球美元比持有菲亞特的美元要好，我們將看到它。”他補充說，這在通貨膨脹侵蝕價值和收益率的國家中更為重要。

And it won’t just be used for savings. “You save your money there; you use a card there. At some point, you transfer to your friends, you pay your bills,” he said. “And maybe you buy a meme coin or a stock.”

而且它不僅用於儲蓄。他說：“您在那裡省錢；您在那裡使用一張卡。在某個時候，您轉移給朋友，付賬單。” “也許您購買了模因硬幣或股票。”

Mike Dudas of 6th Man Ventures suggested the app layer will drive consumer behavior. Stablecoins “is the fundamental thing that people need to be able to store value in,”

第六人冒險的邁克·杜達斯（Mike Dudas）建議，應用程序層將推動消費者行為。 Stablecoins“是人們需要能夠存儲價值的基本事物，”