波紋在美國財政市場中成為戰略競爭者

隨著美國穩定蛋白周圍的監管清晰度的形成，波紋正在成為一個行業的戰略競爭者，很快就會發揮巨大影響

As the U.S. grapples with regulating stablecoins, a new contender is emerging in an industry that could soon hold immense sway over the U.S. Treasury market.

隨著美國與規範穩定的人抗爭，一個新的競爭者正在一個行業中出現，該行業可能很快在美國財政市場上佔據了巨大的影響。

> Related: Troubled Tether faces new probe as U.S. mulls stricter crypto rules

>相關：陷入困境的繫繩面對新的調查，因為我們提出了更嚴格的加密規則

With the launch of its stablecoin and reported acquisition efforts targeting Circle, the issuer of USDC, Ripple could be positioning itself to become a dominant holder of U.S. government debt.

隨著其穩定幣的推出並報告了針對Circle的收購工作，USDC的發行人可能會定位自己成為美國政府債務的主要持有人。

Ripple’s Growing Interest in Stablecoins

漣漪對穩定的興趣日益興趣

Late last year, Ripple made its official entrance into the stablecoin ecosystem with the launch of RLUSD, a dollar-backed token structured similarly to its top competitors.

去年年底，Ripple正式進入了Stablecoin生態系統，Rlusd的推出，這是一美元支持的代幣，其結構與頂級競爭對手類似。

The backing model for RLUSD includes U.S. Treasury securities, fiat dollar reserves, and near-cash instruments—mirroring the practices of leading stablecoin issuers such as Tether and Circle.

RLUSD的支持模型包括美國國庫券，菲亞特美元儲備和近現金儀器 - 培訓領先的Stablecoin發行人（例如Tether and Circle）的做法。

Within just half a year, RLUSD has already amassed a circulating supply valued at over $321 million, placing it in the top tier of global stablecoins. But Ripple’s ambitions seem to extend far beyond just launching a token—it is seeking to broaden its stablecoin reach dramatically.

在短短的半年內，RLUSD已經積累了一個價值超過3.21億美元的循環供應，將其置於全球stablecoins的頂級。但是，Ripple的野心似乎遠遠超出了一個令牌，它正在尋求巨大的穩定範圍。

Strategic Ambitions: Ripple’s Bid for Circle

戰略野心：Ripple競標圈子

As per previous report by Times Tabloid, Ripple extended a $4–5 billion offer to acquire Circle, the company behind USDC, the second-largest stablecoin by market capitalization.

根據Times Tableoid的先前報告，Ripple擴大了4-5億美元的報價，以收購Circle，這是USDC背後的公司，這是市值第二大的Stablecoin。

Though Circle ultimately declined the offer, the bid underscores Ripple’s desire to expand its footprint within the digital dollar ecosystem.

儘管Circle最終拒絕了這一報價，但出價強調了Ripple在數字美元生態系統中擴大其足蹟的願望。

Circle, which filed for a $5 billion IPO in April, has also held separate discussions with Coinbase, a company with which it shares governance rights and revenue from USDC. While Coinbase appears to be a more natural acquirer, Ripple’s substantial reserves—including an estimated $13 billion worth of XRP and access to an additional $86 billion held in escrow—give it the financial power to pursue major acquisitions.

Circle於4月份提交了50億美元的IPO，還與Coinbase進行了單獨的討論，Coinbase與該公司共享了USDC的治理權利和收入。儘管Coinbase似乎是一個更自然的收購方，但Ripple的大量儲備（包括估計價值130億美元的XRP，並獲得了託管中額外的860億美元的訪問權），這是進行重大批准的財務能力。

U.S. Legislation Sets the Stage for Stablecoin-Backed Treasuries

美國立法為穩定支持的國債奠定了基礎

The evolving regulatory landscape is a key catalyst for Ripple’s strategic moves.

不斷發展的監管格局是波紋戰略行動的關鍵催化劑。

The GENIUS Act, which has made significant progress in the Senate with bipartisan backing, proposes a comprehensive legal framework for stablecoin issuance in the United States.

《天才法》在參議院以兩黨的支持取得了重大進展，它提出了一個全面的法律框架，以在美國發行Stablecoin。

With a 66–32 procedural vote moving it toward the Senate floor, the bill represents a major turning point for digital asset regulation. If passed, it could legitimize stablecoins as mainstream financial instruments, requiring issuers to maintain robust reserves, likely composed heavily of U.S. Treasury bills.

該法案以66-32的程序投票向參議院的地板移動，代表了數字資產法規的主要轉折點。如果通過，它可能會使Stablecoins合法化為主流金融工具，要求發行人保持強大的儲備，這可能是由美國國庫賬單組成的。

U.S. Treasuries: The New Battleground for Stablecoin Dominance

美國國債：Stablecoin主導地位的新戰場

According to Senator Bill Hagerty, stablecoin issuers are on track to become some of the largest holders of U.S. government debt by the end of the decade. Citing insights from Citibank, Hagerty pointed out that as stablecoins grow in market share, so too will their Treasury holdings—echoing the way money market funds operate today.

根據參議員比爾·哈格蒂（Bill Hagerty）的說法，在本十年末，Stablecoin發行人有望成為美國政府債務的一些最大持有人。 Hagerty引用了花旗銀行的見解，指出，隨著穩定的市場份額的增長，他們的財政部持有的股份也將與貨幣市場基金今天的運作方式相關聯。

Stablecoin issuers will be the largest holders of U.S. treasuries in the world. pic.twitter.com/Z8uoYdhmcs

Stablecoin發行人將成為世界上最大的持有人。 pic.twitter.com/z8uoydhmcs

— Senator Bill Hagerty (@SenatorHagerty) May 19, 2025

- 參議員比爾·哈格蒂（Bill Bill Hagerty）（@SenatorHagerty）2025年5月19日

At present, issuers like Tether and Circle collectively hold approximately $150 billion in U.S. debt instruments. Yet with industry forecasts predicting a $2 trillion stablecoin market by 2028, the demand for Treasuries could skyrocket. Citibank projects that stablecoin entities could soon surpass the Treasury holdings of any single foreign country.

目前，Tether和Circle這樣的發行人共同持有約1500億美元的美國債務工具。然而，隨著行業預測預測到2028年將有2萬億美元的穩定市場，對國庫的需求可能會激增。花旗銀行的項目，即Stablecoin實體可能很快就會超過任何一個外國的財政部持有。

We are on twitter, follow us to connect with us :- @TimesTabloid1

我們在Twitter上，關注我們與我們聯繫： - @timestabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

- 時間賽車（@timestabloid1）2023年7月15日

Ripple’s Potential Trajectory as a Treasury Powerhouse

波紋作為國庫的潛在軌跡

Should Ripple succeed in scaling RLUSD and eventually securing ownership or influence over USDC, it would be in a position to control reserve pools worth tens—if not hundreds—of billions of dollars. These reserves, largely held in short-term U.S. Treasuries, would be necessary to ensure price stability, regulatory compliance, and user confidence.

如果Ripple成功地擴展了RLUSD並最終確保對USDC的所有權或影響力，那麼它將可以控制價值數十億美元（如果不是數百美元）的預備役池。這些儲備金主要在美國短期紀念品中持有，對於確保價格穩定，監管合規性和用戶信心是必要的。

While Tether is currently the leading private holder of U.S. government securities, Ripple’s regulatory posture and deep financial resources could make it a preferred issuer in the eyes of both lawmakers and institutions, especially under stricter legal frameworks.

儘管Tether目前是美國政府證券的領先私人持有人，但Ripple的監管姿勢和深厚的財務資源可以使其成為立法者和機構眼中的首選發行人，尤其是在更嚴格的法律框架下。

A Quiet Revolution in Treasury Markets

國庫市場的安靜革命

Ripple’s evolving role in the stablecoin industry could dramatically reshape the landscape of U.S. debt markets. With regulation aligning and the company aggressively expanding its influence, Ripple may well become one of the largest private holders of U.S. Treasuries, not just to support RLUSD but as a cornerstone in a rapidly digitizing financial system.

Ripple在Stablecoin行業不斷發展的作用可能會顯著重塑美國債務市場的景觀。隨著法規的一致性和公司積極擴大其影響力，Ripple很可能會成為美國國庫中最大的私人持有人之一，不僅是為了支持RLUSD，而且是快速數字化金融體系中的基石。

As digital dollars become globally sought-after assets, Ripple’s strategic moves today could translate into unprecedented financial clout tomorrow, anchored

隨著數字美元成為全球備受追捧的資產，Ripple的戰略舉動今天可以轉化為前所未有的財務影響力，明天錨定