RLUSD：不僅僅是另一種穩定幣

與 USDC 或 USDT 等傳統穩定幣不同，RLUSD 受到美國金融機構的全面監管、銀行支援和託管。

A recent tweet by Adam Cochran, Managing Partner at Cinneamhain Ventures, has brought attention to Ripple’s newly launched stablecoin, RLUSD, highlighting its potential to transform the crypto and financial ecosystems.

Cinneamhain Ventures 執行合夥人 Adam Cochran 最近發布的一條推文引起了人們對 Ripple 新推出的穩定幣 RLUSD 的關注，強調了其改變加密貨幣和金融生態系統的潛力。

Cochran, who has been a vocal critic of Ripple in the past, has now reevaluated his stance, crediting RLUSD with being Ripple’s most significant move in years. In a video accompanying his tweet, Cochran provides a detailed analysis of RLUSD’s potential to revolutionize DeFi, Forex markets, and institutional banking.

過去一直直言不諱地批評 Ripple 的 Cochran 現在重新評估了自己的立場，認為 RLUSD 是 Ripple 多年來最重大的舉措。在推文附帶的影片中，Cochran 詳細分析了 RLUSD 徹底改變 DeFi、外匯市場和機構銀行業務的潛力。

Unlike conventional stablecoins such as USDC or USDT, RLUSD is fully regulated, bank-backed, and custodied by U.S. financial institutions. It adheres to strict compliance measures, including oversight from the New York Department of Financial Services (NYDFS).

與 USDC 或 USDT 等傳統穩定幣不同，RLUSD 受到美國金融機構的全面監管、銀行支援和託管。它遵守嚴格的合規措施，包括紐約金融服務部 (NYDFS) 的監督。

Ripple has also secured critical regulatory approvals, such as the Virtual Asset Service Provider (VASP) license, and aims to ensure RLUSD’s compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulations.

Ripple 還獲得了重要的監管批准，例如虛擬資產服務提供者 (VASP) 許可證，旨在確保 RLUSD 遵守歐盟加密資產市場 (MiCA) 法規。

This level of compliance distinguishes RLUSD from many existing stablecoins, aligning it with institutional needs and making it a robust tool for enterprises, banks, and financial entities. Additionally, RLUSD will be issued on Ripple’s native blockchain and Ethereum, bridging traditional financial institutions with decentralized finance (DeFi) ecosystems.

這種合規性水準使 RLUSD 有別於許多現有的穩定幣，使其符合機構需求，並使其成為企業、銀行和金融實體的強大工具。此外，RLUSD 將在 Ripple 的原生區塊鏈和以太坊上發行，將傳統金融機構與去中心化金融（DeFi）生態系統連結起來。

While Ripple has introduced features like Automated Market Makers (AMMs) and token issuance formats on the XRP Ledger (XRPL), their adoption has been limited despite efforts to expand the ledger’s utility.

儘管 Ripple 在 XRP 帳本 (XRPL) 上引入了自動做市商 (AMM) 和代幣發行格式等功能，但儘管努力擴大帳本的實用性，但它們的採用仍受到限制。

However, RLUSD addresses a key gap by enabling the pricing of assets in U.S. dollars within Ripple’s ecosystem. With RLUSD, institutional participants can now price Real-World Assets (RWAs), Forex trades, and other financial instruments directly in USD, enhancing the appeal of Ripple’s native AMM functionalities.

然而，RLUSD 透過在 Ripple 生態系統內以美元對資產定價來解決一個關鍵差距。借助 RLUSD，機構參與者現在可以直接以美元對現實世界資產 (RWA)、外匯交易和其他金融工具進行定價，從而增強了 Ripple 原生 AMM 功能的吸引力。

Moreover, RLUSD opens pathways for Ripple to incentivize XRP liquidity through USD-XRP trading pairs. By bringing liquidity on-chain, Ripple can capture yield opportunities currently benefiting centralized exchanges. This strategic shift could bolster XRP’s ecosystem by redistributing value to the network and its participants.

此外，RLUSD 為 Ripple 透過 USD-XRP 交易對激勵 XRP 流動性開闢了途徑。透過將流動性引入鏈上，Ripple 可以抓住目前有利於中心化交易所的收益機會。這一策略轉變可以透過向網路及其參與者重新分配價值來增強 XRP 的生態系統。

Cochran emphasizes that RLUSD’s greatest potential lies in its appeal to institutional markets, particularly Forex settlement and debt issuance. The Forex market handles trillions of dollars in daily transactions, often through outdated and fragmented banking systems. Ripple’s ability to offer a compliant, yield-bearing, USD-backed stablecoin could streamline these processes and position Ripple as a leading alternative settlement network.

Cochran 強調，RLUSD 的最大潛力在於其對機構市場的吸引力，特別是外匯結算和債務發行。外匯市場每天處理數兆美元的交易，通常透過過時且分散的銀行系統進行。 Ripple 提供合規、有收益、以美元支持的穩定幣的能力可以簡化這些流程，並將 Ripple 定位為領先的替代結算網絡。

RLUSD’s integration with programmability upgrades—such as Hooks and a forthcoming Ethereum Virtual Machine (EVM) sidechain—further solidifies its utility. These enhancements will enable DeFi applications, creating opportunities for more sophisticated financial products on Ripple’s blockchain.

RLUSD 與可編程性升級的整合（例如 Hooks 和即將推出的以太坊虛擬機 (EVM) 側鏈）進一步鞏固了其實用性。這些增強功能將使 DeFi 應用成為可能，為 Ripple 區塊鏈上更複雜的金融產品創造機會。

Cochran also highlights the growing stablecoin market, currently dominated by Tether (USDT) and USD Coin (USDC). With over $140 billion in circulation, stablecoins generate substantial yields for their issuers.

Cochran 也強調了不斷成長的穩定幣市場，目前由 Tether (USDT) 和 USD Coin (USDC) 主導。穩定幣的流通量超過 1,400 億美元，為其發行者帶來了可觀的收益。

RLUSD’s entry into this market, particularly in the EU where Tether lacks regulatory approval, could position Ripple as a major player. If Ripple captures a significant share of this market, it stands to generate billions in annual yield revenue, which could be reinvested into its ecosystem.

RLUSD 進入該市場，特別是在 Tether 缺乏監管批准的歐盟市場，可能會使 Ripple 成為主要參與者。如果 Ripple 佔領了這個市場的重要份額，它每年將產生數十億美元的收益收入，這些收入可以重新投資到其生態系統中。

RLUSD represents a pivotal step in Ripple’s long-term vision of bridging traditional finance and blockchain technology. By addressing regulatory concerns, enhancing ecosystem programmability, and tapping into institutional markets, Ripple strategically positions itself to capture value across multiple financial sectors.

RLUSD 代表了 Ripple 連接傳統金融和區塊鏈技術的長期願景的關鍵一步。透過解決監管問題、增強生態系統的可程式性以及進軍機構市場，Ripple 進行了策略性定位，以獲取跨多個金融領域的價值。

Cochran concludes that while Ripple’s early ambitions of competing with SWIFT remain challenging, RLUSD’s potential to unlock trillions in value from Forex settlement, debt instruments, and RWAs could make previously speculative price predictions for XRP more realistic.

Cochran 的結論是，雖然 Ripple 與 SWIFT 競爭的早期雄心壯志仍然充滿挑戰，但 RLUSD 從外匯結算、債務工具和 RWA 中釋放數萬億美元價值的潛力可能會使先前對 XRP 的投機價格預測更加現實。